Forbes:
The 400 richest Americans used to pay 30% of their income on the average to Uncle Sam. Today, they pay 18% on the average, according to Steve Rattner, a Wall Street financier, who just presented these figures on Mornings With Joe,MSNBC.
The main reason for the drop in their tax rate of some 40% is the tax cuts by George Bush in 2003, taking the rate paid on dividends and capital gains down to 15%. This reduction in the investment class’s taxes powered the bull market in stocks from the fall of 2003 until the fall of 2007.....
OMG.
*** There is an interesting bit of news from Politico about outspoken Republican from Illinois, Joe Walsh:
Walsh's ex seeking $117K in child support
Tough-talking Illinois freshman Joe Walsh owes $117,437 in child support, according to court documents filed by his ex-wife....The Chicago Sun-Times breaks the story:
Walsh admits he is not wealthy. Some of his financial problems — including losing his Evanston condo to foreclosure — were documented before his out-of-nowhere victory in Chicago’s north suburbs last fall.
a profile on the increasingly visible congressman showed his financial issues
also included a nine-years-long child support battle with his ex-wife, Laura Walsh....
How can Walsh make such disgusting remarks about everyone when he doesn't have his own business in order?
> I can't wait to see how this story turns out----
BusinessWeek:
Ohio Treasurer Josh Mandel says he has discovered more than $377 million in state bank deposits that are at risk due to past administrative errors, a claim disputed by KeyBank, which holds the bulk of the money......
.....KeyBank spokeswoman Laura Mimura says the state's holdings were never at risk. She says the Federal Reserve Bank fully collateralizes all its assets nightly.
