Why is the redistribution of wealth from the middle class and lower income people to the richest Americans, through "Supply Side Economics, okay but when you want to end the bush "temporary" tax cuts it is suddenly class warfare and Marxism?
Giving tax breaks to the middle class is smart economics, middle class people spend money back in the economy. Progressive Taxation was the norm in American until the fringe economist types got the ear of an old man suffering from Alzheimer's, Ronald Reagan. It is all in the numbers. The richest Americans already have more than they can spend so it is not getting put back into the economy, that is why most mainstream economists and even Reagan's own Economic Guru David Stockman say that Supply Side aka Trickle Down aka Voodoo Economics is a complete and utter failure.
How can you attack a tax break for middle income Americans and defend how Bush gave "temporary" tax cuts to the richest Americans......that is wealth redistribution and it was very successful.
The latest U.S. Census Bureau figures indicate an unprecedented income gap between the richest and poorest Americans.
It's the Inequality, Stupid
Eleven charts that explain what's wrong with America.March/April 2011 Issue3317
How Rich Are the Superrich?
A huge share of the nation's economic growth over the
past 30 years has gone to the top one-hundredth of one percent, who now
make an average of $27 million per household. The average income for the
bottom 90 percent of us? $31,244.
Note: The 2007 data (the most current) doesn't reflect
the impact of the housing market crash. In 2007, the bottom 60% of
Americans had 65% of their net worth tied up in their homes. The top 1%,
in contrast, had just 10%. The housing crisis has no doubt further
swelled the share of total net worth held by the superrich.
Winners Take All
The superrich have grabbed the bulk of the past three decades' gains.
Out of Balance
A Harvard business prof and a behavioral economist
recently asked more than 5,000 Americans how they thought wealth is
distributed in the United States. Most thought that it’s more balanced
than it actually is. Asked to choose their ideal distribution of wealth,
92% picked one that was even more equitable.
Why Washington is closer to Wall Street than Main Street.
|member||max. est. net worth|
|Rep. Darrell Issa (R-Calif.)||$451.1 million|
|Rep. Jane Harman (D-Calif.)||$435.4 million|
|Rep. Vern Buchanan (R-Fla.)||$366.2 million|
|Sen. John Kerry (D-Mass.)||$294.9 million|
|Rep. Jared Polis (D-Colo.)||$285.1 million|
|Sen. Mark Warner (D-Va.)||$283.1 million|
|Sen. Herb Kohl (D-Wisc.)||$231.2 million|
|Rep. Michael McCaul (R-Texas)||$201.5 million|
|Sen. Jay Rockefeller (D-W.Va.)||$136.2 million|
|Sen. Dianne Feinstein (D-Calif.)||$108.1 million|
|combined net worth:||$2.8 billion|
For a healthy few, it's getting better all the time.
Download: PDF (large) | JPG (smaller)
YOUR LOSS,THEIR GAIN
How much income have you given up for the top 1 percent?
WANT MORE CHARTS&nb...;
YOU HAVE NOTHING&nb...;
Productivity has surged, but income and wages have
stagnated for most Americans. If the median household income had kept
pace with the economy since 1970, it would now be nearly $92,000, not
MEET THE ELITE
ONLY LITTLE PEOPLE&...
Income distribution: Emmanuel Saez (Excel)
Net worth: Edward Wolff (PDF)
Household income/income share: Congressional Budget Office
Real vs. desired distribution of wealth: Michael I. Norton and Dan Ariely (PDF)
Member of Congress' chances: Center for Responsive Politics
Wealthiest members of Congress: Center for Responsive Politics
Wall street profits, 2007-2009: New York State Comptroller (PDF)
Unemployment rate, 2007-2009: Bureau of Labor Statistics
CEO vs. worker pay: Economic Policy Institute
Historic tax rates: Calculations based on data from The Tax Foundation
Federal tax revenue: Joint Committee on Taxation (PDF)
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