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Saturday, February 19, 2011

Eat the Richest 1 %

(c) 2005 K. Smokey Cormier

Republicans would rather go after teachers and other public employees than have us look at the pay of Wall Street traders, private-equity managers, and heads of hedge funds -- many of whom wouldn't have their jobs today were it not for the giant taxpayer-supported bailout, and most of whose lending and investing practices were the proximate cause of the Great Depression to begin with.

Last year, America's top thirteen hedge-fund managers earned an average of $1 billion each. One of them took home $5 billion. Much of their income is taxed as capital gains -- at 15 percent -- due to a tax loophole that Republican members of Congress have steadfastly guarded.

If the earnings of those thirteen hedge-fund managers were taxed as ordinary income, the revenues generated would pay the salaries and benefits of 300,000 teachers. Who is more valuable to our society -- thirteen hedge-fund managers or 300,000 teachers? Let's make the question even simpler. Who is more valuable: One hedge fund manager or one teacher?

-- Robert Reich

Want to read more? Go here. Fantastic piece by Robert Reich.

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At 10:10 PM, Blogger Friend of TPC said...

BBQ them over a spit, that's what I say. I hear they're good eat'n too!

Seriously, if we don't start taxing these rich Repiglicans, these freeloaders, these leeches, these parasites on the country, then the host (us, the middle class) will die. And we are dying. See this suicide letter as one example:

But will America wake up and listen? I don't know. I know a lot of people get it, but a lot of people don't. They have been brainwashed by the Repiglicon line. I do like what I see happening with the public unions and teachers fighting back in Wisconsin! I hope they win!!!!


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