Found the chart below in the newspaper, and I thought it is worth repeating:
2011 Income Tax Returns Filed Avg. tax increase
<$10K 28.7 $70
$10-20K 24.4 $410
$20-30K 18.5 $756
$30-40K 15.7 $875
$40-50K 13.0 $923
$50-75K 24.0 $1,126
$75-100K 15.2 $1,837
$100-200K 16.9 $3,672
$200-500K 3.8 $7,187
$500-1M 0.6 $18,092
>$1M 0.3 $101,587
PP is trying to play politics against ecomonics and it is not going to work.
PP is concerning himself where he is going to find $700B to pay over the 10 years for the top say 2%, however, the bigger question, is where is he to find $3B over the next 10 years for the 97.7% others. He is in a catch 22 trap of his own making.
Dr Paul Klugman, another Nobel Prize winner in economics, works for the NYT, indicates in a recent article, PP hasn't issued a big enough of a stimulus package yet to affect the financial issues.
He sites FDR's similar plan; steady-as-you-go strategy, a little stimulus here and there and things didn't get better for a decade or so. It was not until and when the whole country rallied behind FDR and WW2. For comparison Klugman is suggesting what real "stimulation" is, as when US added it at twice the GDP of 1940 ($30B today) did the nation exit the Depression. His case is builded on BS logic. There is no comparison between 1940 and 2010 other there were dem/progressives in power. We were fighting wars on two fronts, against uniformed nation states and the America people were totally behind FDR. We were indeed fighting for our freedom. Little comparison can be made to the financial status of these two periods of time. As I stated earlier if Geithner is wacked at Treasury, Paul, the rabbit, could become the new Treasurer. That's... That's all folks!!!
Tuesday, September 14, 2010
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