After 2 1/2 years of futile efforts to compromise, Obama just doesn't get it. The rich and powerful see no need to compromise: they are on a roll! Since Eisenhower's day, when the top income tax bracket was over 90%, they have gotten it down to 35%. In the late '70s, the top 1% got less than 10% of all income. Now they get about 25%. The estate tax, which used to be about 50% is down to 35%. And Obama is trying "to compromise" by offering them even more.
And they do want more, much more! They propose cutting the maximum income tax bracket to 25% (for now), cutting the estate tax and the capital gains tax to zero, and doing awa y with Medicare and Social Security as we know them. As the rich and powerful have grabbed an ever-increasing share of GDP, middle class incomes have been declining so that just surviving is a challenge, to say nothing of coping with major health problems or sending their kids to college. And when the middle class has no money to spend, the economy tanks.
With their money, effective propaganda, and a pliant president, the super-rich continue to increase their share of what others produce. Since Obama won’t do it, the voters will have to wake up to what is happening and put a stop to it.
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