How much is $1.2 trillion? More than all the debt accumulated in the nearly 200 years from George Washington through Ronald Reagan's first two years in office. That's before adding interest payments on the borrowed $1.2 trillion.
Tax cuts for the wealthy fuel rising inequality along with rising debt and neglect. Taxpayers with annual incomes above $1 million in fiscal year 2012, for example, would increase their after-tax income by 7.5 percent thanks to an average tax cut of $162,000. The poorest 20 percent of taxpayers would get an average tax cut of $45 -- and decaying public services.
Democratic presidential candidates Hillary Clinton and Barack Obama promise to end the tax breaks for the wealthy. Republican candidate John McCain wants to extend them. What do you want?
Copyright 2008 Holly Sklar
1 | 2
