Canadians Now Richer Than Americans

The wealth of Canadians is tied up in homes that are priced at very high levels compared to similar homes in most of the US. (NYC, California and possibly coastal Florida being excepted)

A $400 000 home where I live is only about 1800 sq feet, no pool and you may or may not get a double car garage. The home that Tesseque (sp) bought in Texas for less then $100 000 would have cost over $360 000, and most likely be on a smaller lot.

The uppper class in the US are far richer then the upper class in Canada, with far more money invested outside of their primary home. The US does have a far higher number of millionaires based on % of population then does Canada.

Catawba said:

It addresses your point perfectly, you are just too out of touch with half the country to be aware of it. We'll see if the working poor and unemployed agree with you in November.

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Now it's populist crap? Why do you bother posting if you don't have an argument?

You've got your work cut out for you trying to convince people that large numbers of the working class sliding onto poverty is a good thing!

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I implied no such thing. You keep changing your argument because you have none.

No one has proposed 70 % tax rates. What has been proposed is eliminating Bush's temporary tax cuts for the wealthy.

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Then why are you bringing up the Reagan cuts?

Also from my source:

"You can call this a fiscal cliff. You can call it Taxmageddon as others have done," said Sen. Orrin Hatch, R-Utah. "Whatever you call it, it will be a disaster for the middle class. And it will be a disaster for the small businesses that will be the engine of our economic recovery."

The results of the elections will have a lot to do with the ultimate solution, but several top lawmakers predict the current Congress will punt the issue into 2013 for the newly-elected Congress and whoever occupies the White House to deal with.

"CBO observes that simply extending all of our current tax and spending policies will produce unsustainable deficits and debt, which will also send the economy into decline," said Rep. Chris Van Hollen, D-Md., the top Democrat on the Budget Committee. "We need to act and we must do so in a balanced way."

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It seems the CBO believes ending ALL tax cuts would be long term beneficial. Perhaps a better way would be reduced spending, and saving tax hikes for when the economy is more stable.

It pains me when someone is trying to pass off untruths.

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Why do you hurt yourself?

The facts show that our tax system has become less progressive over the last 30 years and helped contribute to most of the countries wealth being concentrated at the top, out of reach of the majority of consumers need to to create a demand to drive our consumer based economy.

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The facts also show that even those in poverty in America are better off than they were in the past. The facts also show that GDP is still growing, meaning demand is still rising, despite income distribution.

6 of the Walton heirs own as much wealth as 30% of the US population. Our economy cannot prosper with this much wealth inequality, and as Clinton noted, "Its the economy stupid!"

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You still haven't demonstrated this.