Food for thought ------------------------ 50% of all Families are - TopicsExpress



          

Food for thought ------------------------ 50% of all Families are earning less than $30,000 a year and for the last 10 years people earning between $30,000 to $60,000 have been forced downward to the under $30,000 range while the top 2% of earners’ income has soared to unprecedented amounts yet they still pay very small percentage in taxes. If the salaries keep on eroding the way they have been eroding for the 10 years soon there are only going to be 2 classes, extremely poor and extremely rich. The argument that is often made that giving tax breaks to the wealthy will create jobs is not correct. It never stimulated job creation during the 1980s and 2000 to 2008 because when that happens the government has to tax the middle class to make up for the money it needs to function. In return the middle class has less disposable income. It was during Clinton in the 1990s that North America saw the best job creation in a very long time. Do you know what was difference between Clinton and Reagan and Bush? Yah, you got it, he taxed the wealthy which allowed the middle class to have more disposable income and with more disposable income for the middle class means spending more which leads to growth in job creation. Did you know that if the minimum wage salary would kept up with rate of wealth accumulation for top 2% since the 1960s the minimum wage now would be about $95 per hours? And did you know that the financial crisis we are facing around the world could be resolved very easily by just adding a 2% tax to the top earners and the governments would end up with surpluses? Adding 2% tax to the top earners does not put any of them at risk but adding it to the poor who are already paying higher percentage of taxes than the 2% puts them at risk because when more than 50% for their salary goes to pay rent you are in trouble giving how much the cost of living has increased since the last 10 years.
Posted on: Sat, 10 Aug 2013 01:38:03 +0000

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