Obama looks out for the middle-class!!!

For the better part of three decades, a disproportionate
share of the Nation’s wealth has been
accumulated by the very wealthy. Technological
advances and growing global competition, while
transforming whole industries—and birthing
new ones—has accentuated the trend toward rising
inequality. yet, instead of using the tax code to
lessen these increasing wage disparities, changes
in the tax code over the past eight years exacerbated
them.

According to the Internal revenue Service, the
Nation’s top 400 taxpayers made more than $263
million on average in 2006, but paid income taxes
at the lowest rate in the 15 years in which these
data have been reported. In constant dollars, the
average income of the top 400 taxpayers nearly
quadrupled since 1992.

It’s no surprise, then, that wealth began to be
ever more concentrated at the top.

By 2004, the
wealthiest 10 percent of households held 70 percent
of total wealth, and the combined net worth
of the top 1 percent of families was larger than
that of the bottom 90 percent.

In fact, the top 1
percent took home more than 22
percent of total national income,
up from 10 percent in 1980 (see
Figure 9, Top One Percent of Earners).

And these disparities are felt
far beyond one’s bank statement
as several studies have found a
direct correlation between health
outcomes and personal income.

There is nothing wrong with
people succeeding and making
money. But there is something
wrong when the opportunity for
all Americans to get ahead, to enter
the middle class, and to create
a better life for their children becomes
more and more elusive.


That is what has been happening: The
ladder into the middle class and
beyond has become harder and harder to climb.

The American dream has slowly slipped beyond
the grasp of millions as we have deliberately ignored
the very investments in our people that
strengthen the middle class and neglected the
drivers of economic growth that will sustain our
economy for the long run.

http://www.whitehouse.gov/omb/assets/fy2010_new_era/A_New_Era_of_Responsibility2.pdf