President Bush said during the third election debate last October that most of the tax cuts went to low- and middle-income Americans. In fact, most - 53 percent - will go to people with incomes in the top 10 percent.
>"The average income for the top 0.1 percent was $3 million in 2002, the latest year for which averages are available. That number is two and a half times the $1.2 million, adjusted for inflation, that group reported in 1980. No other income group rose nearly as fast.
The share of the nation's income earned by those in this uppermost category has more than doubled since 1980, to 7.4 percent in 2002. The share of income earned by the rest of the top 10 percent rose far less, and the share earned by the bottom 90 percent fell. "
Such disparities in our society are not going to be made right by allowing the poorest in America to carry less of a tax burden, but somehow to better tax the incredible wealth of the top 1%. Change the tax laws. No?
The "hyper-rich":
>"such a concentration of wealth can turn a meritocracy into an aristocracy and ultimately stifle economic growth by putting too much of the nation's capital in the hands of inheritors rather than strivers and innovators".
Current Events » in reply to Campaign donations from the extremely wealthy.
Just where those tax cuts went.......
The whole thread (17 posts)
- Totally Spent - how this recession will be different.
- "The only way to keep the economy going over the long run is to increase the wages of the bottom two-thirds of Americans. "
- Different - Not so much
- Good article - thanks.
- Reich is good. He's frequently on NPR.
- I remember him.
