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On Tax Day, Advocacy Group Notes That Billionaire Wealth Growth Since Beginning of Pandemic Exceeds State Budget Deficits

Originally published at http://www.commondreams.org/news/2020/07/15/tax-day-advocacy-group-notes-billionaire-wealth-growth-beginning-pandemic-exceeds

To the Trump administration this obviously means the Billionaires are suffering thus they need to cut capital gains and income taxes on those Billionaires.

Until people focus on economics instead of hot button issues like abortion and race the billionaires will take more and more. Most people can’t grasp what a billion is.

If we can’t pass tax law that equals out the economic divide we may have to just confiscate undue wealth some other way.

RAISE TAXES ON THE BILLIONAIRES NOW!!!
The last American president to meaningfully raise taxes on the richest One Percent was Bill Clinton. And within a year of that action, the heir to the Mellon banking fortune Richard Mellon Scaife began his own privately financed project of paying for anti-Clinton media propaganda with an aim to destroy the Clintons. The anti-Clinton smears only stopped with the complete departure from the political arena by the Clintons.
The Clintons were the victims of a genuine orchestrated mass media smear campaign. An entire generation of Americans has grown up hearing only trash talk about the Clintons for at least the past 25 years.

I will remind you the only president in the past 50 years to meaningfully raise taxes on the richest billionaires in this country was Bill Clinton. He was able to then balance the budget and leave a surplus which a Republican blew and left us in deeper debt and with a collapsed economy.
According to Al Franken’s account in “Lies and the Lying Liars Who Tell them”, after having his taxes raised, the heir to the Mellon banking fortune, Richard Mellon Scaife set about to personally destroy the Clintons using millions of his own money to fund right wing smears in the corporate mass media, smears which only ended when the Clintons finally gave up on the political arena.
Their taxes must be raised or we have no democracy.

That is a LIE, Bill Clinton raised taxes on the top marginal tax rates and slashed Capital Gains taxes. The wealthy earn more of their money on Capital gains then on wages.

The increase to the top marginal rate was a little over 2 percent. The Cut to capital gains was 8 percent and 5 percent. This allowed the 1 percent to save much more in the way of taxes overall. It helped trigger the current system where CEOS demand stock options rather than higher wages as compensation.

This is when stock buybacks by firms took off as a CEO being granted 1 million a year extra in stock options as opposed to being paid 1 million more in wages , could increase that 1 million in options several times over (The firm buys back the stock, the CEO sells it at the higher price and pays a much lower tax rate)

It was just another Clinton Con.

~https://en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997

As to Clinton decreasing the debt , another false hold. He used the Social security surplus to give the illusion of a budgetary surplus. Under Clinton US overall debt rose 32 percent.

This a list of Presidents that had the greatest increases in Debt under their administrations. Clinton is in the top 10.

~https://www.thebalance.com/us-debt-by-president-by-dollar-and-percent-3306296

U.S. capitalism is an unsustainable false promise. The American dream has turned into a nightmare while the rich get richer, and recent Wall Street deregulation means that this inequality will only become worse still.

“Democracy never lasts long. It soon wastes, exhausts and murders itself. There was never a democracy that did not commit suicide.” - John Adams

Oh please save the scurrilous name calling.

“The act increased the top federal income tax rate from 31% to 39.6% , increased the corporate income tax rate, raised fuel taxes, and raised various other taxes. The bill also included $255 billion in spending cuts over a five-year period. The effects of the bill helped the US federal government to experience in 1998 its first budget surplus since the 1960s.”

I REPEAT IN BIG LETTERS YOU MIGHT ACTUALLY SEE, THE ONLY PRESIDENT OF THE LAST 50 YEARS TO MEANINGFULLY RAISE TAXES ON THE WEALTHIEST AMERICANS WAS BILL CLINTON.

I gave you the numbers. The debt went up under Clinton to the tune of 32 percent sum total or 1.3 trillions. The national debt did not go down.

in 1990 US GINI was at .43 By the year 2000 it was at 47. Through the Obama Presidency it was running at 48 and is now at 49. The rich get richer.

Prison Population increased under Clinton. In 1990 it was around 700000. By time Clinton left office it was at 1.4 million. The poor were hammered.