Sunday, December 16, 2007

Beholden to the Super Rich

Americans are beholden to the Super Rich. It is hard to explain why persons of average means defer to them. Cases in point:
1. The Senate recently voted to delete a House passed $250,000 limit of agricultural subsidies to a single person.
2. The Senate voted to kill a House passed removal of a tax subsidy for oil companies (as if their profits were not absurd enough).
3. Congress failed to eliminate the favorable tax treatment for hedge fund owners.
4. The income subject to Social Security tax remains capped at $102,000.
5. Michigan state income tax is not graduated.

There seems to be a dominant ideology that we working stiffs owe our jobs to the super rich so we must coddle them. I suspect part of the problem is that our new sources do not call attention to these super rich benefits. How many of the above were you aware of?

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