To Save 99% of Americans - We Have to Tax the Rich

Thom plus logo The massive inequality we are now experiencing in the United States has a singular source. It started with the Reagan tax cut that took tax rates on the wealthiest Americans from 74%, where it had been for two generations, and lowered it to 25%. Immediately, instead of investing in their businesses or paying their employees well, wealthy CEOs begin to divert money from their companies into their own paychecks. Subsequent tax cuts by Bush and Trump made the situation even worse. Now we learn that the majority of billionaires and multimillionaires surveyed - fully 60% - actually support Elizabeth Warren's proposed tax on the ultra, ultra wealthy. This is the only thing that will re-balance our economy so that the middle-class can begin growing again. The middle-class had been steadily growing in income and wealth from the 1930s until the 1980s, when Reagan began killing the working class by cutting the top tax rate on their bosses.

It's time to reverse the Reagan, Bush, and Trump tax cuts and restore sanity to our tax code so that working people can once again get a fair share of the American economy.

-Thom

Comments

deepspace's picture
deepspace 5 weeks 2 days ago
#1

Fairly taxing the total wealth (not just income) of the excessively greedy for their big piggy bites of the apple that leave the rest of us with nothing but a dried-up core, while at the same time getting their filthy money out of OUR election process -- NOT their's! -- would certainly realign priorities in OUR economy -- NOT their's!

Let's reverse the dynamic and raise taxes on the topmost brackets, controlling most of the nation's wealth, to finance lowering taxes on the increasingly impoverished middle class, now paying with blood money for the largesse lavished on the Republican donor class, who have mercilessly attacked our wounded, nearly vanquished democracy. That, thanks largely to Mitch McConnell's highly partisan, no doubt unconstitutional, blockade of all legislation that would claw back power to the people.

And on a parallel track, let's also stop enabling a wicked, for-profit "offense" industry waging endless, greedy wars of choice, which are drowning taxpayers in debt and diverting desperately needed investment in crumbling infrastructure and other critical domestic spending, deliberately neglected by Republicans for decades.

Enough with wanton warfare for the dwindling resources of Mother Earth!

What Do Democrats Really Want?

Thom plus logo Thomas Friedman, the confused billionaire, told us decades ago that "free trade" is what made the Lexus a successful product when, in fact, it was decades of Japanese government subsidies and explicit tariffs that did so.

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