Ordinary people pay higher taxes for fewer government services. They have had a 15% drop in real incomes. Stocks values are collapsing. House values have not increased.
On the other hand, conspicuous consumption is back and 1400 $1 million a year earners paid nothing in tax.
Ordinary families have much lower salaries and pay a much greater share of their income as tax for fewer government services.
Average income in 2009 was at its lowest level since 1997 when it was $54,265 in 2009 dollars, just $18 less than in 2009. The data come from annual Statistics of Income tables that were updated Wednesday.
The average tax rate was 11.4 percent, up from 10.5 percent in 2007, the Internal Revenue Service data showed
While the very richest paid nothing.
No income tax was paid by 1,470 of the 235,413 taxpayers earning $1 million or more in 2009, compared with the 959 taxpayers with million-dollar-plus incomes who paid no income taxes in 2007.
http://www.reuters.com/...
While that is happening, the luxury goods market is enjoyinga massive resurgence.
Even with the economy in a funk and many Americans pulling back on spending, the rich are again buying designer clothing, luxury cars and about anything that catches their fancy. Luxury goods stores, which fared much worse than other retailers in the recession, are more than recovering — they are zooming. Many high-end businesses are even able to mark up, rather than discount, items to attract customers who equate quality with price.
....
Tiffany’s first-quarter sales were up 20 percent to $761 million. Last week LVMH, which owns expensive brands like Louis Vuitton and Givenchy, reported sales growth in the first half of 2011 of 13 percent to 10.3 billion euros, or $14.9 billion. Also last week, PPR, home to Gucci, Yves Saint Laurent and other brands, said its luxury segment’s sales gained 23 percent in the first half. Profits are also up by double digits for many of these companies.
We get our peas taken away from us, our pension funds collapse, the GOP gets to take the little people do have hostage and then they laugh about it.
“I think some of our members may have thought the default issue was a hostage you might take a chance at shooting,” he said. “Most of us didn’t think that. What we did learn is this — it’s a hostage that’s worth ransoming. And it focuses the Congress on something that must be done.”
McConnell also stated that he “could imagine doing this again.” In other words, expect the Republican Party to play the part of hostage taking terrorists every time the debt ceiling needs to be raised. And every time the future of America is at stake. This shows how little the Republican Party cares about America and the American people. So next time the right-wing proclaims their love for America, remember that they were willing and are always willing to shoot America in the head for political gain.
http://www.addictinginfo.org/... /
I'm angry not disappointed.
For the millions of people who will now (in many cases again) face unemployment FUCK YOU VERY MUCH. To the TeaBaggers who think cutting jobs creates more jobs - I hope yours is first and I really do hope the government does get out of YOUR medicaid first.