Thursday, June 10, 2010
THE DEATH NELL NO ONE IS TALKING ABOUT
The facts are as we stand right now, while still under the Bush cuts, the top 1% income tax payers paid 40% of all taxes last year. If the cuts expire, that figure will rise to 53%. To simplify this, the top 1/5th of wage earners last year paid 83% of all taxes.
If you take these cuts away from the top wage earners in this country, you can forget this fractious recovery we find ourselves being told we are having today. There will be no jobs. There will be no money going for conventions, large events, real estate purchases or big ticket items which means no work for the little guys like you and me.
The Bush Tax Cuts are the lynch pin. If it is pulled, our economy will fall apart and Obama is ready to pull it with his new budget. No one is saying it, because it’s a terrible fact we will all be facing.
I guarantee it.