"But guess whose fortunes improved throughout the GFC and its aftermath and who benefited most from those emergency tax cuts and who are now madly cashing in profits from the share market before Obama's changes can take place?"
I am fully aware of which 'sector' made money from Obama's stimulus packages and bailouts of banks. Obama is also fully aware of which sector it helped out the most since he received hundreds of millions of dollars in campaign funds from this sector!
I have commented previously on how the QEs we get in US help the rich by inflating the price of assets they hold whilst causing inflation and costs rises to those in the middle and at the bottom. But data shows the lower income earners made up their 'loss' through extra government payments. Only the middle class actually lost over the last 4 or so years.
But the fact remains 3% pay 52% of the taxes. And 45% pay nothing. Instead of focusing on the 3% to try and extract some more how about you introduce policies which assist the bottom 45%.
Cut taxes by half. Cut government expenditure by half. The same with regulations. Introduce sound money e.g. central banks cannot print money if they do not have something concrete, like gold or silver, backing it up.
And then watch an economy and people grow.
You see greed because you are ruled by envy. But even taxing the richest 1% at 100% only brings in another $500M or so. That still leaves a $1 trillion deficit per annum and the likely exodus of the US's most productive people.
