Posts Tagged ‘rich’


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As Brad Williams walked the halls of the California state capitol in Sacramento on a recent afternoon, he spotted a small crowd of protesters battling state spending cuts. They wore shiny white buttons that said “We Love Jobs!” and argued that looming budget reductions will hurt the Golden State’s working class.

Mr. Williams shook his head. “They’re missing the real problem,” he said.

The working class may be taking a beating from spending cuts used to close a cavernous deficit, Mr. Williams said, but the root of California’s woes is its reliance on taxing the wealthy.

Nearly half of California’s income taxes before the recession came from the top 1% of earners: households that took in more than $490,000 a year. High earners, it turns out, have especially volatile incomes—their earnings fell by more than twice as much as the rest of the population’s during the recession. When they crashed, they took California’s finances down with them.

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Republicans have allowed the Left to categorize the argument as ‘extending the Bush Era Tax Cuts.’ That’s flat wrong. What President Obama and most of the remaining Democrats in Congress want to do is to RAISE TAXES. If all of the Bush Era Tax Cuts are extended, no one, not one single person of the more than 310 million in the United States will have their taxes cut. Their tax rates will remain the same. If, on the other hand, Nancy Pelosi and her Liberal colleagues in the House want to change those rates, they will not be reversing a tax cut. They will be RAISING TAXES

— political analyst Rich Galen