Saturday, May 20, 2006

$70 Billion to the Top 1%...What the Hell?

Breakdown of who benefits:

According to the Tax Policy Center If, you make less than $10,000/year; you will save $0 in taxes annually.

If you make $10,000-20,000/year, you will save $3 in taxes annually.

If you make $20,000-30,000/year, you will save $10 in taxes annually.

If you make $30,000-$40,000/year, you will save $17 in taxes annually.

If you make $40,000-50,000/year, you will save $47 in taxes annually.

If you make $50,000-75,000/year, you will save $112 in taxes annually.

If you make $75,000-100,000/year, you will save $406 in taxes annually.

If you make $100,000-200,000/year, you will save $1,395 in taxes annually.

If you make $200,000-500,000/year, you will save $4,527 in taxes annually.

If you make $500,000-1 million/year, you will save $5,656 in taxes annually.

If you make more than $1 million/year, you will save $42,766 in taxes annually.

Less than 3.5% of U.S. taxpayers fall into the category of making $200,000 a year or more.

Can they be any more obvious?? Does the Bush administration have to come right out and say, "We are giving $70 billion to the richest people in America, meanwhile 20% of our nation's children are in poverty, we have an educational crisis, more than 40% of our population is not covered for health insurance, we are at war..." What will it take for people to get it?

They say the reason we give away $70 billion to the richest 1% is because it spurs the economy...it does, for the wealthiest among us.

On the surface, everything looks peachy because GDP growth is strong and the numbers look good but the economic growth is bypassing the average and poor American. 45.8 million Americans lack health insurance; the top 20% take over half the national income and the bottom 20% take home 3.4%. Regarding the real estate boom, four out of every ten homes sold are second homes and the benefits to the top earners in the country go on. It's no mystery that the economic "growth" we see goes straight toward corporate profits and into the pockets of those of us that already have too much.

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