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hackman streaming live at mid-week politics dot com
on today's bonus show after the show will be talking the behind the scenes of
the orally tate's interview you'll be interested to hear what she accused me
of instant emails that went back and forth before the actual interview we'll
talk about whether there's room for *** diversity in islam
there's been a british team banned for life from the u_s_ for criticizing obama
and also g_o_p_ officials are now admitting
that the jyothi is racist
so let's get to the story about uh... tax cutting
this is an interesting story today let me tell you a story lewis about tax cuts
and class warfare because this is just a fascinating story john mccain goes on
the chris wallace show
anne's sister chris wallace you know what we should extend those bush tax
cuts
on the very rich
and then he connects them to class warfare
by play this for you
give you a sense of what's going on for some john mccain and then i'll give you
some of some analysis and you tell me was whether exactly first thing we need
to do
is extended beyond the tax cuts that are in existence so people have that
certainly
without further let me ask you about that because
in the democrats are talking in this is all reportedly at this point
about framing it this way let's and the tax cuts for the wealthy and use that
thirty five billion dollars instead to have targeted tax cuts for small
businesses does most of the hiring and for lower-income employees
would you support that
we listed in the old class warfare again let's get the rich to but just extend
the tax cuts the much talked about the
the payroll tax holiday which for small businesses which is something we have
fought for for a long period of time and pay for it at the earliest stimulus
financial right so first of all by the way as poorly as barack obama is doing
lewis can you imagine if if this guy was president reagan
i can't i was a formal not answering there
so first of all let's make sure the rich are taken care of and we're going to
keep our tax cuts and my wife cindy the beer the beer barren beer aris whatever
you want to call ur teacher tax cut
then will explore stuff which will help everybody else in the hall behind number
of people
if i was mechanic till the same way bright
his wife is the beer aris
her family's beer distributorship certainly brings in a ton of money no
i'm sure the number of houses mccain as it is
disposal could directly relate to the bush tax cuts i could understand what
you might feel this way right
mccain is right in a sense that this is class warfare going on with the bush tax
cuts but it's against the middle class
it's not against the rich it's not get the rich
and i'm not making this up his numbers that will clearly explain
let me show you this image here for for our viewers on television
another scribe otherwise
of the share income
that the top ten percent
of those in the u_s_ may
and i think we we will have it will have a briefly and if you take a look at the
share of income that those in the top ten percent had
was very high leading up to the to the great depression
there either a high
and then after the great depression here we have the energy concede that just
absolutely goes way down
down to about somewhere between thirty and thirty five percent
during the fifties the sixties and seventies the eighties
it stays pretty well
and that's the time that we know real wages were steadier increasing for the
overall for the country which means that was good for the middle class
and then as we get into the eighties and certainly through the nineties and and
there's certainly in in the last ten years
the percentage of income controlled by the top ten percent goes way up all the
way up to fifty percent louis in two thousand seven
which is a lot
ten percent the top ten percent of income earners
earning half
of all the income in the country
by the way it's not at the top ten percent were doing poorly during the
fifties sixties seventies and eighties and they were still the top ten percent
right and we know that
that the day they they were doing well anyway
forget about the subject of stuff the golden years
time of opportunity
all of that stuff
real incomes were steady and increasing up until the age of snow in the eighties
the rich start to accumulate even more well
real average incomes of start to decline
the average hourly wage the average hourly income
goes down
yet the richest people continue to accumulate more and more well
it's class warfare all over again is that not louis
now just a couple of years ago the top ten percent in the u_s_
when over fifty percent very briefly but mccain says first of all
let's make sure we keep the taxes low for the very rich like ooh
but his wife
exactly
then we'll think about the payroll taxes are stuff but effects most people here's
a here's a look at actual
out of the current
just so you know that i'm not making up the fact that they did go down
take a look at that graph and what what we're showing here on on our screen
is that from
the mid
i don't know
mid-seventies
all the way to now with the exception of a a short period of two years ago
real average hourly earnings have decreased
so i did this and this is not just a made-up thing that everybody the rich do
better and everybody does better now
we see that it when the wealthy most concentrated
towards the top top ten percent top one percent
real wages are going down in the middle class is actually not doing well
if you look at the top one percent even more shocking
just before the great depression twenty four percent of the wealth in the
country was held by the top one percent
of income earners that the exact same number where we are now i went down
during the fifties sixties seventies
i'm no communist right lewis we will get email saying i am right
i have no problem with people making as much money as they want to but we don't
need to go out of our way like mccain says just
first make sure
that we're getting the rich
as much tax money back is possible and then worry about everybody else
and we're really be that bad for them i mean just for comparison safety in
sweden
your tax based on how much you make and you could be taxed at the ninety percent
of your income well that seems a little christina because that's the only has
usually only
huge businesses but still
alexander that
not dead don't confuse that with me anything i'm in favor no no i'm not i'm
not in favor of editor reports two completely different system but it was a
clear is that the trickle-down has not worked
i mean we know that i hate to say it over and over again if you're already
rich you're more likely to save those dollars than to buy stuff with them if
you're making the average way delicious bush campaign rhetoric
they're making about fifty thousand dollars a year and you get a tax cut
you will likely spend that money for your interest more likely to spend it as
somebody who has a ton of money
so from nineteen eighty two thousand five to wrap this up from every dollar
that the national income increased
eighty cents went to the top one percent
and twenty cents went through the other ninety nine percent
if that doesn't suggest the state of where these tax cuts are actually going
i don't know what does
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