The non-partisan Congressional Research Service just released an updated report titled “U.S. Income Distribution and Mobility: Trends and International Comparisons” dated 11/29/12. In it they find that over the past few decades, the rich have gotten a lot richer. In addition, the data they analyzed “suggest that those at the very top have reaped disproportionately larger gains from economic growth.“ In the report’s comparison with other countries, it stated “the U.S. income distribution appears to be among the most unequal of all major industrialized countries and the United States appears to be among the nations experiencing the greatest increases in measures of income dispersion.“
Why do (or should) I care? I have nothing against the wealthy. But… I’m really starting to get pissed with all the nonsense about the “fiscal cliff” and how it’s “ok” to cut benefits & raise taxes on the middle class, but not on the wealthy. Uh… excuse me… but I think most American’s realize that the greatest number of tax breaks (& loopholes) apply, many exclusively, to only the wealthy.
Oh… and all that crap from the GOP that lowering taxes on the wealthy creates more jobs & improves the economy? Uh, well, uh… the CRS released a report in September titled “Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945” which found no correlation between reduced tax rates and increased economic growth over the past 6+ decades. Of course, the GOP didn’t like that & forced the CRS to withdraw the report (see NY Times article “Non-Partisan Tax Report Withdrawn after GOP Protest“). The report states “data suggests the reduction in the top tax rates have had little association with saving, investment, or productivity growth. However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution.”
Ya just gotta love the Republican Party, eh? To heck with woman’s rights, Planned Parenthood, Social Security, Medicare. and even PBS/NPR; and to heck with all the people EXCEPT the rich. I’m embarrassed to even admit that I ever voted Republican!
All I ask is to be taxed fairly. If there are benefits to be granted, then they should be distributed from the bottom up… not from top (most wealthy) down. Maybe it’s time to finally throw out our overly complicated tax system and just switch to a Flat Tax. Things have gotten so ridiculous & our representatives so useless that I’m beginning to believe that only a “Flat Tax” system can save us.
But what the heck do I know?