Thursday, July 21, 2011

Bring on the economic insanity

Question are being asked now in the USA and Canadians should pay attention. Right wing influences are also at work in our country aiming to advance the interests of the plutocracy.

From commondreams.org:
"How have the people been convinced that debt and deficits—medium and long-term problems to be sure – have suddenly become a short-term crisis? Especially since every economist not employed by a right-wing think tank is practically screaming that austerity in the midst of a jobs crisis is a form of self-destructive economic insanity.

"Finally, how can deregulation and tax cuts for the rich be posited as a solution to the recent economic catastrophe, when these were the very policies that caused it?"
Despite current efforts to shift the financial impact of government away from wealthy citizens, the rich are now paying a far lower share of their incomes in taxes than at any time since World War II. And, even as their share of the nation’s total income has withered, the tax burden on the middle has grown. Today’s working and middle-class taxpayers are shelling out a bigger chunk of income in payroll taxes, sales taxes, and property taxes than thirty years ago.

It’s just the opposite for super rich.

The top 1 percent’s share of national income has doubled over the past three decades (from 10 percent in 1981 to well over 20 percent now). The richest one-tenth of 1 percent’s share has tripled. And they’re doing better than ever.

Yet, remarkably, taxes on the top have plummeted. From the 1940s until 1980, the top tax income tax rate on the highest earners in America was at least 70 percent. In the 1950s, it was 91 percent. Now it’s 35 percent. Even if you include deductions and credits, the rich are now paying a far lower share of their incomes in taxes than at any time since World War II.

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