When asked why he robs banks, the notorious John Dillenger famously said, “Because that is where the money is.” So, if the idea of taxation is to raise money to support the government, then you need to tax the people who have the money.
According to the Wall Street Journal, the top 1% own 34.6% of national wealth, while the bottom 90% , own only 25%. So, with this reasoning, if a 100 people had to split $100, then 90 of them would have to share $25.
A recent letter writer complained that the rich already pay too much in taxes, but the facts clearly show that the wealthy pay nowhere near a percentage in taxes that actually reflect their vast wealth. The income gap and the failure of the wealthy to pay their fair share has dramatically increased in recent years. The difference between those who have wealth and the declining middle class, has not been this great since the days of the “Robber Barons” of the 1890s .
Clearly this is “Class Warfare” and the 90% of us, have lost the battle.
Any attempt to raise the tax rate, or even curb the loop holes used by the top earners is always characterized as a confiscatory redistribution of wealth. Even an attempt to return to the modest tax rates under the Clinton administration, is considered thievery by Conservative Republicans.
Again and again we are told the only way to solve our economic problems is to cut, cut, cut. But you could cut every penny of discretionary spending by the government and still not solve the debt problem. Also, every cut takes money out of the middle class and reduces demand and thus jobs. Income must go up along with a plan to reign-in spending on entitlements. Only then will we see any creditable reduction in our national debt.
The moneyed elite now have the power to stop any increase in their contribution to our society. New rules now allow almost unlimited bribery of Congress. Through their Packs, 501 organizations, and corporate funding of political campaigns, a tiny percentage of the population now has almost total control of the reigns of power. They are being abetted by a willing group of true believers who want to defeat Obama at any cost and willing to tear down any semblance of a just society, to do it. Every time the middle class looses wealth, the purchasing power of our economy and jobs take a hit. What the Conservative ideologues don’t understand, or don’t want to understand, is that when we ALL do better, they, also, will do better.
Louis Vitale — Franklin, N.C.