Paul Craig Roberts
Obama is destroying the middle class
Obama and his public relations team have made it appear that his trillion dollars in higher taxes will fall only on “the rich.” Obama stresses that his tax increase is only for the richest 5 percent of Americans while the other 95 percent receive a tax cut.
The fact of the matter is that the income differences within the top 5% are far wider than the differences between the lower tax brackets and the “rich” American in the 96th percentile.
For Obama,being “rich” begins with $250,000 in annual income,the bottom rung of the top 5 percent. Compare this “rich” income to that of,for example,Hank Paulson,President George W. Bush’s Treasury Secretary when he was the head of Goldman Sachs.