The True Leader of the GOP Backs John Boehner, Republicans Relieved

Fozzie Bear9/14/2010 9:40:39 am PDT

The top 1% of income represented 23% of the total aggregate income of all Americans in 2007, and the top 1/10 of 1% represented 11% of the aggregate income of all Americans in the same year. I would speculate that the numbers remain as high or higher at present, though the data is incomplete for 2008 to the present. Time will tell.

I don’t get how anyone could argue that the deficit is unsustainably high, and simultaneously argue that it makes fiscal sense for the top 1% to retain the Bush tax cuts. Spending does need to be trimmed, but that’s not only thing that needs to be done to address long term deficits. Taxation is also part of the solution.