From the Center on Budget and Policy Priorities:
Tax policy should lean against the rising tide of income inequality, not exacerbate it. During the first three decades after World War II, economic growth was robust and widely shared: economy-wide productivity improvements were accompanied by significant increases in the living standards of most Americans. In recent decades, by contrast, the benefits of economic growth have not been widely shared. CBO data show that between 1979 and 2007, the average after-tax income of the top 1 percent of Americans grew by 281 percent, after adjusting for inflation, compared to just 25 percent for the middle 20 percent of Americans, and 16 percent for the poorest fifth of the population.
The tax cuts enacted in 2001 and 2003 provided the largest benefit to the highest-income households and widened these yawning income disparities. Under these tax cuts, households with incomes over $1 million stand to receive an average tax cut of $130,000 in 2012, according to the Tax Policy Center, equivalent to an increase of 6.3 percent in their after-tax income. Meanwhile, households in the middle of the income spectrum will receive tax cuts that equal 2.3 percent of their income. Households in the bottom quintile will receive an average increase in income of less than 1 percent.  (See Figure 3.)
Summary: after tax incomes from Bush’s tax cuts:
- Households > $1 million: increase of 6.3%
- Households in middle income: increase of 2.3%
- Households in bottom quintile: increase of < 1%
The GOP has been actively engaged in bottom-to-top income redistribution. And because of God, guns, and gays, the fundamentalist teabaggers will vote for it — despite their own precarious financial situation.
Want it to stop? Vote next time.
‘Member this the next time someone complains about the poor paying no income taxes: they have so little income to pay from that it only makes sense.
i’ve gotten a refund every year because i make so little and have school to pay for. this year should be interesting since i’ve made a little bit more and am out of school. but overall, throw me in the bottom.
You just said you’d bring the constitution, the bill of rights and the declaration of Independence with you to the White House, should you move in -
I’m curious, have you read them?
And furthermore, America ranks near last in Education with regards to math and reading but first in Patriotism - Can you give some talking points about that?
— Leader of the Republican and Tea Parties RUSH LIMBAUGH.
And if you don’t know the GOP’s mission statement, now you know.
but if they bothered listening to their consitituents, they’d know the majority want them to get their heads out of their assholes and compromise.
We’ve got a real problem, and I’m tired of Republicans and Democrats, who either — Republicans who want to burn the place to the ground, or Democrats — with all due respect — who wanna offer a plan that gets (their party) through the end of the second term of their presidency, and then screws me and my kids when it’s over!
…We have to deal with the extraction that is afoot. It is the reason the financial markets are behaving the way they’re behaving — that is a mathematical fact! This is not some opinion! This is a mathematical fact: tens of trillions of dollars are being extracted from the United States of America! Democrats aren’t doing it; Republicans aren’t doing it. An entire, integrated financial system, trading system, taxing system, that was created by both parties over a period of two decades is at work on an entire country right now! And we’re sitting here, arguing about whether we should do the $4 trillion plan that kicks the can down the road for the President (until) 2017, or burn the place to the ground — BOTH of which are reckless and irresponsible and stupid.
…The fact of the matter is that there is a refusal on both the Democratic and the Republican side of the aisle to acknowledge the mathematical problem: that the United States of America is being extracted (from). It’s being extracted through banking, it’s being extracted through trade, and it’s being extracted through taxation. And there’s not a single politician who has stepped forward… to deal with this.
I would like (President Obama) to go to the people of the United States of America and say “People of the Unites States of America: your Congress is bought. Your Congress is incapable of making legislation on healthcare, banking, trade or taxes because if they do it, they will lose their political funding, and they won’t do it. But I’m the President of the United States, and I won’t have a country that is run by a bought Congress!”
Perhaps this is the rallying cry for the Donner Party.
Bob Engelhart / The Hartford Courant
I laughed so hard, this is hilarious! So silly!
I mean this is pretty disingenuous, but I definitely chuckled.
“A rocket launcher to protect my family” LOL
Rofl, Amazing. I have an aunt that is a tea partier. It makes for great and brain dulling conversation at the dinner table.
UR Doing It Wrong of the Day: On this morning’s Good Morning America, host George Stephanopoulos pointed out to Michele Bachmann — who earlier today told CNN she wishes she “could be perfect every time I say something” but can’t — that she makes more false statements than any other GOP presidential race contender according to PolitiFact, before giving her an opportunity to clarify her statement concerning the founding fathers’ tireless efforts to end slavery.
Bachmann took advantage of opportunity… to dig in deeper by claiming her statement is correct since “founding father” John Quincy Adams (nine years old in 1776), who was “most certainly was a part of the Revolutionary War era,…worked throughout his life to make sure that we did in fact one day eradicate slavery.”
In somewhat related news, Bristol Palin told Fox News her mom “definitely knows” whether or not she intends to run for president, but wouldn’t reveal the decision. Tease.
Earlier: Michele Bachmann is channeling the spirit of serial killer John Wayne Gacy?
i hope she keeps proving herself a dumbass, and that the media keeps calling her out on it.