Tax Cuts for the Rich = The Amount of Debt China holds on US

[Ichingcarpenter]

When it comes to cutting taxes for the wealthy, President Bush can truly say, "Mission accomplished."

The richest 1 percent of Americans received about $491 billion in tax breaks between 2001 and 2008. That's nearly the same amount as U.S. debt held by China -- $493 billion -- in the form of Treasury securities.

Tax cuts have already helped the richest 1 percent -- whose annual incomes average about $1.5 million -- increase their share of the nation's income to a higher level than any year since 1928 on the eve of the Great Depression.

Wall Street's five biggest firms paid "a record $39 billion in bonuses for 2007, a year when three of the companies suffered the worst quarterly losses in their history" and are eliminating thousands of jobs as losses mount from the subprime mortgage market collapse, reports Bloomberg.

The International Monetary Fund says the United States is in the worst financial crisis since the Great Depression. Yet, we are borrowing money with interest to finance tax cuts for Wall Street executives.

For Americans below the top 1 percent, the tax cuts have been a giant swindle. The bottom 99 percent of taxpayers were left with a bill of $3.74 in debt for every $1 in federal tax cuts from 2001 to 2006, reports Citizens for Tax Justice. Only the top 1 percent came out ahead.

>>>>>snip

http://www.opednews.com/articles/opedne_holly_sk_080415_tax_day_gifts_for_th.htm

[nashville_brook]

1. makes you wonder if their plan was to sink the country from the very beginning.

no rational person can look at these numbers and think otherwise.

[Cresent City Kid]

5. Evil or stupid?

They're drinking the same Kool-Aid brewed in the '80s: giving to the rich = economic growth. Like Reagan, I think Bush just might be dumb enough to believe it's going to work. Cheney, on the other hand, probably gets it and doesn't care, he and his pals are raking in the dough.

Here's a quote from Cheney circa 1981 regarding Reagan's deficits.
"So I think we have to ride it out for a while...The deficit isn't the worst thing that could happen." The alternatives were repealing the tax cut or reducing the peace-time military build up.

There is no dollar limit on how high they will allow the debt and deficit to grow in order to avoid an admission of failure. Only term limits will stop them.

[superkia]

8. Their just trying to run us all into poverty for control purposes.

[sinkingfeeling]

2. And McSame wants to keep the tax cuts as well.

http://www.cbpp.org/1-31-07tax.htm

[Ichingcarpenter]

10. They just don't get it do they?

Cut capital gains taxes below the 14% ...... gamblers pay 30% taxes on capital gains and
Wall Street is a calculated gamble, bring it back to Eisenhower's time.

[Hannah Bell]

3. k&r

[Zodiak]

4. Good

This way the same 1% can pay China back. Starting now.

Glad it works out so evenly.

[SammyWinstonJack]

6. THANK YOU VALUES VOTERS and anyone else stupid enough to vote against their financial interest.

You screwed not only yourselves but the rest of us, also. You people truly do SUCK! And the richest 1% LAUGH at your STUPIDITY!

[EmperorHasNoClothes]

7. So, basically

China gave a $493 billion loan to the wealthiest Americans, and the rest of us are stuck paying it back.

Oh yeah, that's fair.

[lutefisk]

9. That's about it. The Iraq war works like that, too.

So, basically, we're fucked.