I wish that I could offer you the numbers, but I'll look for any information that I can find. It is no secret that MANY more mortgage defaults have surfaced in the lower income levels than at the million dollar home level. There aren't that many wealthy people that stuck their neck or fortunes out for property that they couldn't afford. Most of the defaults were from upper middle class people trying to move up in asset level. The American dream of moving up. I personally know of a couple of people that couldn't afford a car manage to get mortgages and flip houses to climb the wealth ladder.

Providing loans to people under loosened lending laws, specifically passed to allow people who would not otherwise be able to get a loan, also made it easier for speculators to get loans. The million dollar homes that were purchased under the same eased credit laws. They are no more or less to blame than the poor.

As far as tax cuts go. I have stated in these posts already, that reducing taxes for people who are already paying so much more than the low and mid income people is not an affront to the classes. There was no low to mid income moneys transferred to the top. The tax reduction at the top did not come from a rise in the tax rate for the mid or bottom level earners.

Nobody said that middle class tax cuts are wrong. Who ever said that? By the same token increasing taxes on the high end to reduce it on the lower ends is wrong. Was the confiscatory 90% tax rate the top we used to have right? NO. It was reduced to a level that made sense. Is a base 35% tax rate as compared to paying no taxes right? NO.

So as not to be accused of hate mongering and useless fighting in my posts, as I've been today, I propose that EVERYONE pay taxes. Top to bottom at the same rate. No exemptions, no deductions, no corporate write offs. ALL equal in giving Caesar what Caesar's due.

Money NEVER trickles up. One has to earn their way up