December 7, 2010
Who Benefits From Tax Deal
December 7, 2010
President Obama caved to the Republicans desires to extend the Bush tax cuts to the millionaires and billionaires. The extension is only for two year. However it’s long enough for the Republicans to take back the White House and Congress, at which time they will make the tax cuts permanent for the upper class and allow the tax cuts to expire for the middle and lower-class. So how is the tax cuts distributed over the next two years?
The chart below depicts exactly how the money will be doled out and how much it will cost. 4.8 million people (upper crust) will cost the taxpayers $133 billion and 156 million people (commoners) will cost us $214 billion. Therefore, 3% of the people will get 38% of the tax cuts while 97% of the people will divvy up 62%. No bad if you’re in the 3%.
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This Weeks’ Headline News Hits
Required Reading
Racism and the American Right - From the start of the Republic to today's Republican ranting against Barack Obama, racism has been a central element of the American Right. But this ugly feature of U.S. history has often come concealed behind words praising traditions, liberty and states' rights.
Everything Is Rigged: The Biggest Price-Fixing Scandal Ever - The Illuminati were amateurs. The second huge financial scandal of the year reveals the real international conspiracy: There's no price the big banks can't fix.
How the GOP Became the Party of the Rich - The inside story of how the Republicans abandoned the poor and the middle class to pursue their relentless agenda of tax cuts for the wealthiest one percent.
The GOP's Real Agenda - Since last fall, Republicans have pretended to be more moderate - but their politics are harsher and more destructive than ever
Gangster Bankers: Too Big to Jail - How HSBC hooked up with drug traffickers and terrorists. And got away with it.
Secret and Lies of the Bailout - The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come
The GOP’s 1 Trillion Dollar Lie - How a right-wing whopper about the cost of welfare was born.
Insight: How Republicans engineered a blow to Michigan's powerful unions - Republicans executed a plan - the timing, the language of the bills, the media strategy, and perhaps most importantly, the behind-the-scenes lobbying of top Republicans including Snyder
Quelle Surprise! The Geithner Doctrine Not Only Puts Banks Above the Law, It Also Serves to Excuse Their Bad Behavior - Our Treasury Secretary, also known as the Bailouter in Chief and "Foamy," has a default explanation for why ordinary citizens must bend over every time banking interests are threatened. The more formal statement of this policy is the Geithner Doctrine, which is "nothing must be done that will destablize the banking system." However, Geithner also subscribes to the Humpty Dumpty School of Language, in which words mean what he chooses them to mean, nothing more or less. So "destabilize" means "hurts the profits or reputation of" and "banking system" means "any bank that is pretty big and/or well connected".
Why It is Essential That Criminal Bankers are Prosecuted - I have never understood why 'white collar' criminals should be treated any differently from any other criminals, but the fact remains that they are treated differently, and it has been so for many years.
Famous 5-4 Decisions by the One Percent Court
Where the Money Lives - Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate.
The Scam Wall Street Learned From the Mafia - How America's biggest banks took part in a nationwide bid-rigging conspiracy - until they were caught on tape.
Letting Us Die: Republican Governors Are The New "Death Panel"
Democrats Crush Republicans as Capitalists in the White House
The financial system was systemically corrupt
Guilty as Charged: How the GOP Killed Washington
How Wall Street Killed Financial Reform - It's bad enough that the banks strangled the Dodd-Frank law. Even worse is the way they did it - with a big assist from Congress and the White House.
American Enterprise Institute And Brookings Must-Read: ‘The Republicans Are The Problem’ with an accompaning "tell all" by a GOP Operative Who Left the Cult
10 Things Republicans Don't Want You to Know About Taxes". For the true facts on taxes, read A Guide to Understanding U.S. Taxes in One Place
Let's just say it: The Republicans are the problem. - We have been studying Washington politics and Congress for more than 40 years, and never have we seen them this dysfunctional. In our past writings, we have criticized both parties when we believed it was warranted. Today, however, we have no choice but to acknowledge that the core of the problem lies with the Republican Party.
Voter Suppression 101: How Conservatives Are Conspiring to Disenfranchise Millions of Americans
Bank of America: Too Crooked to Fail - The bank has defrauded everyone from investors and insurers to homeowners and the unemployed. So why does the government keep bailing it out?
How the Right’s Smear Machine Started - Americans sometimes wonder how the nation’s political process got so unspeakably nasty with vitriol pouring forth especially from right-wing voices like Rush Limbaugh, Glenn Beck and Michael Savage, to name just a few. Yet, whenever called on this ugliness, conservatives insist that they are the real victims, picked on by the Left.
