Senior Finance: What Would You Do With $1.35 TRILLION?

Jun 9th, 2011 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

One of the more fun things to do in retirement is to play the game, “What would I do if I won the lottery?”  Pay all my bills, Give money to my kids, Create a foundation for charity, Take a trip around the world…  we all have our own Lottery Winning List.  One Trillion, Thirty-Five Billion Dollars would be a nice tidy little lottery winning, eh?

That’s the amount of tax cuts the wealthiest people in America got ten years ago, and have been receiving every year.  That’s $1,350,000,000.  How many people benefitted from the tax cuts?  About 120,000.  That’s One Hundred Twenty Thousand people.  Do the math.  That’s about Three Million Dollars per person.  Per already a multi-million/billion-aire person.

Some argue that the $3M the wealthiest Americans get every year goes to creating jobs, goes back into business investments in the United States.  Not so.  Studies have shown that when wealthy Americans get tax cuts, savings/investments in the country increase.

Now, let’s get this straight.  Wealthy Americans have been getting tax cuts of +-$3,000,000 every year for the past ten years.  Millions of Americans are out of jobs.  The economy recovery is sluggish at best.  College graduates are having a difficult time finding jobs.  And we think the wealthiest Americans (120,000 of them) should get an additional Three Billion Dollars in their pockets every year?

The $1.35 TRILLION would be like a lottery win for our country.  We can handle that.

Senior Friends, we need to ask our lawmakers to use some common sense.  The law needs to be repealed.  Wealthy Americans need to pay the same tax-percentage-of-income that the rest of us pay, not the 17% on average they now pay.  It is time the rest of us Americans that are not in the 120,000 group stop supporting the Wealthiest.  Talk to your Senators and Representatives.  Write letters.  Vote.

 

 

 

 

 

It’s a big step, and it comes at a critical moment: June 7 marks the tenth
anniversary
of the day President George W. Bush signed into law $1.35
trillion dollars of tax cuts for the richest people in America.2



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