Article Debunks Why the Rich Really Didn’t Earn Their Wealth….But the Middle-Class Did.Posted: April 23, 2012
This article provides 5 solid reasons why the rich do not pay their fair share. The assertions are backed by facts and data from studies that support these reasons.
Here are those reasons summarized.
- The rich have taken the wealth created by the middle class.
While workers have TRIPLED their productivity over 30 years, the richest 1% have TRIPLED their share of income. Worker pay remained flat as the top 10% took almost all the productivity gains since 1980.
- The rich have mismanaged key American industries
American have the most expensive health care system in the world. Failing banks have survived because of taxpayer bailouts. Management-approved shortcuts have led to workplace deaths and chemical leak disasters. Companies lobby for cap and trade laws so their profits can pay for their pollution.
- The very rich use middle-class taxpayer-funded research to subsidize their “entrepreneurial” business success.
The rich have made their fortunes in good part because of taxpayer-funded research at the Defense Advanced Research Projects Agency (the Internet), the National Institute of Health, the National Science Foundation, and numerous other government agencies.
- The rich have increased their incomes by not paying taxes
The richest 10% own 80% of the stock market, providing billions in “unearned income” that is taxed at less than half the rate of income earned through real work. Real tax rates for the richest Americans have gone way down over the last 30 years, from 34% in 1980 to 23% in 2006. Yet the 1% claim they pay most of the taxes.
- The richest show little regard for the law or others in society.
The middle-class depends on sound financial management for their economic security. According to sources such as the New York Times and ProPublica, Wall Street firms including JPMorgan, Citigroup, Bank of America, and Goldman Sachs have been repeatedly charged with fraud only to avoid punishment by paying a fraction of their profits in fines.
Here is the article entitled Five Reasons Why the Rich have NOT Earned Their Money. Complete with referencess to the studies to support its assertions.