I spoke to a ” Plutocrat” the other day and mentioned the benefits of “Piketty,” his comment, “Piketty was controversial”. Yes, he’s controversial, he’s revolutionary. “He’s for fiscal and monetary transparency of an industry that prides itself on being opaque. The reasons are obvious. Never tell anyone, except Forbes what you really have, keep your assets hidden and you can remain secure in your wealth accumulation for generations. When the Titans of industry die out the largest wealth transfer in the history of our World will occur. At that point , if none believes in taxation, birth will matter and the destruction of the Middle Class and upward mobility will be assured.”
Can we continue to do nothing realizing the uncomfortable truth? # Class Matters? Will you advocate for an increase in estate taxes commensurate with the amount of wealth being transferred and the length of time the estate has remained in generational hands? Passive wealth in estates should be taxed and utilized by society. “Society” made it possible for the Billionaires to survive and thrive, it’s time to give back.
Instead, we have selectively given large estates exemptions and tax breaks that take money directly out of the People’s treasury. Last time I read, the Walton family trusts, were not obligated to pay $6 Billion in taxes. Yet, as a Middle Class person, we were obligated to pay estate taxes. A small estate of $1 Million or less was obligated to pay 55% in estate taxes in the 1990’s. IRA’s that were opened by a person during his lifetime and passed on to future generations is taxed. Why not quantify and tax large estates progressively?
- “Plutocrats declare and contribute , according to Piketty, 1/1,000 th of their net assets.” It is time to tax capital in the 21 st Century.
We need innovation and most Plutocrats or “wealth creators” are stifling innovation while encouraging the poverty of others. Without a sound foundation , without food on your table, without a good education, how will our kids become the creators of a new Society? Who will join me in my quest to change our Society at home ? The time has come to stop inequality now.
It has to be your choice, your involvement, to elect those who will change the status quo in favor of the Middle Class. Progressive taxation is one way to level the playing field! What do you think dear followers? How would you change our State of Inequality? I look forward to your comments and debates. Some have recognized our State of Inequality since 2000. Do we have to wait 40 years before we act on our own behalf?”