You left out the part that shows this top 1% paid 38.02% of ALL INCOME TAXES. We should thank them, except I'm sure most spend time and money trying to lower their tax bill. http://ntu.org/tax-basics/who-pays-income-taxes.html Seneca
http://latimesblogs.latimes.com/washington/2011/08/obama-national-debt.html Updated numbers for the national debt are just out: It's now $14,639,000,000,000. When Barack Obama took the oath of office twice on Jan. 20, 2009, CBS' amazing number cruncher Mark Knoller reports, the national debt was $10,626,000,000,000. That means the debt that our federal government owes a whole lot of somebodies including China has increased $4,247,000,000,000 in just 945 days. That's the fastest increase under any president ever.
I just want to add this as an employer, that employees get the 50% reduction in ssi tax but the employer does not and contributes the full 6 and whatever %. With the coming problems with ssi I cant understand why they reduced the ssi tax.
They already have. Please take note of the November 2010 election results and the current Presidential Tracking Poll numbers.
Note how the DNC talking points and the Daily KOS platitudes have come to a screeching halt in the face of facts - IRS statistics for adjusted gross income, the current administration's spending rate ( looks like a rocket to the moon and the debt ceiling vote apparently meant nothing ), and the White House OMB current account deficit.
I never understood that type of thinking. Why penalize someone for doing well? Or aid someone for doing poorly? How much does buffet spend to avoid/reduce his taxes?
I think the whole reason for the payroll tax cut was the democrats said so many times that extending the Bush Tax rates were a "tax cut" that Obama had to cut something, otherwise people would know they were lying when the "Tax cuts" got passed and nothing changed, everything was just the way it had been for years. And secondly the payroll tax doesn't go to SSI, it just goes to the unified fund.
dont forget this little nugget: 94% of US Tax Revenue is spent on War and defense. http://www.wealthson.com/1540/94-of-us-tax-revenue-is-spent-on-war-and-defense
Not to worry, Obama promised to end the wars. I'm sure he'll take care of that just as soon as he gets back from vacation...and campaigning.