Via The Nation:
The 400 richest families in America, who saw their wealth increase by some $400 billion during the Bush years, have now accumulated $1.27 trillion in wealth. Four hundred families! During the last fifteen years, while these enormously rich people became much richer their effective tax rates were slashed almost in half. While the highest-paid 400 Americans had an average income of $345 million in 2007, as a result of Bush tax policy they now pay an effective tax rate of 16.6 percent, the lowest on record.
Last year, the top twenty-five hedge fund managers made a combined $25 billion but because of tax policy their lobbyists helped write, they pay a lower effective tax rate than many teachers, nurses and police officers.
Read the full story, right here.
Q: Thoughts?
The R’s are the party of the rich and the D’s of the poor, or could they be about the same?
“Top White House economic adviser Lawrence Summers received about $5.2 million over the past year in compensation from hedge fund D.E. Shaw…
… Mr. Summers made frequent appearances before Wall Street firms including J.P. Morgan, Citigroup, Goldman Sachs and Lehman Brothers…
In total, Mr. Summers made a total of about 40 speaking appearances to financial sector firms and other places, with fees totaling about $2.77 million.
David Axelrod, the president’s top political advisor, reported in his form that he will get $3 million over the next five years from the sale of his two media consulting firms, ASK Public Strategies, LLC and AKP&D Message and Media. In addition, Mr. Axelrod took a salary of $896,776 last year from AKP&D and reported $651,914 in partnership income from the two companies.
He also reported receiving money from large corporations such as AT&T Inc., Comcast Corp. and the nuclear energy company Exelon Corp.
National Security Adviser James Jones reported $900,000 in salary and bonus from the U.S. Chamber of Commerce as well as director fees from a number of corporations. He received, for example, $330,000 from Boeing Corp. and $290,000 from Chevron Corp.
http://online.wsj.com/article/SB123879462053487927.html
I’s sure these people know how to look after what is best for all of us rest!
AFY!!theheelotsheepdog!!!
g.h.kirsch,
I think you will enjoy this fascinating and extremely informative discussion about the global ruling elite. It covers a lot of territory, from globalization, the preeminence of multinational corporations, and even Henry Kissinger’s role in foreign affairs.
Empire – Superclass:
http://www.youtube.com/watch?v=aZjr6e0J0Ls