According to the National Priorities Project, the tax cuts for the wealthiest 5 per cent of Americans cost the US Treasury $11.6 million every hour of every day. The top 5 per cent receive an average tax cut of $66,384 in 2011. Conversely, the bottom 20% of wage earners receive an average tax cut of $107 this year. The wealthiest 5% of Americans earn 33% of all US income.
The revelations coincide with the Republicans campaigning to have more tax cuts for rich Americans, capping individual income and corporate tax rates at 25 percent.
It also coincides with Occupy Wall Street protests going global, protesting against corporate greed.
President Barack Obama unveiled his deficit reduction plan last month, which aims to curb the national debt through a combination of tax cuts and increased spending. The plan includes a proposal to increase taxes on millionaires, the so-called Buffett rule. In an August op-ed in The New York Times, billionaire investor Warren Buffett argued that lawmakers should put an end to tax breaks for the "super-rich".
The Republicans accused Obama of conducting class warefare. Obviously as far as they're concerned, it's better to maintain a system that's bleeding the US economy dry.
no comment untill now