Gang Of Six Unveils Debt-Reduction Plan [UPDATED]

ABC NEWS, July 19, 2011

73% OF AMERICANS DISAPPROVE OF GOP HANDLING OF DEBT CEILING NEGOTIATIO­NS.

Bush tax cuts have added another $3 trillion in red ink. While Republican leaders wail that Americans — particular­ly their rich contributo­rs — are overtaxed, the facts say otherwise: U.S. taxpayers, particular­ly the wealthiest­, pay far less in taxes than they would in most other developed countries. Today, the 400 wealthiest Americans have as much wealth as the bottom 125 million.

The GOP insists that those wealthy people use their money to create jobs, and that taxing them more heavily would ultimately hurt the economy. But, if that's so, why was the rate of job creation in the decade after the Bush tax cuts the poorest in any decade since before World War II?



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