The rich get richer . . .
Read Time:45 Second
Robert Lenzner of Forbes Magazine
puts it in a nutshell
The 400 richest Americans used to pay 30% of their income on the average to Uncle Sam. Today, they pay 18% on the average, according to Steve Rattner, a Wall Street financier, who just presented these figures on Mornings With Joe, MSNBC.
The main reason for the drop in their tax rate of some 40% is the tax cuts by George Bush in 2003, taking the rate paid on dividends and capital gains down to 15%. This reduction in the investment class’s taxes powered the bull market in stocks from the fall of 2003 until the fall of 2007.
Shockingly, the plan to raise the debt ceiling collects nothing from the wealthiest Americans to reduce our budget deficit. The Republican right wing holds the Obama White House hostage. It’s a sad day for the principle of sharing the pain equitably.
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A people that values privledge over principle will lose both.- Dwight D. Eisenhower.
If he were observing conservatives today, I’m sure he would be wondering, “Who ARE these people?”
Hey there RJ missed you where you been?