Wealth Taxes are supported by not just the poor and middle class but even Billionaires agree with Elizabeth's Warren's wealth tax plan to save America. Taxing the poor not the rich has brought back talk on socialism. We have to tax the rich to save working Americans.
Professor Richard Wolff spoke with Thom Hartmann. The massive inequality we are now experiencing in the United States has a singular source. It started with the Reagan tax cuts that took tax rates on the wealthiest Americans from 74%, where it had been for two generations, and lowered it to 25%.
Does trickle-down economics have a place? Immediately, instead of investing in their businesses or paying their employees well, wealthy CEOs begin to divert money from their companies into their own paychecks. Subsequent tax cuts by Bush and Trump made the situation even worse. Now we learn that the majority of billionaires and multimillionaires surveyed - fully 60% - actually support Elizabeth Warren‘s proposed tax on the ultra, ultra-wealthy.
This is the only thing that will re-balance our economy so that the middle-class can begin growing again. The middle-class had been steadily growing in income and wealth from the 1930s until the 1980s when Reagan began killing the working class by cutting the top tax rate on their bosses.
It’s time to reverse the Reagan, Bush, and Trump tax cuts and restore sanity to our tax code so that working people can once again get a fair share of the American economy.