” For most of the last four decades, the gains from economic growth have flowed overwhelmingly to the rich. Much of those gains to the rich weren’t “earned” in any traditional sense, but rather extracted, excess profits squeezed out of a system designed to favor those who already have power, position and wealth. Today, the top 1% of Americans own more wealth than the bottom 90% combined…
” America’s overall tax system is only barely progressive – meaning that the richest Americans pay only a bit more in taxes as a share of their income than everyone else. And at the very top, among those taking home hundreds of millions each year, the tax code is actually regressive, meaning the more they make the less they pay. The richest 1% own nearly 40% of all the wealth, but pay only 20% of all the taxes.
” Boosting rich people’s taxes is sound policy. Extreme inequality is like economic pollution. It creates widespread harm that the polluters don’t pay for. Inequality makes bubbles more likely, it undermines the foundations for innovation and productivity, and it weakens and destabilizes consumer demand. Taxing it like pollution helps make the costs clearer and reduces the harm.
I don’t care to personalize or demonize the fight for equitable taxation. Money stashed in a no-name blank box still needs to be put to use to educate an ignorant population of children [and their parents]. There is no shortage of needs to be filled – just as there is even less of a shortage of cash. It simply needs relocation, re-allocation. That needn’t impair economic growth or innovation. Improvement is more likely.
If you believe the Democratic Party will aid the fight, please join them. I think a certain portion of effort should be allocated in that direction – if for nothing else than to reverse their history, frankly, of selling out working class families. Otherwise, move to the Left, a little or a lot. Find the level of commitment that satisfies your conscience. Everyone is welcome.
The broader and deeper any political struggle constructs a base aids the likelihood of success.