According to Seth Rosen of the Communication Workers of America, Henry Paulson, the architect of the Wall Street bailout of 2008-2009, is now earning 2.4 million dollars an hour. This is not a typo. He makes this per hour. This income is taxed at a rate of 15%. Before we eliminate Medicare and Medicaid, why wouldn't we tax that income at, say, 20%? I would vote for 30%, but if the richest 1% of Americans would pay just 5% more, we would be able to ensure minimal care of our nation's children and elderly.
(Note: Mr. Rosen's speech can be downloaded as a podcast from the City Club of Cleveland, March 4, 2011. He also states that the combined income of the top 25 hedge fund managers: 25 billion, is enough to pay the salaries of 658,000 school teachers teaching 13 million students. This is in response to the attempt by Ohio's governor to strip school teachers of collective bargaining rights. He's very concerned that school teachers make too much money.)
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