Filed under: Dr. Boyce Money, News, The Economy
United States Treasury Secretary Tim Geithner has hit the campaign trail to push the Obama Administration's recent efforts to let tax cuts expire for those with incomes above $250,000 per year.
Geithner went onto national television to argue that with the economy slumping and deficit rising, it only makes sense for the rich to increase their contribution to the nation's coffers.
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New Black Charity Leaders
Hill Harper: This Harvard law school graduate-turned-actor has helped motivate youth through his MANifest Your Destiny Foundation, a non-profit organization that provides young men and women with nurturing support systems, resources, encouragement, and guidance through mentorship, scholarships and grant programs. Harper regularly travels around the country providing motivational workshops to youth and educators, and has authored two books, 'Letters to a Young Brother' and 'Letters to a Young Sister' to further help our youth develop productive futures.
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Obama to Tax the Rich?
Mary J. Blige: This international R&B superstar has become an advocate for women by co-founding the Foundation for the Advancement of Women Now (FFAWN), opening the Mary J. Blige Center for Women in Yonkers, NY, and adopting an all-girls public high school in the Bronx, NY by serving as a mentor and providing college scholarships.
Obama to Tax the Rich?
Chris Rock and Malaak Compton-Rock: Chris Rock has donated quietly for many years to his local Salvation Army where he spent time as a youth, but his wife Malaak Compton-Rock is taking the couple's philanthropy to new heights through her organization The Angel Rock Project, and its program Journey for Change that empowers youth through global service. Want to learn 100+ ways to live a life of service? Check out her new book, 'If It Takes a Village, Build One.'
Obama to Tax the Rich?
Usher: This R&B superstar wants to groom the next generation of leaders and philanthropists! Usher's New Look Foundation provides career development, service opportunities, mentorship, and grants for youth led service projects through its Camp New Look Leadership Academy, Moguls in Training program, and Powered By Service, an initiative designed to get young people involved in changing their communities and the world. At the initiative's launch in 2009, Usher pledged $1 million dollars to the project, which has plans to mobilize over 5,000,000 youth in a global call to service.
Obama to Tax the Rich?
Hill Harper: This Harvard law school graduate-turned-actor has helped motivate youth through his MANifest Your Destiny Foundation, a non-profit organization that provides young men and women with nurturing support systems, resources, encouragement, and guidance through mentorship, scholarships and grant programs. Harper regularly travels around the country providing motivational workshops to youth and educators, and has authored two books, 'Letters to a Young Brother' and 'Letters to a Young Sister' to further help our youth develop productive futures.
Obama to Tax the Rich?
Alicia Keys: As the co-founder and global ambassador for the non-profit organization Keep A Child Alive, Alicia was inspired to support HIV/AIDS treatment initiatives after a trip to Africa. Because of her dedicated efforts, the organization has raised millions of dollars for AIDS patients in Africa and India, ensuring that they receive life saving medical treatment.
Obama to Tax the Rich?
Rodney Peete and Holly Robinson-Peete: Actress Holly Robinson-Peete became an advocate for autism after her son was diagnosed with the disorder. In an effort to help others living with the autism, Holly and her husband Rodney recently released the books, 'Not My Boy' and 'My Brother Charlie.' Inspired by their son and Holly's father who passed from a battle with Parkinson's disease, the couple formed hollyrod4kids with the mission to help improve the quality of life of people plagued with devastating life circumstances.
Obama to Tax the Rich?
Steve Harvey: This best-selling author and syndicated radio personality is on a mission to mentor young boys and help groom the next generation of leaders through the Steve Harvey Mentoring Weekend for Young Men, the Steve Harvey Disney Dreamers Academy and the Steve Harvey Foundation. He shared on his foundation's blog, "...you are blessed to become a blessing period. God does not bless us to become blessings and not reach back and give in our community."
Obama to Tax the Rich?
Alonzo & Tracy Mourning: This philanthropic couple each have initiatives that inspire, empower and enrich the lives of youth in Miami, Florida. In 1997, Alonzo founded Alonzo Mourning Charities, which has raised over $7 million for non-profits serving at-risk children and youth, and the Overtown Youth Center for underprivileged youth. His wife Tracy created the Honey Shine Mentoring program for young girls. Due to their charitable efforts, a high school was named in their honor -- Alonzo and Tracy Mourning Senior High Biscayne Bay Campus!
Obama to Tax the Rich?
Specifically, Obama and his economic advisors argue that families earning over $250,000 per year should have their Bush era tax cuts removed, and that these that these tax cuts were part of the reason for our current economic crisis.
"We're in a transition... from the extraordinary actions the government had to take to break the back of this financial crisis to a recovery led by private demand," Geithner told the NBC program 'Meet the Press.' "That transition is well under way. It's going to continue and it's going to strengthen."
One of the challenges for the Obama Administration is that some believe that getting rid of tax cuts for the wealthy will hurt small businesses. But the administration has made it clear that this will not be the case.
Whether you agree with Obama's decision to allow the wealthy to pay more in taxes is primarily an ideological divide. There are some who believe that wealth should be shared, and that a weak distribution of wealth is bad for our nation. There are others who believe that those who have wealth are entitled to keep every penny, including the billionaires who've died this year without paying a single cent in estate taxes (which, for some strange reason, have been completely repealed for one year).
One thing that's clear about the United States is that we are an incredibly greedy nation. Our distribution of wealth is the worst among all industrialized countries other than Switzerland. The wealthiest 20 percent of Americans have accumulated 94 percent of the non-residential wealth created by our nation over the past 20 years, which some might feel to be appalling. Also, being the richest country in the world, we've somehow become convinced that holding onto our luxury is more important than saving the dying poor in other countries. And we consider ourselves to be a Christian nation?
Given the reality of such poor wealth distribution, letting the tax break on the wealthiest Americans expire is hardly an issue worth fighting over.
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Dr. Boyce Watkins is the founder of the Your Black World Coalition and a Scholarship in Action Resident of the Institute for Black Public Policy. To have Dr. Boyce commentary delivered to your email, please click here.
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Dr. Boyce Watkins is the founder of the Your Black World Coalition and a Scholarship in Action Resident of the Institute for Black Public Policy. To have Dr. Boyce commentary delivered to your email, please click here.