Casino Economics and Tax Myths

MyBudget360.com
April 20, 2011

As tax day passes us by, many in the public are realizing that the extremely wealthy especially in the financial industry know something they don’t.  What they are finding is that the financial industry has access to massive government bailouts and in many cases does not pay their fair share of taxes.  Like Atlas holding the world up some are carrying a heavier burden and it doesn’t appear to be the financial sector.

 Reports out from the secretive Federal Reserve show for example a $220 million loan to the wives of Wall Street executives merely for speculative purposes.  A win-win gift from our central bank as a thank you for leading the nation into this economic ditch.  Do you have access to cheap and plentiful loans?  There is also this absurd notion that people don’t pay taxes and much of the ire has been on the poor.  When you hear this in the media, they mean federal income tax.  People need to take account of their lives and figure that they pay for Social Security tax, Medicare tax, sales tax, property tax, and automotive registration fees so this idea that average Americans don’t pay tax is a complete misnomer.  In fact, it seems like the extremely wealthy in this country have designed a tax system that has shifted the burden to the majority.

 The media narrative revolves around the fact that you should shoulder the brunt of the economic problems caused by the financial industry while bailouts and handouts increase the bottom line at the top.  The income inequality in our nation has never been so high.
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