While austerity measures are sweeping the nation – and Republican governors like Scott Walker in Wisconsin are going after middle class workers to balance state budgets – Minnesota’s Democratic Governor has a different idea. Instead of balancing budgets on the backs of working families – Governor Mark Dayton is proposing a 5% tax increase on the wealthiest people in Minnesota – or the top 5% of income earners in the state. What Governor Daytona sees is the same thing that most progressives see – the easiest solution to both state and federal budget deficits – raising taxes on the rich.
America collects fewer taxes by proportion than most of the industrialized world – and taxes are lower right now than at any other point in the last 50 years in this nation. It’s not a coincidence that this drop off in taxes corresponds with massive levels of debt. It’s simple – banksters got us into this mess because they had too much money in their pockets thanks to the Reagan and Bush tax cuts – and used the cash to speculate on Wall Street – which led to our economy crashing.
So the banksters – and not working families – should now have to make some sacrifices to get us out of the mess.