http://www.nytimes.com/2012/03/26/opinion/the-rich-get-even-richer.html?_r=1&ref=opinion
It's no secret that wealth and income inequality is a deafening issue facing America currently, however, the problem is worse than most may have previously thought. Even with the recovery from the recession still fresh and continuing- the top 1% of the country is thriving unaffectedly.
"...the top 1 percent has done progressively better in each economic recovery of the past two decades. In the Clinton era expansion, 45 percent of the total income gains went to the top 1 percent; in the Bush recovery, the figure was 65 percent; now it is 93 percent."
It is tremendously disheartening to know that right now, 93% of the nation's earned wealth is funneled to the top 1%, however, it is important to note that that is earned income, not inherited, and to place blame upon the wealth themselves would be irresponsible.
It is most important to focus upon the Bush tax cuts, which allowed a 15% tax on capital gains, which is how Warren Buffett pays a lower tax rate than his secretary.
Capital gains needs to be reevaluated so that it is considered income, as for most of the 1%, it is. And thus, if it is income, needs to be taxed at the levels that normal income at that amount would be taxed: near 30%.
-Jenna Peneueta-Snyder
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