Did Santa leave a new Lexus or Lamborghini at your house? No? Not at my house either.

But then you probably and I certainly are not among the richest 1 percent of American taxpayers. They are getting 37 percent of the 2011 tax cuts, while the bottom 60 percent will have to make do with only 15 percent. The bottom 60 percent must have been naughty and the rich were nice.

America is a land of winners and losers, right? If the richest 1 percent receive an average income tax break of $77,000 in 2011, there is no reason to complain. Let’s be honest, no one ever wished for a smaller holiday gift.

To put this in perspective, the $77,000 income tax break is more than the annual income of half of the married couples in the Mankato area.

And there are the rich and the super rich. The CEO of Wells Fargo and the CEO of JPMorgan got tax reductions of $813,000 and $1,179,000 respectively. Some super-rich hedge fund managers have multi-billion dollar incomes. Can you imagine their tax breaks?

The Republicans in Congress have shown that they are not serious in their alleged concern for the deficit. The tax breaks for the rich were unnecessary and play havoc with the deficit. The middle class tax breaks had to be extended to maintain the economy, but otherwise they too should have been ended.

In a time of severe recession, we are confined to select from the best of the worst choices. Giving tax breaks to the rich is the worst of the worst choices.

 

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