The IRS has just released the latest figures on America’s top 400 incomes. These are the figures through 2007, so they include the ultra-wealthy corporate CEOs, Hedge Fund owners and other Wall Street kingpins before the economy crashed. The average income was $344.8 million!
The typical American worker would have had to work over 11,000 years to equal the income the average member of the top 400 took home in 2007.
I think you can see why the top 400 (and the politicians they own) want to keep Bush tax cuts and why they are doing everything in their power to gut financial reform.
Evidently, the Tea Party rebels think that is just fine. No problem with that kind of inequality because it shows the free market at work.
Here in Idaho, Governor Butch Otter thinks any attempt to raise taxes on the wealthy is class warfare.
The only other means is to raise taxes, and I tell you, in this environment I believe there is little appetite in the state legislature,” Otter declared. He went on to directly criticize a proposal from Rep. Shirley Ringo, D-Moscow, for a temporary income tax surcharge on those earning more than $50,000 a year, as something that could “divide by class warfare,” and said, “I don’t want to see that happening in the state of Idaho. … Those who are successful ought to be celebrated and rewarded. … I resist the effort to start class warfare.
… and so it goes…