Selling the ‘Supply-Side’ (Trickle-Down-Economics) Myth
From 1984: The Swinging Days of Newt Gingrich
Herding Americans to War with Iran
Covert Operations: The Billionaire Brothers Who Are Waging a War Against Obama
The GOP War on Voting - In a campaign supported by the Koch brothers, Republicans are working to prevent millions of Democrats from voting next year
The future of democracy is up to you
The Big Lie: So this is how the Big Lie works - Those Who Spread Lies About The Crash Make It Impossible To Address The Real Problems Behind It
The shocking truth about the crackdown on Occupy
$7.7 Trillion-Dollar Intrest-Free Loan to Banks During Financial Crisis Nets Banks $13 Billion In Profits
Rich People and Corporations: The GOP's Trillion-Dollar "Failed Stimulus"
Conservatives Say It Out Loud: They Really Hate Democracy
Financial Terrorists Strike Again: Federal Reserve (US Taxpayers) Bail Out Big European Banks Yet Again
Wall Street Pentagon Papers Part III – Are The Federal Reserve’s Crimes Still Too Big To Comprehend?
Wall Street Aristocracy Got $1.2 Trillion in Fed’s Secret Loans
Is the SEC Covering Up Wall Street Crimes? - A whistle-blower claims that over the past two decades, the agency has destroyed records of thousands of investigations, whitewashing the files of some of the nation's worst financial criminals
EXCLUSIVE: Analysis of Financial Terrorism in America: Over 1 Million Deaths Annually, 62 Million People With Zero Net Worth, As the Economic Elite Make Off With $46 Trillion
Who Rules America? An Investment Manager Breaks Down the Economic Top 1%, Says 0.1% Controls Political and Legislative Process
How Your Social Security Money Was Stolen - Where Did the $2.5 Trillion Surplus Go? - How Republicans, Democrats and the Mega-Wealthy Stole Your Social Security Money
More Wall Street Bailouts to Come - Why We Must Break Up the "Too Big to Fail" Banks Now - The biggest banks are insolvent. By failing to break up them up, the government will keep taking emergency measures to try to cover up their insolvency - further draining the life blood out of the real economy.
Publicopoly Exposed - How ALEC, the Koch brothers and their corporate allies plan to privatize government.
Running in the red: How the U.S., on the road to surplus, detoured to massive debt
Why the GOP Loves the Debt - They need the debt to push through their radical and unpopular agenda.
When Did the US Begin Sacrificing Freedom and Democracy for Corporate Governance and Wealth as a Sign of Virtue?
The Conservative War on Facts
Divided and Conquered America: How "Independent" Media Undermines Mass Movements For Meaningful Change - Once you understand how the powerful function to divide and conquer us, you break free from the groupthink partisanship that is pivotal in preventing any meaningful mass movements for structural change.
How Roger Ailes Built the Fox News Fear Factory - The onetime Nixon operative has created the most profitable propaganda machine in history. Inside America's Unfair and Imbalanced Network.
The American Legislative Exchange Council: A Primer On The Premier Right-Wing Corporate Lawmaking Shop - [The ALEC] solicits millions of dollars from corporations to finance a series of conferences where state lawmakers sit down with big business to write model legislation that can be easily propagated across the country at the state level. The laws often work to the economic benefit of the corporate giants who bankroll ALEC.
The People vs. Goldman Sachs - A Senate committee has laid out the evidence. Now the Justice Department should bring criminal charges.
Inside the GOP's Fact-Free Nation - IT TAKES TWO THINGS to make a political lie work: a powerful person or institution willing to utter it, and another set of powerful institutions to amplify it.
Fascism Has Come to America Courtesy of the GOP - It does not take a rocket scientist to understand exactly what is occurring with many of the newly elected Tea Party Republican Governors.
Conservative tax tricks: Did tax cuts grow the economy? - Conservative ideology says cutting taxes makes the economy grow. Let's explore whether this is, in fact, the case.
The Truth About Taxes: Little-known facts and the big lie of supply-side economics
What the Union Fight is Really About: Defunding the Left - The GOP's new three-part plan to starve the Dems
Of the 1%, By the 1%, For the 1%
The Expendable Middle Class as Republicans Push for Autocracy
The True Story Of Koch Oil's Multimillion-Dollar Swindle
"Unequal Protection: How Corporations Became 'People' and How You Can Fight Back"
An Anti-Social Document Prepared in Secret by the European Commission
The Road to Revolution - If you think what’s happening in Egypt won’t happen within the United States, you’ve been watching too much TV.
The Rise of Corporations
Why Isn't Wall Street in Jail? And watch an Interview with the author Matt Taibbi on his article
Wall Street's Big Win
The Truth About the Tea Party
Discover How Many Millionaires Pay Less Tax Than You
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