According to a study done by the New York Times, President Bush's tax cuts have been making the richest of the rich even richer. There's a friggin' surprise...
Read the story here.
If you made more than $10 million last year, you're $500,000 better off with the new temporary tax cuts that the Administration wants to make permananent.
The NY Times analysis showed that more than 70 percent of the tax savings on investment income went to the top 2 percent, about 2.6 million taxpayers.
I can already hear the conservatives gearing up to respond, so before they do, let me say this.
I get it. We all get it. Tax Cuts for the rich mean more money available for investment which means more money available for new jobs etc etc...
But note the keywords here 'available for'. This money is available for investment. It's also available for a new canary diamond ring for whatever silicon-cyborg bimbo the 'investor' is currently banging.
It is also available to invest in whatever South East Asian country is currently tooling up to do to Taiwan what Taiwan did to Japan.
So allow me to offer Washington a way to make us all happy (well except for the bimbo).
The Tax cut is for investment? Prove it.
Allow the deduction to be taken only if that money is used to invest in a US company or companies, each of which has a Federal Employer ID Number, which can and should be included on the return, so we can all see who is investing in what if it ever becomes a problem.
I have no problem with people getting rich. But if you make money in a society, it seems only right, for your personal spiritual well being if nothing else, that you should invest back into that society to help those behind you. Then we all get to be better off.
If this sounds like a good idea to you, email your Senator and tell them you only want the President's tax cuts made permanent if the individual declares where they invested it on their tax return.
Of course, if you think it's a bunch of garbage, then please share it with the class...