Home | About | Donate

The Tax Bill Should've Been Called The Inequality Exacerbation Act


The Tax Bill Should've Been Called The Inequality Exacerbation Act

Heather Boushey

Let’s imagine what policymakers seeking to achieve sustained and broad-based economic growth — growth with benefits that reach all Americans — could do instead of this wrongheaded tax bill.

"Corporations don’t need more cash. They do not lack for the resources to invest in American jobs." (Photo: Getty Images)


“Inequality Exacerbation Act of 2017” heretofore needs to be in the news daily so it is hanging from the tongues of every Murkin not afflicted with terminal denial syndrome (TDS).

Heather understands how inserting specific language into the public dialogue the way the GOP has for four plus decades is essential to spreading the message and making it stick.

Emphasize also that the GOP has now become the party of pedophiles (POP, no longer the GOP).


I wrote a progressive budget at my blog, Economics Without Greed, http://benL8.blogspot.com, and it raises taxes on the 1%, it increases tax revenue from $2.9 trillion in 2016 to 4.4 trillion. Instead of taxing 85%, borrowing 15% and spending 100%, this budget raises 132% and spends 132%, and all the added revenue comes from the 1% through about 12 tax measures that have been proposed by sources such as Jared Bernstein (former economist for V.P. Biden), Repr. Jan Schakowsky, PERI, Institute for Taxation and Economic Policy, and some other sources. Much of the money in our society is wasted on the wealthiest, it goes into financial assets and never re-emerges as a productive resource to the service of the society. As a society we need a clearer view of where our surplus originates and how it is applied to benefit the demos. Our demos, our people, is our actual wealth, not a figure on the moon of a financial statement. We need a generation of scholars who will take leadership and create an economic security for all, not for only a small fraction (75% of all financial assets are owned by 5% of households). In my view the waste that is our present condition is nearly criminal, and clearly unconscionable. Since January 2009 the net worth of U.S. households has doubled, from $48 trillion to $96 trillion. Are you wealthier than you were in 2008? Millions of families lost their homes, the median family dropped it net worth. Most Americans are left out of the financial asset boom. All that gain in net worth is virtually a waste of resources.


Even the working class folks who have gotten steady raises since Saint Ron’s reign are finding that they would gladly trade their 1980s salaries for today’s salaries if the prices they pay for everything were the same as in the 80s. What is considered a good salary today just doesn’t buy much.

The only exceptions to this trend are folks whose medical insurance is being paid for by somebody else.