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Posts Tagged ‘Progressive tax’


I paid my wealth tax of almost $3000 earlier this month. Doing so left me broke for a couple of weeks. This wealth tax is called a property tax, but the land you own is part of your wealth and my property tax could just as easily be called a wealth tax since it taxes part of my wealth.

Until recently, progressive taxation had been part of the fabric of American democracy for over a century. The idea the rich can pay more is quite biblical, just ask Jesus. Somebody who has $100 billion in wealth is going to pay $3 billion or so in tax, and some of them are acting as though the taxman is going to swing an ax into their billion-dollar genitals if the tax legislation is enacted.
These billionaires have rigged the economy in their favor by using their billions to corrupt both major political parties and the federal government in the process. They have used corruption to redistribute trillions of dollars from working folks to themselves in the process. This is why three people (Bill Gates, Warren Buffett and Jeff Bezos) own more wealth than the bottom half of the U.S. population. This is why the 1 percent have gained $21 trillion since 1989 and the bottom half of U.S. citizens have lost $900 billion (See  the-corrupting-billionaires-have-gotten-richer-by-21-trillion-since-1989)

Exporting millions of jobs via trade agreements alone sent trillions of dollars from working people to the billionaires over the last forty years. The difference between the old higher US pay and the new lower third world pay goes straight into the pockets of the billionaires via higher corporate profits, rising dividends, and surging share prices.

Corruption and class warfare against the 99 percent are running wild in all three branches of government, and that tiny progressive tax is a step in the right direction that might help put an end to it and restore U.S. democracy in the process.

I do not agree with everything Elizabeth Warren and Bernie Sanders propose. However, I agree with former President Barack Obama when he said: “Income inequality is the defining challenge of our time.” He said it one time. Then somebody likely took him to the side, told him never to say it again, and he never did. Now he makes $400,000 a speech, which is $150,000 more than Bill and Hillary Clinton make.

We can put an end to this type of revolving-door corruption and other forms of political corruption. The wealth tax is just a tiny step in the right direction.

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