INDEPENDENT NEWS 09/21/12
We hear a lot about wealth distribution lately. In 1970, the top 5% of wealthiest Americans owned about 23% of the nation's wealth. Today, they own about 50%. As Warren Buffet recently stated; "sure we're in class warfare, and we're (the rich) winning." One big reason is: tax rates for the upper class have been lowered to pre-WWII levels. Also tax loopholes like the capital gains rate, allow the rich to pay LOWER RATES than many in the middle class. If present tax laws and the present trend continues, the top 5% will own 75% of the nation's wealth by 2035.
In 1970, about 61% of us were in the middle class, we're now down to about 50%. Some have moved to the upper class, but the vast majority have moved DOWN! Most of the blame for this is the outflow of manufacturing jobs to offshore locations. The whole employment structure has undergone a systemic change that will have repurcussions for years.
Now, we've heard that 47% of us don't pay taxes......... that those people are malingerers and victims. Not true. All of them do pay taxes, like FICA, sales, and state and local taxes. Those who don't pay any FED taxes are the working poor who are trying to support a family on $25,000 a year, or less, seniors who do not have to pay tax on social security, and even soldiers who are exempt when in a combat zone.
The Republicans complain about those who don't pay Fed taxes, but because of THEIR push for the earned income credit and the Bush tax cuts, THEY are the reason many do not pay any Fed tax..........
Obama is enlarging his lead in the polls because most Independents know he was left with a mess, hasn't done as badly with it as the Republicans claim, and realize that going back to the policies that got us in this mess, cannot get us out.