By Dr. Akiva Gamliel
There are assets, wealth, net wealth and capital gains etc.
- The low income individuals and families have zero assets, wealth, net wealth and capital gains etc.
- 80% of Americans own only 16.1% of America's wealth.
- 20% of Americans own 83.9% of the wealth...
- The poor have no assets and no capital gains.liab
- The top 0.02% of Americans own 95% of America's assets
- The top 20% of Americans get 90% of Capital Gains Bush wants to eliminate capital gains taxes...
- 50% of Americans earn 80% of America's income
WHEN PRESIDENT BUSH INTRODUCED TAX BREAKS
-The top 20% of Americans received almost 4 Trillion in tax breaks over 10 years while:
- Wages shrunk for 2 years
- Unemployment stagnated, Americans lost jobs for 3 years
- American borrowed from home equity and credit cards resulting in an increase of household debt to 110%
- Americans were forced to spend more dollars (weaker dollars) for gas, heat, food etc.
- Because of the Tax cuts The Federal Government was forced to begin borrowing money. Today, according to Comptroller General David Walker, the chief auditor of our governments balance sheet, the Federal Government has over 50 Trillion in liabilities at the close of 2006. This is up 30 Trillion since Bush took office.
This means every American own $170,000.00 of America debt. So now Middle and poor Americans are paying interest on interest....
The purchasing power of the dollar is much less than 20 years ago. The poor and the middle class need serious relief. He is the candidate that will bring this relief. His position on the economy will become more and more evident as the campaign continue.
Americans are reeling from economic pressure. Generally American's who earn less than $45,000.00 each year have hard pressed to the point they borrowed from home equity and credit cards resulting in an increase of household debt to 110%.
How do you feel about the tax breaks that were given to the wealthiest Americans? Have you benefited from these tax breaks. What would you like to see happen? Would you like these tax breaks to continue? What do you believe our Government should do regarding our difficult financial situation?