May 22, 2006
Without any publicity, Congress passed new tax cuts for the rich. A family with a million dollars in income gets back $42,766. A worker’s family with income between $40,000 and $50,000 gets back $47 – about enough for a tank of gas. Almost half of all the tax breaks go to the top 1% of taxpayers.
This new law also provides tax breaks for some of the biggest banks. Citicorp, JP Morgan Chase and General Electric, all of which have overseas profits from financial operations, will pay 4.8 billion dollars less in taxes in just two years.
This latest benefit for the wealthy shows what this society is all about: workers produce all the wealth and have to pay taxes on their meager wages, while the rich are allowed to live tax free off the proceeds of the workers’ labor.