Forbes Magazine: “The Super-Rich Get Richer”

As Middle Class Struggles, Congressman Toomey Fights for More Tax Breaks for the Ultra-Wealthy

MEDIA, Pa. – Yesterday, Forbes magazine reported that the super-rich got even wealthier this year, even as the economy struggled. While Wall Street CEOs and oil tycoons saw their net worth soar, new data from the Census shows that this past decade was the worst on record for middle class families in at least half a century. Despite this growing inequity, Congressman Toomey continues to fight for an agenda that favors the super-wealthy at the expense of ordinary Pennsylvanians. 

“Middle class Pennsylvanians are struggling, but Congressman Toomey continues to look out for Wall Street. It’s no coincidence these are the same special interests bankrolling his campaign,” said Sestak spokesman Jonathon Dworkin. “Congressman Toomey has made his allegiances abundantly clear.  Working families are hurting and Pennsylvania needs a Senator like Joe who will put their interests ahead of Wall Street and the super-rich.”

On Wednesday, Forbes released its annual list of the 400 richest Americans. Those wealthy enough to grace this year’s list amassed a $1.37 trillion fortune, and their combined net worth rose 8 percent. Meanwhile, the Census released new data that showed the average middle class household watched its income fall 4.8 percent from 2000 to 2009. [Wall Street Journal, 9/17/2010]

For almost the last four decades, the annual incomes of the bottom 90 percent of American families have remained relatively stagnant, but the incomes of the top 1 percent have tripled. [Financial Times, 7/30/2010]

After Congressman Toomey’s reckless policies brought this country to the brink of economic collapse, he now staunchly defends his plans to lavish benefits on Wall Street and the wealthiest few. On Monday, Congressman Toomey told KDKA radio in Pittsburgh that he’s unwilling to compromise on tax benefits for the wealthiest 1 percent of Americans, even if it jeopardized tax relief for the middle class. Listen here.

Congressman Toomey has a long history of giveaways to Wall Street at the expense of the middle class:

Congressman Toomey’s plan to privatize Social Security would be “a windfall for Wall Street, generating billions of dollars in management fees for brokerages and mutual fund companies” but would gamble the retirement security of 20 million seniors. Working families have the least to gain from privatization-specifically low income workers, women, disabled workers, and survivors of deceased workers. [MSNBC, 12/28/2004; Center on Budget and Policy Priorities, 8/11/2010, Dollars & Sense, November/December 1998]

Congressman Toomey wants to “get rid” of the current tax code and replace it with a regressive Flat Tax. Under Toomey’s Flat Tax proposal, CEOs at bailed-out banks would pay nothing on their Wall Street earnings, while 95% of workers would see a tax hike of almost $3,000. [CNBC, July 2007; Pittsburgh Post-Gazette, 9/06/10; Citizens for Tax Justice, 2/19/2010]

 Congressman Toomey wants to add trillions to the national debt, all in the name of benefits for the super-rich at the expense of working families. Toomey’s proposals to privatize Social Security ($4.9 trillion the debt), eliminate all corporate taxes ($225 billion to the debt), and extend un-paid for tax cuts for the wealthiest few ($700 billion to the debt) would explode the debt and lead to heavy burdens on the middle class.