One hundred years ago, Teddy Roosevelt warned Americans about, "a small class of enormously wealthy and economically powerful men whose chief object is to hold and increase their power." So he began to tax wealth through the estate tax and the capital gains tax. The breadth and width of these taxes have been significantly reduced. Robert Reich writes:
The estate and capital gains taxes were originally designed to prevent the growth of large dynasties in the U.S. and to reduce inequality.
They’ve been failing to do that. The richest 1 tenth of 1 percent of Americans now owns almost as much wealth as the bottom 90 percent.
The estate and capital gains taxes were originally designed to prevent the growth of large dynasties in the U.S. and to reduce inequality.
They’ve been failing to do that. The richest 1 tenth of 1 percent of Americans now owns almost as much wealth as the bottom 90 percent.
Many of today’s super rich never did a day’s work in their lives. Six out of the ten wealthiest Americans alive today are heirs to prominent fortunes. The Walmart heirs alone have more wealth than the bottom 42 percent of Americans combined.
Rich millennials will soon acquire even more of the nation’s wealth.
America is now on the cusp of the largest inter-generational transfer of wealth in history. As wealthy boomers expire, an estimated $30 trillion will go to their children over the next three decades.
The march to make the rich richer gathers momentum. And working stiffs -- when they can find jobs -- are left behind.
Image: MinnPost
11 comments:
I enjoy reading your research and articles, and have done so for a number of years. Keep up the good work.
this is the real issue. as the Great Bruce said" all people want to be rich. rich people want to be king. and the rich people king is likely to go with child brides
Thanks for your support, wricom.
Who was "the Great Bruce," Steve?
He's on about Springsteen, Owen. Apparently a Springsteen song is "the real issue." As for the point of your post, when we discuss inequality and tax reform it's disheartening to realize just how much sovereignty in these fields has been surrendered in the course of globalism and the now highly integrated economy. Dominant economies set the rules, the standards and, from time to time, even they reel from the unanticipated impacts of their policies. Smaller economies, such as our own, are along for the ride and enjoy little independence of action. Consider this - Canada is indeed lashed tightly to the United States, our dominant trading partner and our only neighbour. In many ways we must show fealty to the States. And yet we watch silently as this dominant force in our national life degrades and transitions from a democratic republic into an oligarchy, all the while pretending that has nothing to do with us. We are indeed whistling past the graveyard.
We should have been reminded in the run up to Hurricane Irma's landfall, Mound, that the Canadian economy is joined at the hip to the American economy. Gasoline prices in our little town skyrocketed.
Owen Gray said, "We should have been reminded in the run up to Hurricane Irma's landfall . . . "
So how many of your neighbours drew the connection, Owen?
Good question, Toby. I don't know. They complained; but I'm not sure they saw the connection.
The great bruce is Bruce Springsteen. Badlands
Mound can be so pedantic. Bruce said it best, and it applies to everyone. Have we not all seen the mate get rich and then paranoid to keep what they have, and in a death sprial to get richer.
Check your spelling, Steve.
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