Friday, October 23, 2009

Tax policies for the rich

Next time you hear Rush Limbaugh moaning about the taxes his rich friends pay or hear Glenn Beck singing the blues about his wealthy friends being taxed too much, keep these facts in mind and then wonder why it's the poor and middle-class kids doing the fighting and dying in the 'Wars for Wall Street and Israel.'


From 1980 to 2007
Top 1% got 35.4% of Total Wealth Increase
Bottom 60% got 11.2%

Nonhome Wealth

Top 1% got 42.5%of total increase
Bottom 60% got 5.6%

Reagan Tax Cuts—

60% for richest—
1980—top 1% got 20.5% of Wealth
1989---top 1% got 35.7% or Wealth for a 78.5% Increase

Clinton tax on richest and tax cuts for lowest income helped get a small change in direction
1992—top 1% got 37.2% of Wealth
2001---top 1% got 33.4% of Wealth


From 1980 to 2007
Top 1% got 44.1% of Total Income Increase
Bottom 60% got 12.4%

2001-2008—1% got 491 Billion in Tax Breaks—annual income exceeded 1.5 million and put 1% Income at highest percent of Total Income since 1928

Bottom 99% got $3.74 in debt for each $1 in tax cuts 2001-2006

In that time, equal protection and housing for the elderly was slashed 20% adjusted for inflation. Community Development Block Grant cut 32% and lack of health insurance was epidemic.

400 taxpayers with highest income doubled income 2002-2006. Hear Wall Street roar as it crashed in 2007. Party time was over.

The richest 400 reported an average $214 million each in 2005 on federal income tax returns in 2005—up from $104 million in 2002. Doubled.

The 400 richest taxpayers paid only 18% of their income in federal individual income taxes in 2005—down from 30% in 1995—a 66% Tax Cut.

Many of the provisions of the 2001 and 2003 Tax Cuts are scheduled to expire at the end of 2010.

If made permanent, the top 1% of Households would receive nearly $1200 Billion in Tax Cuts from 2009 through 2018 per

The poorest 20% would get a magnanimous tax cut of $45 per year.


2007-top 20% had 85%--bottom 80% had 15%
2007-nonhome worth—20% had 93% and 80% had 7%
2007-Income-20% got 60% and 80% got 40%

Above from Holly Sklar co-author of “Raise The Floor: Wages and Policies That Work For All Of Us”


No comments:

Fair Use Notice

This web site may contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance the understanding of humanity's problems and hopefully to help find solutions for those problems. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. A click on a hyperlink is a request for information. Consistent with this notice you are welcome to make 'fair use' of anything you find on this web site. However, if you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. You can read more about 'fair use' and US Copyright Law at the Legal Information Institute of Cornell Law School. This notice was modified from a similar notice at Information Clearing House.

Blog Archive