taxing the oligarchs

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In discussing how we can get serious about taxing the mega-rich, Thom Hartmann asks "At what point does great wealth held in a few hands actually harm democracy, threatening to turn a democratic republic into an oligarchy?"

This week, Forbes Magazine released its list of the 20 richest people on the planet--and tied for number six were Charles and David Koch. Right now, it is easy to call out the billionaire brothers as a threat to our democracy (after all, they have promised to spend nearly a BILLION dollars in the 2016 election), but there are 18 other people on that list.

Why is this a problem?

Since the so-called Reagan revolution more than cut in half the income taxes the multimillionaires and billionaires among us pay, wealth has concentrated in America in ways not seen since the era of the Robber Barons, or, before that, pre-revolutionary colonial times. At the same time, poverty has exploded and the middle class is under economic siege.

And now come the oligarchs, the most wealthy and powerful families of America, buying our members of Congress so that they should retain their stupefying levels of wealth and the power it brings, generation after generation.

How might we solve it?

The solution is as simple as it was when it was proposed by our Founding Fathers: a tax. A 100-percent tax on all income over $1 billion to limit the power of the super rich while and strengthen the rest of us. If you can't live on a billion dollars a year, you've got much bigger problems.

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This page contains a single entry by cognitivedissident published on March 8, 2015 10:25 AM.

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