There is surprisingly widespread support for higher taxes on the rich. Americans have typically felt that one should keep what one earns. Many are also convinced that they will one day become rich, hence the popularity of lotteries, which reflect and help sustain that belief. Dean Baker, co-founder of the Center for Economic Policy and Research, has argued repeatedly that the best egalitarian strategy is to remove the elements of monopoly power in the so called free market so that incomes might be fairly distributed.
the rich shouldn’t have any problem with it. they live in a country that afforded them the ability to amass riches. they hoard riches and that creates a poverty state. we will fast become a third world country if we don’t get a grip soon.
Although top tax rates as high as 90% during the Eisenhower years still left the 1% with all the money needed to live lives of luxury, those tax rates reduced the number of politicians the 1% could buy.
Low taxes during the last quarter of the 20th century enabled the 1% to buy enough of the US gubmit to control it. Their return on investment (ROI) owning the US gubmit has been so high that the 21st century is witnessing the 1% buying gubmits the world over…putting the real new world order in place and that new world order is anything but democracy.
AOC is spot on.
Bernie and AOC represent the need for a healthy state economy, not just a robust financial economy that only serves the FIRE sector (finance, insurance, real estate).
Money creation is 2 ways: government issues its own currency into existence and private banks extend credit.
We’ve been a credit-dependent nation for 40 years now simply because the private banks took charge of government finance and RUDELY shut off fiscal policy. Loans are their bread and butter and deficits cut into their profits.
It’s time to let gov’t operate the way it’s supposed to! Dems before AOC over the past 40 years have never even tried to create a strong state economy.
“Government exists to spend. The purpose of government is to serve the general welfare of the citizens, not just the military-industrial complex and the financial class. Didn’t we have a stimulus, oh, eight years ago? It was tiny and has not been entirely spent. As Yellen implied, we need more spending of the non-military kind (what Barney Frank memorably called “weaponized Keynesianism” doesn’t stimulate).”
The 40-yr. Wall St/capitalist revolt:
"The bank strategy continues: “If we can privatize the economy, we can turn the whole public sector into a monopoly. We can treat what used to be the government sector as a financial monopoly. Instead of providing free or subsidized schooling, we can make people pay $50,000 to get a college education, or $50,000 just to get a grade school education if families choose to go to New York private schools. We can turn the roads into toll roads. We can charge people for water, and we can charge for what used to be given for free under the old style of Roosevelt capitalism and social democracy.”
This idea that governments should not create money implies that they shouldn’t act like governments. Instead, the de facto government should be Wall Street. Instead of governments allocating resources to help the economy grow, Wall Street should be the allocator of resources – and should starve the government to “save taxpayers” (or at least the wealthy). Tea Party promoters want to starve the government to a point where it can be “drowned in the bathtub.”
Butif you don’t have a government that can fund itself, then who is going to govern, and on whose terms? The obvious answer is, the class with the money: Wall Street and the corporate sector. They clamor for a balanced budget, saying, “We don’t want the government to fund public infrastructure. We want it to be privatized in a way that will generate profits for the new owners, along with interest for the bondholders and the banks that fund it; and also, management fees. Most of all, the privatized enterprises should generate capital gains for the stockholders as they jack up prices for hitherto public services.
You can see how to demoralize a country if you can stop the government from spending money into the economy. That will cause austerity, lower living standards and really put the class war in business. So what Trump is suggesting is to put the class war in business, financially, with an exclamation point."
Corporate Death Penalty!. Do we have the resolve as a nation to muster a push towards equity. I think it imperative that (WE THE POEPLE) make a stand. We have many options that can helps us gain a handle on this mess. CDP! is a great option. Although it will be a knock down drag’em out fight (WE THE POEPLE) can and must win this fight. People of America are in a stupor of consumerism, which has hurt americans in all sorts of ways. I mean we have no understanding of what are civic duties are as americans. Consumerism has confused and dazed us. (shock & awe). Please America as a citizen of this great nation. I beg of you to get involved with your politicians. Write them constantly and call them, go to their office. And articulate just what you stand for and what you believe your America stands for. America this kind of involvement is but a tiny part of your civic duty as a citizen of America. Tell our congress we want a NEW CORPORATE DEATH PENALTY.
The Superrich own the government. The people need to take it back.
Liquid Democracy is the key.
Look at it this way folks, when the tax rate on high earners was 90%, that group collectively worked to reduce it down to today’s rate, that we’ll just say for this comment is about 25%. Or lower, if they use good tax lawyers.
I haven’t done the math on that, however the reduction from 90% to 25%, is huge. It’s like a 75% reduction.
Now let’s look at the middle class who have paid a more constant percentage closer to 30 to 35.
The amount of earnings the middle class pays taxes on is significantly less than the highest earners.
The middle classes saw no huge reduction in their taxes, this entire period of time. They couldn’t afford tax lawyers, and they also couldn’t afford to buy politicians as the wealthy have, and used those politicians to enact legislation to reduce the tax rates for the highest level earners.
Yes, Alexandria Ocasio-Cortez is right, tax justice is key to opening the doors to equality for all.
HI Creativethinking—that would maybe work—especially if we got rid of those country club prisons where the rich ones go. If there was only 1 type of prison, then maybe CEOs and politicians would learn what it’s like to earn a dollar a day —or less. : ) Besides, they’d get to meet a wide variety of humans from all kinds of backgrounds---- a.k.a. THE PEOPLE. I don’t think they know who we actually are. )
I think it would be a good first step. Voting rights for everyone where it is easy to register in every locale is needed also. Then min wage has to be raised. Affordable housing, healthcare, protections for the environment, addressing climate change. And I am sure I am leaving things out.
Compare the amount of homeless people, children living in poverty or people living below the poverty line in America with the top 5 “3rd world countries”, and you will see that it has already happened.
Soon (in 5 years at the most) you can add access to clean water to that metric as well.
An old but true tale, the Golden Goose is not full of gold. The “wealth” you envy is just zeros on a stock portfolio, there is no gold there. Some cash can be squeezed out if some stock is sold, but, there has to be a buyer with cash that wants stock. The only way to get 100 billion dollars from the rich is for other rich people (or millions of less rich) to buy those stocks. The more that hits the market the lower the selling price will get.
You may think you have a million dollar painting but until someone with a million dollars and a desire for your painting comes along all it is good for is to hide a nasty stain on the wall.
I wonder how much of the “q” easing 1/4 % to zero interest rate loans were being used to buy back stocks and line the pockets of shareholders and CEOs