Republicans Focus on Deficit Erroneously

Reuters/Gary Cameron

Paul Ryan, Chairman of the House Budget Committee, released a budget that places heavy emphasis on reducing the deficit, which President Obama firmly believes will not solve the most important problems facing the United States today.  This blogger agrees wholeheartedly with Obama's stance after reading countless studies that affirm his position.  I now consider Paul Ryan akin to Public Enemy Number One status, along with his band of faithful Republicans who have turned a blind eye to the plight of the rapidly-shrinking middle class.

Republicans falsely accuse Obama of wanting more tax cuts when he asks, instead, to close loopholes in the tax system.  Those loopholes allow the wealthy elite to flourish with the many tax breaks afforded them while the rest of us founder in a sea of rising costs and dwindling salaries.  As an example, Mitt Romney paid 15% on his investment income of over $14 million in 2010, the one tax return he released during his run for president.   Others who earned their money in salary or earned income paid the highest rate, which was 35% in that year, and the vast majority earned well under $1 million.  Does that make sense to readers?

Given that the wealthiest 1% had 288 times the net worth of the average American in 2010, an increase of more than twice as much as 1962 when it pegged at a multiple of 125. that group needs no help in their financial status.  Several studies show that the top 1% have 40% of the wealth, leaving the remaining 60% unequally distributed to the other 99%.  Even more disheartening, the top 20% claims 84% of wealth, which leaves crumbs for the other 80%.  Something smells rotten in all of this, and Americans must wake up from their long slumber to realize that members of Congress have created laws and a misguided tax code that has contributed to this vast disparity.

Ham on Wry urges all readers to contact their representative in Congress and demand that they close tax loopholes.  This does not constitute tax increases, as it will not affect the tax rates.  It can, however, make a difference in the wealthiest Americans paying a fairer share of taxes more proportionate than the current system, which allows them deductions for which most Americans don't qualify and encourages offshore accounts.  Silence in not golden in this case.