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Why We Need a Wealth Tax

Why We Need a Wealth Tax

Robert Reich

The crisis of income inequality in America is well-known, but there is another economic crisis developing much faster and with worse consequences. I’m talking about inequality of wealth.

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2% on 50 million. Poor babies. I’d bitch too.

Until 1986 tax reform (which Democrats continue to call “bipartisan tax reform”) we DID HAVE what was effectively a wealth tax. We do not need to add a “wealth tax”, just restore the tax code to pre-1986 status and restore New Deal financial industry regulations to pre-1976 status and 90 plus percent of the wealth inequality problems will be solved.

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Marilynne Robinson underscores the power of the “iron law of wages” in her thought-provoking lead essay in this month’s Harper’s – I highly recommend it.

And with automation poised to put lots of workers out of a job, not to mention unfolding climate chaos, we’re going to be forced to restructure a lot more than taxes.

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Oligarchy’s plan is not just greed and power. It means to kill us off.

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Sending another trillion to the war machine, with Democratic support, will “reduce the influence of the super-rich on our political system”?

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Reich sez:
“Dynastic wealth puts economic power into the hands of a relatively small number of people who make decisions about … what politicians merit their campaign contributions.”

No worries, dude. Democratic presidential frontrunner™ “Say it Ain’t” Joe Biden assures me that, “I don’t think 500 billionaires are the reason we’re in trouble.”

Or maybe it was, “There’s very fine people on both sides.” It’s so hard to keep all the USA’s brilliant orators straight.

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When the deep state took out JFK and his brother - well, it’s difficult to recover from that type of coup.

56 years and counting - not there yet - not even remotely close.

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Hey everyone.

What are we calling wealth?
Land and property ownership?
Just the hoarding of so called currency?

Change the definition of currency.
The accumulated wealth will automatically become meaningless.

Step away from the patented US dollar.
Stop using fossil fuels.
Consider resource extraction from the planet as spending of capital, not creation.
Monitor all waste - it is finite, and the number of entities engaged in the process are limited.

The transfer of blood fiat to descendants will automatically not matter.

We have a wealth tax already. It’s called your Property Tax

I agree that what we have needs to change dramatically though

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