How can the Richest Americans save America

Sunday, August 14, 2011


If they pay an 18% Tax Rate today. Remember that before the Bush tax cuts, the 400 richest Americans used to pay 30% of their income on the average to Uncle Sam.

This is what I got from Forbes:

The main reason for the drop in their tax rate of some 40% is the tax cuts by George Bush in 2003, taking the rate paid on dividends and capital gains down to 15%. This reduction in the investment class’s taxes powered the bull market in stocks from the fall of 2003 until the fall of 2007.

Shockingly, the plan to raise the debt ceiling collects nothing from the wealthiest Americans to reduce our budget deficit. The Republican right wing holds the Obama White House hostage. It’s a sad day for the principle of sharing the pain equitably.


Isn't this a great news for wealth creators? Lolz

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