The rich are getting richer. Their effective tax rate, in recent years, has been reduced to the lowest in modern history. Nurses, teachers and firemen actually pay a higher tax rate than some billionaires. It's no wonder the American people are angry.
Many corporations, including General Electric and Exxon-Mobil, have made billions in profits while using loopholes to avoid paying any federal income taxes. We lose $100 billion every year in federal revenue from companies and individuals who stash their wealth in tax havens off-shore like the Cayman Islands and Bermuda. The sum of all the revenue collected by the Treasury today totals just 14.8% of our gross domestic product, the lowest in about 50 years.
In the midst of this, Republicans in Congress have been fanatically determined to protect the interests of the wealthy and large multinational corporations so that they do not contribute a single penny toward deficit reduction.
If the Republicans have their way, the entire burden of deficit reduction will be placed on the elderly, the sick, children and working families. In the midst of a horrendous recession that is already causing severe pain for average Americans, this approach is morally grotesque. It's also bad economic policy.
President Obama and the Democrats have been extremely weak in opposing these right-wing extremist proposals. Although the United States now has the most unequal distribution of wealth and income of any major industrialized country, Democrats have not succeeded in getting any new revenue from those at the top of the economic ladder to reduce the deficit.
Instead, they've handed the wealthy even more tax breaks. In December, the House and the Senate extended President George W. Bush's tax cuts for the rich and lowered estate tax rates for the wealthiest Americans. In April, to avoid the Republican effort to shut down the government, they allowed $38.5 billion in cuts to vitally important programs for working-class and middle-class American
What a complete fool you are: "Their effective tax rate, in recent years, has been reduced to the lowest in modern history".
The marginal tax rate for individuals with incomes over $250k was 25% in 1930 and there was no FICA or SS tax, either. Do some reading for crying out loud before you go spewing leftist media hogwash.
"The marginal tax rate for individuals with incomes over $250k was 25% in 1930 and there was no FICA or SS tax, either"
1.proofs my point, as we had zero debt in 1930. Thank you so much for providing this little ancient tidbit.See what America can accomplish when we quit kissing the azzz of the rich?
Why didn't clinton stop it?? All that cash rolling in and cigars smoking! he didn't care the slot machine read bars across the middle. jackpot! he gave fanny, freddie and everyone he could find more money. He gave larry summers and Greenspan the keys to the economy and they drove it off the cliff.
First tarp was Bush. Your selective memory is funny. Again, I cannot find going thru your post ( I didn't really) any post of outrage over the banks being bailed out during Bush's term. Not ONE.
Now they were BO's? Okay Phil. This is not your Limbaugh show were you can skewer the facts and no one can dispute them. I do like the occasional lame lib that calls Hannity...has no debating skills, and gets handed his lunch and hung up on though.
I agree about RESCUING companies. supposedly, the Big 3 were rescued because of the massive loss of jobs that would have created at the time. One could debate that forever. One could debate why we invaded Iraq as well.
Cullen !!! I have not seen any numbers. But Warren Buffet has said his secretary pays more income tax than he does. Pure Warren BS playing up Democrat Party dogma,or Warren cheats on his taxes big time.
FZ !!! B.O. Bailed out the banks not to guarantee a job but to save the economic system so they say. B.O. bailed out the United Autoworkers to save their jobs and voted for his reelection. It may have worked better to let them both fail and reorganize. I not sure subsidizing failure is the road to prosperity.
Reminds me of the 20 Foot tall fence they were going to build on the border. Small shop on Mexican side with sign: "22 ft ladders for rent". LOL
Thats funny as shi.t. Smart Mexican. AS you know then , being from Carolina Phil, that their is a REASON that Mexican illegals are there.
Crops Phil. Farmers NEED that cheap a$$ labor bad. Plus, you can't get
the poor to do it because they have their welfare (oops, thats not part of my position). So big business winks and looks the other way when they cross over. And pretends to be fed up with it all. EVERYTHING is a shell game in this country. No wonder some just set down and adopt whatever msnbc or fox is peddling. Life's tough enough without trying to figure what con man is conning you now.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote."