Tuesday, January 1, 2013

MB360: U.S. income, 'fiscal cliff,' and the Little Guy

These U.S. income stats are important for us Average Joe's to keep in mind during the so-called "fiscal cliff" negotiations that may have been resolved by Congress early this morning.  

To recap: the Republicans have been ready to impose higher income taxes on all Americans in order to exempt households earning between $250,000 and $449,000 -- that's already the top 1-2 percent of income earners -- from paying a 39.6 percent marginal tax rate instead of the current 35 percent.  (For the record, the One Percent includes anybody making more than $350 K a year). 

Meanwhile, the median U.S. wage per person is about $27 K. Sixty-six percent of individual Americans earn less than $42 K a year; and 68 percent of households earn less than $75 K a year.  If the "middle class" means the middle of the U.S. income distribution, then these are the very people we should care about, not the Two Percent!

Think about that: Republicans have been adamant to scrap any deal on taxes and spending -- to the detriment of the middle and working class! -- that raises income taxes on the top Two Percent of all Americans. They show their true colors. The GOP is not the party of the Little Guy, but rather of the selfish elitists.

UPDATE:  Said President Obama at 11:21 EST today, after the GOP-led House voted to pass a 'fiscal cliff bill:'
"I will sign a law that raises taxes on the wealthiest 2% of Americans while preventing a middle class tax hike that could have sent the economy back into recession and obviously had a severe impact on families all across America."
Except we know he's fudging a bit, since this bill saves mostly the One Percent, those making over $350 K a year, keeping the Bush tax cuts in place for anybody making under $400 K a year.

Let's hope our President sticks to his guns and won't let the insane Republicans in the House use the debt ceiling as negotiating leverage when this kick-the-can bill expires two months from now....



No comments: