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Some facts: The top 1% wealthiest Americans have more wealth (23.5%) than the lower 50% of all income earners in the country COMBINED! As of 2007, the bottom 80% of American households held a mere 7% of financial assets, while the top 1% held 42.7% and the top 20% held fully 93%. Between 1980 and 2008, 80% of new wealth in the U.S. was ‘made’ by the top 1% of the richest Americans. 12 cents of every dollar go to the richest 0.1% of Americans. That is one tenth of one percent get 12 cents out of every dollar. The effective tax rate for the 400 richest people in the U.S. was cut almost in half from 1992 to 2007. Have your taxes been cut in half? Each of the 400 people has made an extra ONE BILLION dollars.
MtnMig MtnMig 36-40, M 6 Answers Dec 10, 2010

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Absolutely NOT. I hear people complaining all the time about how President Obama is spending us into insurmountable debt, but no one looks at the catastrophic effects the Bush era tax cuts have had on our federal budget deficits and mounting national debt!

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The uniquely American amnesia. I think people rather forget they voted for Bush twice and the results were disastrous.

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NeelanJ - you are naive. The richest people CAUSE investments to rise and fall like elephants getting into or out of a bathtub. Since they KNOW when they are going to do something, they just buy exotic derivatives - like credit default swaps or even the simple puts and calls - which will mushroom when they MAKE them. Explain WHY Freddie Mac and Fannie Mae, supposedly supported by the government went from $40/share to under A DOLLAR and Bank of America "only lost 1/2 its value because it was bailed out. THAT was my bad habit? <br />
Give the rich further tax cuts? I say string 'em up and redistribute their villainously obtained sinful wealth.<br />
The richest don't spend, they HOARD!!! Anyone actually spending a significant portion of their assets don't HAVE many [I include mere millionaires]. Ever tried to spend a $40 million mansion?

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I think a flat tax is now in order and it is a great option to keep the middle class from feeling screwed.

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A flat tax would screw middle class, look it up. It's a Trojan horse of simplicity to give the rich a tax break.

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Certainly!!!<br />
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Those that have money spend it. If they don't, they put it in a bank and the bank lends it. All of this leads to prosperity. <br />
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Have you ever gotten anything from a homeless person?

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I would like to be a peasant, I could aspire to get the crumbs from the rich.<br /><br />At least the homeless don't fleece their employees, destroy the environment and corrupt government. <br /><br />Dude, again, really you needs your meds.

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