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Pay no attention to the people behind the curtain

Thursday, July 29, 2010

A Taxing Situation

by folkbum

Sorry for the slow blogging this week. This is the last week of the summer program I work with, and it is quite busy and hectic around these parts. (I'm still waiting for that whole "summers off" thing that I was promised when I signed up for my gummint job.)

Anyway, here's three things you need to read, with excerpts. Read them in this order:
  • "The rich are getting richer and the poor are getting poorer at a staggering rate. Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a blinding pace. [. . .] The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth."
  • "Call me crazy, but after a decade of living large in ever more sumptuous beach houses and promoting policies that almost wrecked the economy, I think the folks earning a million bucks a year can probably afford to pay an extra 5% in taxes. Seemed to work OK in the 90s, anyway."
  • "Letting Bush's tax cuts for the rich expire affects only a tiny number of small businesses; it doesn't affect them very much; and it generates revenues of $678 billion. If the only thing you care about is keeping taxes low for rich people, you won't be convinced. For the rest of us, it's a no-brainer."

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