Super Bowl for the Rich: Upper-Class 91, Middle-Class 9

http://www.alternet.org/economy/super-bowl-rich-upper-class-91-middle-class-9



Just 10% of Americans own 91 percent of the nation's stocks and mutual funds, according to economist Edward Wolff (Table 7). Most of the remainder is held by a "middle class" that is steadily losing ground. The bottom 60% is almost entirely shut out (Table 2).

Stock owners, some of whom made billions of dollars last year, can defer their income taxes indefinitely, pay a reduced capital gains tax when they decide to cash in, or pass on the capital gainstax-free to their heirs.

Making money is all a game to the super-rich -- redistribution toward the top, trickle-down delusions, tax avoidance, and even, for some of them, dabbling in criminal activities. Sen. Lindsey Graham (R-SC) once said, "It's really American to avoid paying taxes, legally...It's a game we play...I see nothing wrong with playing the game because we set it up to be a game." Here's part of their game plan:


Blitz

$2 of every $5 owned today was created in the last five years, most of it from the financial markets, and almost all of it going to the richest 10%.