When it comes to cutting taxes for the wealthy, President Bush can truly say, “Mission accomplished.”
The richest 1 percent of Americans received about $491 billion in tax breaks between 2001 and 2008. That’s nearly the same amount as U.S. debt held by China — $493 billion — in the form of Treasury securities.
Do you want our government to mortgage more of our nation’s future to finance tax breaks for the rich?
Tax cuts have already helped the richest 1 percent — whose annual incomes average about $1.5 million — increase their share of the nation’s income to a higher level than any year since 1928 on the eve of the Great Depression.
The International Monetary Fund says the United States is in the worst financial crisis since the Great Depression. Yet, we are borrowing money with interest to finance tax cuts for Wall Street executives.