Funding unemployment benefits is easy.
Congress wants unemployment insurance paid for before agreeing to any extension. No problem. Here’s a short list that achieves over $10 billion:
• Eliminate tax deductions for penalties assessed for financial malfeasance as currently allowed to mega-banks like JP Morgan.
• Eliminate subsidies to the already profitable sugar industry; restrict corn and soybean subsidies to farmers who actually live on the land they farm.
• Require U.S. licenses of all drill rigs operating in U.S. waters, like the Jones Act does for vessels.
• Create a minimum corporate tax rate so firms like General Electric contribute something to their use of our nation’s infrastructure, defense and legal system.
• Finally, eliminate subsidies to firms reporting billions in profits like Exxon and Occidental Petroleum.
I could go on. Congress created all of these sweetheart deals; it can now eliminate them, provide relief to families and taking a very small step to reduce crony capitalism.
— John Duffy