Warren Buffet claims this economic argument is a fraud. "The rich are always going to say that, you know, just give us more money and we'll all go out and spend more, and then it will trickle down to the rest of you," he told Christiane Amanpour on THIS WEEK. "But that has not worked the last 10 years, and I hope the American public is catching on."
The Tax Foundation reported in July 2009 that between 2000 and 2007, pre-tax income for the top 1 percent of tax returns grew by 50 percent, while pre-tax income for the bottom 50 percent increased by 29 percent (not adjusted for inflation) ...
Since 2001, the average tax rate has fallen from 4.09 percent to 2.99 percent for the bottom 50 percent of tax returns and has fallen from 28.20 percent to 21.46 percent for the top 0.1 percent and 27.5 percent to 22.45 percent for the top 1 percent. TAXFOUNDATION "
America's Wealthy Wage War Against the Middle Class
I have no problem with target tax cuts for job creation in this country. What is stupid is giving tax cuts just because someone is rich that are not creating jobs in this country.And what about those wealthy who ARE creating jobs? Do we end their tax cuts also? And this will help how?
Its better than what we had, but it doesn't go far enough. We need something like HR 1489, Return to Prudent Banking Act, that would end the banks too big to fail problem, by once again legally separating commercial banks from investment banks (as they were for a half century following the Great Depression) so we are never again in the situation where the public has to transfer large sums of money to Wall Street for making risky investments: H.R. 1489: Return to Prudent Banking Act of 2011I thought Dodd-Frank did that. Was I wrong?