House Republicans Vote to Keep Bush Tax Cuts for the Richest 2%

Wed, 08/01/2012 - 12:00am

In a reverse of last week’s Senate action, the U.S. House of Representatives today approved (256-171) a bill (H.R. 8) to extend the Bush tax cuts for the nation’s wealthiest 2%— about $160,000 a year for the average millionaire. The House defeated (257-170) a Democratic alternative amendment to maintain the cuts for the middle class but end the tax breaks for the rich.

Republican theft of pension funds led to current crisis

Wed, 07/25/2012 - 2:32pm

Pensions work better than a 401(k) when they are funded properly. But what happens when a state or city underfunds their pension system?

Growing U.S. Income Inequality Eating Away at Our Nation

Mon, 07/23/2012 - 10:58am
Growing U.S. Income Inequality Eating Away at Our NationTimothy Noah, author of The Great Divergence: America’s Growing Income Inequality Crisis and What We Can Do About It, spoke here at the AFL-CIO today, part of our summer book series on jobs, inequality and the financial crisis. In researching the book, based on a 10-part series he wrote in 2010 for Slate, Noah says he surprised even himself when he realized that economic mobility was far more robust than it turned out to be.

Romney’s Tax Plan Is a Giveaway for the Wealthy at the Expense of the Middle Class

Mon, 07/23/2012 - 10:56am
Romney’s Tax Plan Is a Giveaway for the Wealthy at the Expense of the Middle ClassWashington Post’s Ezra Klein pointed out yesterday that the difference between Mitt Romney and President Obama’s tax plans is pretty stark.

Klein writes: Romney’s plan is a large tax cut for the top 60 percent, a huge tax cut for the top few percent, and a significant tax increase for the bottom few percent, as he permits a few temporary tax breaks that benefit low-income folks to expire. Obama’s plan keeps the current tax rates for almost everyone but the top few percent, who face a very large tax increase.

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