Daily Readings 07-11-2012

By: admin
Published: July 11th, 2012

CBO: The wealthly pay 70 percent of taxes

Wealthy Americans earn about 50 percent of all income but pay nearly 70 percent of the federal tax burden, according to the latest analysis Tuesday by the Congressional Budget Office — though the agency said the very richest have seen their share of taxes fall the last few years.

CBO looked at 2007 through 2009 and found the bottom 20 percent of American earners paid just three-tenths of a percent of the total tax burden, while the richest 20 percent paid 67.9 percent of taxes.

California’s crazy train

California is broke and broken. Its freeways and roads are crumbling. Many cities — like Stockton, which declared bankruptcy two weeks ago — are straining under hundreds of millions in bond debt and unfunded pensions for retired public workers.

In the face of a slow-motion fiscal train wreck, why would state lawmakers commit to spending $5.8 billion in state and federal funds on the first phase of a high-speed rail line that practically nobody wants in part of the state where practically nobody lives?

A clash of generations – 1 out of 6 Americans receiving Social Security benefits. A larger share of workforce dominated by older Americans

The bill is coming due.  A stunning 61,000,000+ Americans receive Social Security, Supplemental Security Income, or both.  Add another 46,000,000+ Americans on food assistance and you begin to see why we are running on borrowed time on a variety of fronts.

The Entitlement State—and Zombies

How to become a country, or a continent, of democratic serfs.

NAACP Requires Photo I.D. to See Holder Speak in State Being Sued Over Voter ID

Earlier today, Attorney General Eric Holder addressed the NAACP Nation Convention at the George R. Brown Convention Center in Houston, Texas. What did media need in order to attend? That’s right, government issued photo identification (and a second form of identification too!), something both Holder and the NAACP stand firmly against when it comes to voting. Holder’s DOJ is currently suing Texas for “discriminatory” voter ID laws

Media Fail: Government Motors Inflates Sales by Selling to…the Government

Meaning Barack Obama is now campaigning on the “success” of – the government buying cars from…the government’s car company.  With our money.

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