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Rev. Jesse Jackson on Tax Reform

Civil Rights Activist


Richest 1% benefit from tax cuts; should be working poor

They are talking about raising taxes on the working poor, even as they offer the richest 1% a $22,000 a year break. Working poor people do not make campaign contributions, hire lobbyists, or write legislation. They are throwing money at the biggest bureaucracy of all while cutting money that gives poor children some small badge of hope against the great odds they face.
Source: United We Stand America Conference, p.130 , Aug 12, 1995

Tax wealthy & business more, to pay for social programs

[In the 1988 Democratic platform], more important to Jacksonís black constituency was the tax issue, which maintained that sufficient funding for new social programs would be available only if corporations and individuals earning more than $100,000 a year were taxed more. Dukakis felt that the tax issue had hurt Mondaleís 1984 campaign, and his delegates defeated the tax amendment.
Source: The Search for Common Ground, by Charles Henry, p. 83 , Jul 2, 1991

Reaganís tax cuts went to big business & hurt small business

Small businesses have suffered on the Reagan tax cuts. Only 18% of total business tax cuts went to them, 82% to big businesses.

Reagan curbed inflation by cutting consumer demand. He used the Federal budget to deliberately induce unemployment and curb social spending. He then weighed and supported tight monetary policies of the Federal Reserve Board to deliberately drive up interest rates. Unemployment reached 10.7%. We experienced skyrocketing interest rates. Our dollar inflated abroad. There were record bank failures; record farm foreclosures; record business bankruptcies; record budget deficits; record trade deficits.

Reagan brought inflation down by destabilizing our economy and disrupting family life. He promised in 1980 a balanced budget. But instead we now have a record toward a billion dollar budget deficit. Under Reagan, the cumulative budget deficit for his four years is more than the sum total of deficits from George Washington through Jimmy Carter combined.

Source: Address to the Democratic Convention , Jul 17, 1984

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Page last updated: Mar 14, 2014