The increase in incomes of the top 1 percent of Americans from 2003 to 2005 ($524.8 billion) exceeded the total income of the poorest 20 percent of Americans ($383.4 billion), according to a new report by the Congressional Budget Office. “On average, incomes for the top 1 percent of households rose by $465,700 each, or 42.6 percent after adjusting for inflation. The incomes of the poorest fifth rose by $200, or 1.3 percent, and the middle fifth increased by $2,400 or 4.3 percent.” December 15, 2007 2:00 pmAnd what have the top 1 percent of households done to improve society that outweighs the contribution of the poorest 20% of Americans? Those in the top 1% perform no function for the economy that could not be done at least equally well by financial aggregators like Banks, pension plans and mutual funds, and their labor has clearly not been worth an increase of $524.8 billion.
It is my opinion that the funds those parasites have received in tax cuts have gone to investments outside the U.S. because there is a better return there, so those tax cuts have had no positive effect on the economy. The majority of those top 1% households belong to people who inherited their money, so they did not create any new businesses or any significant number of new jobs with whatever they deigned to infect inside the U.S. economy. Their primary social function is to hide inside their gated communities, act conservatively and manipulate politics in order to protect their inherited wealth and avoid taxation. So removal of the inheritance tax is a profoundly undemocratic idea. They are parasites on the American financial life-blood.
Why should Americans avoid taxing the parasites at least as heavily as they tax the working middle class? The coupon-clipping class is a worth a lot less to our society than the hard-working middle class and even the hard working working class individuals. Those people actually produce real goods and services instead of just moving money around to protect it.
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