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Monday, November 4, 2013

The super-rich...what's not to love?

1. They've Taken $25 Trillion of New Wealth While Paying Less Taxes   Just how much have the super-rich taken over the past five years? Each of the elite 5% -- the richest 12 million Americans -- gained, on average, nearly a million dollars in financial wealth between 2008 and 2013.
 2. For the First Time in History, They Believe They Don't Need the Rest of Us   The rich have always needed the middle class to work in their factories and buy their products. With globalization this is no longer true. Their factories can be in China, producing goods for people in India or Europe or anywhere else in the world.
3. They Soaked the Middle Class, and Now Demand Cuts in the Middle-Class Retirement Fund     The richest Americans take the greatest share of over $2 trillion in Tax Expenditures, Tax Underpayments, Tax Haven holdings, and unpaid Corporate Taxes. The Social Security budget is less than half of that. Yet much of Congress and many other wealthy Americans think it should be cut. These are the same people who deprive the American public of $300 billion a year by not paying their full share of the payroll tax.
4. They Continue to Insist that They "Made It on Their Own"   They didn't. Their fortunes derived in varying degrees - usually big degrees - from public funding, which provided almost half of basic research funds into the 1980s, and even today supports about 60 percent of the research performed at universities.
5. As a Final Insult, Many of Them Desert the Country that Made Them Rich    Many of the beneficiaries of American research and technology have abandoned their country because of taxes. Like multinational companies that rationalize the move by claiming to be citizens of the world, almost 2,000 Americans, and perhaps up to 8,000, have left their responsibilities behind for more favorable tax climates.
http://www.commondreams.org/view/2013/11/04-1