Obama on the GOP "Pledge"

"It is grounded in same worn out philosophy: cut taxes for millionaires and billionaires; cut the rules for Wall Street and the special interests; and cut the middle class loose to fend for itself. That's not a prescription for a better future. It's an echo of a disastrous decade we can't afford to relive."

link for video

Wonder Why?

In an Associated Press-GfK Poll this month, 60 percent disapprove of the job congressional Democrats are doing — yet 68 percent frown on how Republicans are performing. While 59 percent are unhappy with how Democrats are handling the economy, 64 percent are upset by the GOP's work on the country's top issue. Just over half have unfavorable views of each party.

Most say President Barack Obama isn't cooperating enough on the economy, yet even more accuse Republicans of the same thing. Former President George W. Bush and former Alaska Gov. Sarah Palin — the only two Republicans the AP-GfK Poll tested — are both viewed negatively by more than half in the survey, worse than Obama's marks. And people overwhelmingly fault Bush more than Obama for the recession.

link

That's About Right

From Bill Maher:

"But I've done some math that indicates that, considering the hole this country is in, if you are earning more than a million dollars a year and are complaining about a 3.6% tax increase, then you are by definition a greedy asshole."

full link

Palin Beck 2012

Poor Just Keep Getting Poorer

Here is data from the non-partisan Congressional Budget Office:

	QUINTILES					TOP
Year	1	2	3	4	5	10%	5%	1%
1979	6.8	12.3	16.5	22.3	42.4	27.6	18.1	7.5
2007	4.9	9.4	14.1	20	52.5	38.7	29.3	17.1

It shows the Household (which differs from family) income shares of after-tax income for each quintile of the population. After tax income takes into account not only taxes but also transfer payments such as food stamps, Medicare, Social Security and the like.

Notice that 80% of the population experienced a drop in relative shares at the expense of the top 20%. Notice that the top 1% received 17.1% of total income in 2007 compared to 7.5% in 1979.

In 2007, everyone with a Household after-tax income of $74,700 (the minimum to get into the top 20%) or less was in the bottom 80% of Household income recipients.

One could summarize the Reagan Revolution as one that transferred income from the bottom 80% of Households to the top 20% of households.

Shorter Eric Cantor: "Don't forget the high earners."

Harry Reid says:

"We're having this fight before November," the aide told TPM, speaking on a condition of anonymity to be able to lay out the political agenda. "The caucus is in agreement that this fight is a fight worth taking before the election. You may not win but you put yourself in the camp of fighting with the middle class."

The idea is to vote on the middle class cuts, then box Republicans into calling for cuts for the rich. "Those Republicans will have to stand up and say, 'Don't forget the high earners.' They will have to call for an amendment."

Eric Cantor says:

Tax Fight: GOP Won't Back Down

By Eric Cantor

As we enter the final stretch before the November midterm elections, all eyes have gravitated to the fight over the looming federal tax increases. President Obama and Speaker Nancy Pelosi want to keep the current rates on income, capital gains and dividends in place only for those who happen to fit their description of "middle class." In this moment of economic distress, will they get their way even though a bipartisan majority of the House disagrees with them? Or will present tax rates be extended for all American taxpayers—and most importantly for small businesses and investors, the nation's job creators?

Republicans unequivocally oppose any impending tax increase. House Republicans have called on Speaker Pelosi to allow the House to vote on legislation that would freeze all tax rates for the next two years. It's a vote the taxpayers of this country deserve before November.

HOW MUCH INCOME DO YOU NEED TO BE RICH?

The following data is from the most excellent work of Emmanuel Saez and Thomas Piketty. It is based on all income excluding transfer payments (welfare, food stamps, unemployment insurance, housing subsidies) and includes realized capital gains.

In 2008:

The average family in the United States earned $54,315.

The average family in the bottom 90% earned $31,244.

To make it into the top 10% of income earners a family would have to make $109,062 per year or more.

To make it into the top 5% of income earners a family would have to make $152,726 per year or more.

To make it into the top 1% of income earners a family would have to make $368,238 per year or more.

To make it into the top .5% of income earners a family would have to make $558,726 per year or more.

To make it into the top .1% of income earners a family would have to make $1,695,136 per year or more.

To make it into the top .01% of income earners a family would have to make $9,141,190 per year or more.

15,246 of the 152,462,000 U.S. families made it into this last group. They had average incomes of $27,342,212.