Apologies, all. I misspoke. (Dangers of running multiple e-mail tabs.) I'm Martin Baxter, and I *approve* this message.
---------[ Received Mail Content ]---------- Subject : [scifinoir2] The Rich Got MUCH Richer! Date : Fri, 30 Jan 2009 18:24:42 -0800 From : "Tracey de Morsella" <tdli...@multiculturaladvantage.com> To : "' Lockhart, Daryle '" <dar...@darylelockhart.com>, <afrikanm...@hotmail.com>, "'Albert Fields'" <cbilmarket...@yahoo.com>, <bettil...@msn.com>, "CINQUE " <cinque3...@verizon.net>, "'Cleo'" <cleo.wad...@aliefisd.net>, <dorothyh...@sbcglobal.net>, <duva...@hotmail.com>, <fis...@bellsouth.net>, "'GTW'" <gwashin...@aol.com>, "'Jeffrey Ballou'" <jeffreypbal...@gmail.com>, "'Kai Pettaway'" <killa...@gmail.com>, <kalpub...@aol.com>, <keithbjohn...@comcast.net>, "'Kera'" <imke...@gmail.com>, <kimbe...@luftworld.com>, "'Leroy Hughes'" <seriousnup...@yahoo.com>, "'Leslie'" <ilovesgrho1...@yahoo.com>, "'Logic'" <logic1...@aol.com>, "'Martin Baxter'" <truthseeker...@icqmail.com>, "'Marvalous'" <mmb1...@gmail.com>, "'Michael Gordon'" <gord...@indiana.edu>, <michael.v.w.gor...@gmail.com>, "'ravenadal'" <ravena...@yahoo.com>, <rs...@yahoo.com>, "'Seku Brathwaite'" <everything...@nyc.rr.com>, "'Valery Jean'" <valeryjea...@yahoo.com>, "'Wendell Theophilus Smith'" <wendellsmit...@gmai! l.com>, "'Whitney J Evans'" <sonofafieldne...@sbcglobal.net>, <williamsf...@speakeasy.net>, "'Zanfordino Anthony'" <beta...@yahoo.com> The Rich Got MUCH Richer! by bubbanomics Fri Jan 30, 2009 at 11:01:39 AM PST Bloomberg is reporting today that the wealthiest 400 Americans had their incomes double during the Bush presidency. The average for these poor souls is a measly $263,300,000 per year. Times are hard indeed. * bubbanomics's diary :: :: * Boy, do we ever need tax cuts now! These put-upon individuals, shouldering massive burdens of responsibility, had their tax rates slashed by 1/3 to 17.2%. Capital gains made up 63 percent of the richest 400 Americans' adjusted gross income in 2006, or a combined $66.1 billion, according to the data. In all, the 400 wealthiest Americans reported a combined $105.3 billion of adjusted gross income in 2006, the most recent year for which the IRS has data. Given the plunges in the S&P 500 (46% loss from its 2007 peak), Dow, NASDAQ, these folks may very well have given up most of their 8 year gains in the past year or so. Boy, do we ever need those tax cuts, Rush! The total wealth of the really wealthy is hard to fathom. As pointed out by Bill .html> Donius at HuffPo yesterday, The richest 1% of Americans earned $1.3 trillion in 2004, an amount greater than the total national income of Canada. Further the top 1% of Americans has 33% of the country's wealth. Woof. What if these dudes got together and made Canada an offer? Now, that would be must see TV. The economic problems in this country are not going to be solved by government stimulus alone. People with all the money are going to have to give some back. And I don't mean through market losses to each other (for every trade, there is a winner and there is a loser). I mean back to the people who are, in the final analysis, giving it to them. That, my friends, would be us. Taxation needs to go up for these folks. We need a return to the marginal rate structure that existed during the Eisenhower administration. During the 50's, a time fondly remembered by the GOP as one of prosperity (among other things), the top marginal tax rate was over 90%! http://www.youtube.com/watch?v=JQdwk8Yntds
