STOCK MARKET WATCH -- Wednesday, 23 January 2013

[Demeter]

11. Exposed! How the Billionaires Class Is Destroying Democracy

http://truth-out.org/opinion/item/14011-exposed-how-the-billionaires-class-is-destroying-democracy

...Yes, over the last hundred years, average American people have voted themselves benefits like Social Security, unemployment insurance, Medicare, and Medicaid. But at the same time, they've also supported tax increases to pay for all of these things. Remember, the Social Security tax only applies to the first $113,000 of wages - earned income. People like Paris Hilton and Mitt Romney, when they get all their money from capital gains, dividends, and carried interest, don't pay a penny of Social Security taxes on their millions of income. And the average top CEO in America, with an income of $13.7 million a year, over a million a month, only pays Social Security taxes on his first few days of income every year - every other day is Social Security tax-free. Quite literally, as Leona Helmsley famously said, only the "little people" pay such taxes. The safety net program for working class people is exclusively paid for by working class people.

On the other hand, when the Billionaire Class extracts benefits from the government for themselves, the generally don't pay higher taxes. The billions in taxpayer subsidies for Big Oil, trillions in bailouts and bonuses for Wall Street banksters, and hundreds of billions for war profiteers are always accompanied by demands for more tax cuts at the top. And, truth be told, billionaires aren't even receiving these benefits by voting for them. Instead, they always get them through the simple process of buying politicians. For example, Sheldon Adelson spent $150 million in the last election. That's more than any American spent in any election in American history. And he spent all that money to give himself the "benefits" of derailing an Obama Justice Department investigation into his casino in China and to get his taxes cut even further. Billionaires also corrupt democracy to get their benefits through billionaire-funded think tanks, like the Koch-funded American Legislative Exchange Council that writes legislation to benefit Corporate America, and then has Republicans state lawmakers introduce and pass laws in state after state, across the nation.

But despite this very clear reality of who is demanding largesse from our government, it's still working people and average voters who are targeted by right-wingers and their viral emails as the selfish "takers." That's the reason why the Business Roundtable is saying the best way to fix insurance programs like Social Security and Medicare is to raise the retirement age to 70 and voucherize Medicare...

MORE--IMPORTANT TO REBUT GOP TALKING POINTS