Tonight during President Obama's State of the Union speech that I'm not going to watch, he will request an additional tax on the wealthy in order to fund a cash distribution to middle class Americans.
I read in the paper yesterday that by 2016 the 80 wealthiest people in the world will together own $1.9 TRILLION in assets. Just last year it took 85 billionaires to equal that figure. In other words, the rich are indeed getting richer. The biggest gainers came from those with interests in finance, insurance, and health care.
"Well, yeah. They're smarter, they work harder, and they deserve it", right?
Haha! It seems by-and-large they got richer not by the sweat of their brow, but due to "multi-million-dollar lobbying campaigns to protect and enhance their interests." They had connections.
That's the rub. More people with more money to spend will mean additional profits for those who own the means of production...the wealthy. Win-win! Right now the wealthy are gradually strangling the goose that laid the golden (middle class) egg. IMO we NEED more income equality, but just grabbing a chunk of the rich's cash isn't the way to do it.
Aren't the foaming-at-the-mouth Tea Party types against government handouts? Isn't a cash subsidy/tax break to the wealthiest just a high-class handout? So why can't the Democrats and the Tea Party work together to end handouts? (Love to be a fly on the wall in that conference room!)
Come on Obama....wise up. You're NEVER going to get a tax increase on the wealthy with the Republicans in control of congress. But by holding the Tea Party's feet to the fire, making them produce on their promise to end government handouts, he just might have a chance. End special favors, reform the tax laws, and income inequality will take care of itself.
And either the Tea Party will do what they promised, or they will be exposed as liars. What's it gonna be, Tea Party?
"multi-million-dollar lobbying campaigns to protect and enhance their interests." They had connections. Hey, you don't think they have to work hard to get and maintain those connections?
ReplyDeleteScott, this post is not showing on my blog roll, you my have to edit/ revert to draft/ and then publish again. Sometimes I have to do this several times for a post to hit my roll.
It's showing up on my roll just fine. Anyway, you make a good point. We seem to be following a well-worn path of oligarchy with wealth being concentrated in the hands of a few. If we don't wise up we 'll end up like Scores of civilizations ranging from Rome to Napoleon.
ReplyDeleteAre you sure you don't want to run for office?
ReplyDeleteI don't see the tax plan as a "cash distribution to the middle class." Instead, what was proposed is eliminating the tax breaks that you mentioned that the lobbyists got in the tax code for the wealthy and giving a few to the middle class and poor. In other words, adjusting the tax code so it isn't disproportionately skewed. Whenever the wealthy or corporations take advantage of special tax breaks, unique to only them, someone has to make up the difference and that falls on everyone else. Yes, "end special favors (for the wealthy and corporations), reform the tax laws (so the middle class gets a break), and income inequality will take care of itself." And, you are also right; it isn't going to happen in a Republican controlled Congress.
ReplyDeleteI was thinking of the 60 Minutes interview with the head honcho at a non-profit hospital who makes 6 million dollars a year in salary.
ReplyDelete