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 22 weeks 1 day 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!

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From Screwed:
"If we are going to live in a Democracy, we need to have a healthy middle class. Thom Hartmann shows us how the ‘cons’ have wronged this country, and tells us what needs to be done to reclaim what it is to be American."
Eric Utne, Founder, Utne magazine
From Screwed:
"I think many of us recognize that for all but the wealthiest, life in America is getting increasingly hard. Screwed explores why, showing how this is no accidental process, but rather the product of conscious political choices, choices we can change with enough courage and commitment. Like all of Thom’s great work, it helps show us the way forward."
Paul Loeb, author of Soul of a Citizen and The Impossible Will Take a Little While
From Screwed:
"Hartmann speaks with the straight talking clarity and brilliance of a modern day Tom Paine as he exposes the intentional and systematic destruction of America’s middle class by an alliance of political con artists and outlines a program to restore it. This is Hartmann at his best. Essential reading for those interested in restoring the institution that made America the envy of the world."
David C. Korten, author of The Great Turning and When Corporations Rule the World