Pick Pocket
TX Republican John Coryn on the left with Kentucky Republican Mitch McConnell, the Senate minority leader. Big business in little man's pocket is what I see. Can there be any question that the U.S. Senate Republicans block legislation to let upper-income tax cuts expire on Jan. 1, 2011? The US owes over $10 trillion, a figure that rose six-fold during the Bush administration. With the Republicans I agree that taxes should not go up during a recession but this is not Obama's plan : he aims to make taxes lower than Bush for 95% of Americans and up for the top 5% earning more. Even Warren Buffet agrees. Me, I should be fighting hard for tax cuts since I pay Uncle Sam for services I will never see in England+being an entrepreneur means some above-average risk which, in my humble view, should not go disproportionately to the government who has never provided me a dime during the down times. Yet the US has to get its financial house in order, and this starts with the politics.
In the United States, wealth is concentrated in a relatively few hands. As of 2007, the top 1% of households (the upper class) owned 34.6% of all privately held wealth, and the next 19% (the managerial, professional, and small business stratum) had 50.5%, which means that 20% of the people owned 85%, with 15% of the wealth for the bottom 80% (wage and salary workers). In terms of financial wealth (total net worth minus the value of one's home), the top 1% of households own 42.7%. Edward N. Wolff at New York University (2010).
