Here is an interesting chart, from the Harvard Business School, showing the distribution of wealth in America.
it is not a complicated chart, but please focus on the top bar, because that is real. The other two are just opinions. They are interesting opinions, worthy of discussion, but opinions nonetheless.
The dark blue area represents the total wealth of the lowest-earning 20% of people who live in the U.S. The light blue is the next 20%. The red is the next 20%.
Those three categories represent 60% of us including, presumably, you and me. Our cumulative wealth is shown WAY over on the right end of the chart.
This chart didn’t surprised you, did it? You knew the top groups own almost all of everything in America. Fine, we accept that.
Look again at the chart. Of these color bands, who does the GOP most represent/protect? The orange, certainly, but most especially the yellow group.
Republicans never want to raise taxes on the wealthy. Never. They refuse to even consider removing the tax breaks that Bush and a Republican congress showered on them ten years ago.
Before the tax breaks, during the Clinton administration, the U.S. was flush. Businesses were booming, and our government was running surpluses and paying down our debt.
Bush and company would have none of that. Surpluses were ‘excess tax,’ in their opinion, and needed to be given back.
You know who they gave it back to, don’t you? Using the clever line of ‘it’s your money” they gave ‘your money’ to their donors, the very-very wealthy.
America instantly plummeted from the black into the red. Ultimately the country tanked into our current recession. (In fairness, the horrendous greed/malfeasance of home mortgage companies exacerbated our current condition.)
So President Obama agreed to bail out a few U.S. industries, including financial institutions and car companies. This was costly initially, but is slowly being repaid.
NOW the GOP wants to talk about fiscal responsibility, but not if it includes bringing tax rates back to what they were in the 90’s.
Republicans will walk out on meetings with the president, and have done so, to prevent Mr. Orange and Mr. Yellow from paying 2% more in tax than they now do. Two percent.
The GOP talks about balancing budgets, but they only really care about protecting those that ‘have.’
We pay taxes, you and I. Most likely you fall into the red or blue areas of this chart. If you do you probably can’t afford a tax accountant to find you loopholes to avoid paying tax.
Not only can Mr. Orange and Mr. Yellow afford tax accountants, they can also easily afford the congressmen who are forever protecting them.