I saw this pie chart on Politics Plus and thought it spoke volumes as to why the Bush tax cuts need to expire:
In 2004, the bottom 40% of America controlled only 0.2% of the wealth of this nation. Allowing the tax cuts to expire will not affect the majority of the population and would have have only a minimal effect on top tier earners - small businesses and average Americans would not be harmed in the expiration of the tax cuts.
I made that chart with government figures using excel over a year ago. 2004 was the last year I could find complete data on which to base it.ReplyDelete
Bear in mind, that the situation today is considerably worse, because that chart's data does not reflect the consequences of the Republican plan to such up the last bastion of middle class wealth through the housing bubble.
correction: suck upReplyDelete
I had noticed that it was from 2004 (I was unaware that you made it) but I agree that the situation today is far worse then 6 years ago, which is why the tax cuts need to expire...ReplyDelete
Allowing them to expire will only somewhat return things back to normal, but I get the idea that Republicans aren't really interesting in fixing the economy...
I'm gonna start digging for more recent figures in regards to the distribution of wealth. It should be interesting to see what I come up with...