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The GOP Must Explain How Fortune 500 Tax Cuts Help The Middle Class
Republicans keep saying it and there disciples continue to blindly follow them, that tax breaks are needed to spur the economy. With all due respect YOU ARE LYING! The purpose of tax breaks, according to Republicans is it would increase investment and spur hiring.
Many Americans are struggling to put food the table. We have many people on food stamps, WIC and other programs that support needy families. But as America’s middle class is thinning, those at the top are getting awfully fat.
In a recent report by the AP, CEOs at the nation’s largest companies were paid better last year than they were in 2007, when the economy was booming, the stock market set a record high and unemployment was roughly half what it is today. The typical pay package for the head of a company in the Standard & Poor’s 500 was $9 million in 2010, according to an analysis by The Associated Press using data provided by Equilar, an executive compensation research firm. That was 24 percent higher than a year earlier, reversing two years of declines.
Apart from CEO salaries, Corporate profits continue to rise. The 2011 Fortune 500 list was unveiled, analyzing the growth and profits of the nation’s largest 500 corporations. The magazine found that the profits of these companies “soared 81″ percent over the past year, causing the editors of Fortune to say that “we’ve rarely seen such a stark gulf between the fortunes of the 500 and those of ordinary Americans”:
All told, the Fortune 500 generated nearly $10.8 trillion in total revenues last year, up 10.5%. Total profits soared 81%. But guess who didn’t benefit much from this giant wave of cash? Millions of U.S. workers stuck mired in a stagnant job market.
The corporations are sitting on trillions in revenue, but the are NOT hiring!!!! All the Bush tax cuts did was increase profits and the size of the hedge fund managers’ dividend checks.
I will tell you what didn’t increase that much, YOUR CHECKS, pay for workers grew 3 percent in 2010, to an average of about $40,500. The percentage increase was twice the rate of inflation, but the average wage was less than one-half of one percent of what the typical CEO in the AP analysis made.
Your pay increased at twice the rate of core inflation according to the AP, but that doesn’t take into consideration health insurance and gas, so really once again, regular Americans are screwed!
Democrats need to start addressing the fact Republicans do not care about the disparity of income and wages for middle class families.
We rarely here a Republican talk about wages, they ALWAYS talk about profits and prosperity. Well the Republicans got their profits, now it’s time for workers to get their wages!