Robbin' Hoods!

Police charged (Ghanian) Kweku Adoboli with fraud Friday in connection with the venerable Swiss bank UBS’s loss of $2 billion in unauthorized trades.

Wearing a powder-blue sweater, Adoboli appeared briefly in a London court, where he was charged with “fraud by abuse of position” and “false accounting” between 2008 and 2009 and between January and September 2011.

President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.

On average, however, the wealthiest people in America pay a lot more in taxes than the middle class or the poor, according to the non-partisan Tax Policy Center. This year, households making more than $1 million will pay, on average, 29.1 percent of their income in federal taxes. A household making between $50,000 and $75,000 will pay 15 percent of its income in federal taxes, which includes income taxes and Social Security payroll taxes.

The wealthiest 1 percent of the population earn 19 per­cent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes. These are proportions of the income tax alone

46 percent of American households will pay no federal income tax this year.
About half of those folks are basically exempt from federal income taxes because they are low-income and also may have large families

Um, so shouldn't that be a tax CUT for the rich, then???