However, there is no denying that the OWS folks have brought attention to a real problem. You don't have to be a militant egalitarian to acknowledge that a country is sick when it has such vast and growing income disparities as we have now. The top 1% has done really, really well over the past 30 years, much better than other income groups. This has led to an enormous amount of political power given to a small group of people (almost an oligarchy).
Meanwhile, conservatives' unrelenting goal seems to be to preserve and extend lower tax rates for these favored few -- notwithstanding our big deficits, crumbling roads and bridges, and a decimated public service sector. Mitt Romney's economic plan, to name just one example, would include a $6.6 trillion tax cut that would primarily benefit wealthy individuals and corporations (source), thus making the all of these trends even worse. Personally, I don't have anything against people who have made a lot of money, at least when it is made through their hard work and initiative rather than through social privilege and bailouts. I wouldn't mind making more money myself. Asking people who have done very, very well over the past 30 years to pay a moderately higher tax rate seems both fair and pragmatic. You don't have to "hate the rich" to see this is good policy. Conservatives who are concerned with social stability should recognize this as much as anybody.
Anyway, below I've prepared a fun array of charts (fun for me anyway) to illustrate what is happening and why.
Here is one reason why this has happened: Tax rates for the wealthiest have plummeted lately, even as they make much more money.
2 comments:
hmm. I'm not entirely convinced that money "guarantees" increased political power...
Fair enough. But money certain helps if one wants political power, no? There is a reason that the average income of a member of congress is much, much higher than the average of his or her constituent.
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