the idea of keeping the Bush tax cut for the wealthy is just plain silly. But, the party in charge of the House wants it (it will add $700 billion to the deficit; roughly the same size as the stimulus) and the party in charge of the White House will probably capitulate in order to demonstrate they are willing to compromise.
And thus, administer another beating to the middle class.....
Is America a Banana Republic?
Nicholas Kristof: "The richest 1 percent of Americans now take home almost 24 percent of income, up from almost 9 percent in 1976. As Timothy Noah of Slate noted in an excellent series on inequality, the United States now arguably has a more unequal distribution of wealth than traditional banana republics like Nicaragua, Venezuela and Guyana."
"C.E.O.'s of the largest American companies earned an average of 42 times as much as the average worker in 1980, but 531 times as much in 2001. Perhaps the most astounding statistic is this: From 1980 to 2005, more than four-fifths of the total increase in American incomes went to the richest 1 percent."
1 comment:
I have mixed feelings about the tax cut. I don't think the tax cuts should be allowed to expire, but I think there needs to be a redefining of the term "wealthy".
The problem is that what's considered 'wealthy' in the south and middle of the country is barely middle class on both coasts. Cost of living factors into that definition.
Also, make the floor of what's considered "wealthy" high enough to not ensnare the small business owners.
This is a tricky area that often has unintened consequences.
I, for one, don't agree with the Republicans that want to totally roll back the health care measure. Parts of it, in my opinion, need to remain. No penalty for pre-existing conditions, and coverage for kids are things that need to be addressed.
My own governor wants to do away with CHIPS and Medicaid. Texas has a very high rate of kids who live in poverty and have little access to health care.
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