Emmanuel Saez and Thomas Piketty have spent the last decade tracking the incomes of the poor, the middle class and the rich in countries across the world. More than anything else, their work shows that the top earners in the United States have taken a bigger and bigger share of overall income over the last three decades, with inequality nearly as acute as it was before the Great Depression. [...]
Both admire, even adore, the United States, they say, for its entrepreneurial drive, innovative spirit and, not least, its academic excellence: the two met while re-searchers in Cambridge, Mass. But both also express bewilderment over the current conversation about whether the wealthy, who have taken most of America’s income gains over the last 30 years, should be paying higher taxes.
'The United States is getting accustomed to a completely crazy level of inequality,' Mr. Piketty said, with a degree of wonder. 'People say that reducing inequality is radical. I think that tolerating the level of inequality the United States tolerates is radical.' " --SOURCE
The rejection by the GOP of Mr. Obama's proposed "Buffett Rule" is more evidence of how out of touch with reality the GOP is. Sixty percent (60%) of Americans support the Buffett Rule. The Republicans in Congress ignore the people and continue to support and defend the wealthiest and most privileged among us.
"Democrats support the Buffett rule as part of a broader effort to raise taxes on the wealthy to help close the nation's budget gap. Republicans have resisted any standalone effort to raise taxes as a way to do that, arguing that it would choke off investment and job growth. The White House estimates that the proposal would affect about 450,000 taxpayers. Outside estimates say the proposal could raise $37 billion-$50 billion annually in additional revenue, a small amount when compared to the federal debt which is currently more than $15 trillion.
A Gallup Poll released April 13 showed that 60% of Americans support the Buffett rule, while 37% oppose it. The strength of public support for it comes from Democrats and independents, underscoring why Obama sought a vote on the proposal as he makes the case for his re-election." --SOURCE
Americans should ask themselves why the GOP continues to favor the wealthiest and most privileged, while ignoring the steady decline of the middle class and poor. The richest have made the largest gains in wealth over the past 30 years, while the middle class and poor have flat-lined and declined.
How can the GOP ignore this? Does the Republican Party care? It seems the answer to that question is NO!
And the nominee presumptive, Willard Romney, is part of the 1% in this country that has gained the most [remember his 14% effective tax rate? and his off-shore bank accounts?]
Obama and his wife, Michelle, paid an effective tax rate of 20.5 percent on income of $789,674 last year, the White House said. Romney has estimated he will pay a 15.4 percent tax rate on income of $20.9 million." --SOURCE
President Obama has asked again and again why his family should pay less in taxes than a working-class family.
The GOP doesn't care to answer that question.