2. What income group pays the most federal income taxes today?
The latest data show that a big portion of the federal income tax burden is shouldered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 percent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone and don’t include payroll taxes for Social Security and Medicare.
Guess who really pays the taxes?
Over the last 20 years you have been repeatedly lied to, bamboozled and scammed by those "in power", including the members of both political parties, The Fed, and Treasury.
Who has eaten the harm to your standard of living as your cost of food and fuel has doubled over the last couple of years? You have.
Who has taken the hit as our job base has gone overseas, so China can buy a trillion dollars worth of our debt to artificially suppress their currency, thereby making it uneconomic to manufacture DVD players and Cell Phones here, and costing us millions of high-paying jobs? You have.
Who took the damage when you were conned into buying houses with Option ARMs, with Alan Greenspan himself telling people that Adjustable Rate mortgages were the "best option" for many people - with rates at the bottom? You did.
Who took the hit from the credit bubble when Alan Greenspan intentionally blew liquidity into the system and held it there for an extended period of time, keeping interest rates at 1%, thereby igniting the housing and credit bubble and leading directly to this mess? You did.
Who has found that its nearly impossible to have a single-earner household with children nowdays, where one parent stays home with the kids while the other is a breadwinner, as a direct consequence of rapidly-rising costs for food, energy and housing? You have.
Who has seen medical and educational costs skyrocket at 3x the rate of inflation, fueled by an intentionally-blown credit bubble such that your son or daughter will graduate with $100,000 of debt, and you can't buy a medical procedure at a reasonable cost nor afford individual insurance? You have.
Who, all-in, has seen their standard of living stagnate and even reverse over the last few years, as all of these elements together conspire to destroy your earnings capacity and wealth? You have.
Was any of this a mistake, an accident, or "unexpected consequences"?
No - absolutely every bit of it was an intentional act by people in power in The United States - Representatives, Senators, Treasury officials and The Fed.
Obama's tax plan will bring in more money then McCains and unlike McCain he won't start another war, he'll actually end one.
The first time was the Savings and Loan Crisis in the 80's & 90's, when McCain was implicated in the Keating scandal for influence peddling. The failure of Keating's Lincoln S&L meant the loss of life savings
for the 21,000 depositors, many of them elderly, who were swindled by
Lincoln. McCain's close buddy, Charles Keating, was convicted of fraud and sent to prison. Keating was a close personal friend of McCain's and McCain took unreported (until he was caught) vacations at Keatings luxury vacation homes. The S&L crisis contributed directly to the recession of the late 80's / early 90's and the government was required to bailout the bad decisions of McCain and his friends.
More recently, McCain is directly tied to the current US financial meltdown. Until last month the Chairman of McCain's campaign was none other than Phil Gramm, the former Texas Senator, Vice-Chairman of banking giant UBS and chief proponent of financial deregulation when he was in the Senate (Gramm stepped down from the campaign after calling the US a nation of whiners). UBS, not coincidentally, was one of the largest promoters of sub-prime
mortagage backed securities that have played such a significant role in
the recent financial meltdown. As Krugman, MotherJones and others have pointed out, it was Gramm's deregulation initiatives that opened the door that allowed financial companies to take enormous risks (ultimately backed by taxpayer dollars as we are now finding out) and made Gramm very, very wealthy when he left the senate. Even though he stepped down from his official campaign capacity, Gramm is still a close McCain advisor.
McCain and Gramm have a long political history. The two became close when they worked together as senators to defeat Hillary Rodham Clinton’s 1993 health care plan, holding meetings at hospitals and clinics across the country.
In 1996, McCain was national chairman of Gramm's unsuccessful presidential bid.
In 2000, the duo had a rare parting when Gramm backed his home-state governor, George W. Bush, for president instead of McCain. But they’ve reunited in this presidential race.
Ignorance is bliss, which perhaps explains Gov. Sarah Palin being so confidently wrong about the root cause of the federalization of most of the nation's mortgage market. But what is Senator John McCain's excuse? Both act as if the financial meltdown of the US economy has nothing to do with the policies of the political party they represent--but she at least may not know any better.
The mortgage swaps distancing the originator of the loan from the ultimate collector were made legal only as a result of the Commodity Futures Modernization Act, which former Senator Phil Gramm, R-Texas, pushed through Congress just hours before the 2000 Christmas recess. Gramm, until recently co-chair of the McCain campaign, also had co-authored the Gramm-Leach-Bliley Act, which became law in 1999 with President Bill Clinton's signature. That gem, which Gramm had pushed for years with massive financial industry lobbying, destroyed the Depression-era barrier to the merger of stockbrokers, banks and insurance companies. Those two acts effectively ended significant regulation of the financial community, and no wonder we have witnessed an even more rapid and severe meltdown in housing values than during the Great Depression.
When home prices rose 60% from 2000 to 2005, Congress should have been asking why. Congress should have been interviewing Countrywide Financial (NYSE: CFC, NYSE: BAC) CEO Angelo Mozilo at that time, not now that naive mortgage borrowers are losing their life's savings.
Originally posted by jam321
the answer is Congress.