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Saturday, November 20, 2010

The billionaires are now in charge

If the Republicans get their way, Walmart's Walton family will get a $30 billion tax break while taxes will increase for the rest of us living here in the country with " by far, the most unequal distribution of income and wealth of any major country on earth."

Despite all their talk about reducing the deficit, the Republicans want to extend the Bush tax cuts for the top 2 percent of income earners which would add $700 billion to the deficit during the next decade. They are seeking to reduce the estate tax, in existence since 1916, which would benefit only the top 0.3 percent of income earners and add another $1 trillion to the deficit.

But there's more and you can read all about it here. Hopefully, President Obama and the Senate can make sure that the billionaires who bought the last election from the American people will stop much of this in its tracks.

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