There are reasons the middle class has been wiped out. One reason: we’ve let Banks and Bankers run amok, as we gutted Sensible Financial Regulation. The second reason: we’ve been brainwashed to believe that lower taxes leads to job creation. Instead, lower taxes on the wealthy has encouraged a race to the top for them and a race to poverty for the rest of us.
Let me cite some facts. After the World Wars , income inequality was decreased by massive job creation and high individual taxation. There was no incentive to make obscene amounts of money because income was taxable at 80%. This remained true until Ronald Reagan became President and gave tax cuts to the wealthy. The race to the top began: the more money you made the more you kept. By 1997, Clinton had gotten us out of the recession of 1992. However , when Glass Steagall was over turned and several laws favoring the creation of lobbyists and derivatives were created, incomes for the wealthy spiked. Creating a “plutocratic class” that has an appetite for more. And why not more? We keep feeding the beasts we’ve created at the expense of “we the People” and the greater good.
There is a way to level the playing field and bring back our Democracy and economic mobility; create a tax on capital. A progressive tax , (it doesn’t have to be high , since this a supplemental tax.) that brings revenue back into the system. A tax on capital on the “Uber” wealthy, that is totally quantifiable and allocated for specific programs and jobs. No more opacity in any system, we should be shining the light on every system. Transparency is possible in this age of computers and social media. Shining the light on wealth creation, taxing wealth similar to the years when America had real prosperity , will encourage innovation and productivity once again. Ideas and concepts that have been stifled by the few at the expense of the many.
I would not be speaking about Thomas Piketty’s book on Capital in the 21 st Century , if Piketty hadn’t convinced me that the exponential growth of Plutocrats was unstoppable in the environment we have created. It’s never too late to correct mistakes. We have to agree that our state of inequality is unsustainable and create a progressive tax on capital that levels the playing field making job creation possible and saving the future for our kids and grand kids. We’re not talking astronomical taxation, consider a supplemental tax on capital that is appropriate, given the $100,000,000 Million and $ Billion dollar fortunes that have been made.
Anything is possible if we unite behind a single cause: saving the Middle Class here is right. Then we work on making the world a better place for everyone. As we change all systems to reflect a Global Tax on Wealth. One rule. One monetary standard for everyone to live by. Open trade agreements that assure fair trade with sanctions levied against nation states failing to comply. This is not utopian but living under Plutocratic rule, here and everywhere, is tantamount to slavery. The status quo is no longer acceptable.
I want nothing less then Democracy that works for all of us and I want it now. Who will join me? We have nothing left to lose and everything to gain! We’re all in this together. Will the people speak?