It’s nothing we haven’t discussed here at least a hundred times before, but it’s always nice to happen across a new, persuasive article on the subject of America’s super-rich, and how critical it is that we begin taxing them at a level befitting a first world nation… It would be nice, though, if it wasn’t always Robert Reich saying it… Here’s a clip.
…Given this unprecedented concentration of wealth – and considering what the nation needs to do to rebuild our schools and infrastructure while at the same time saving Medicare and reducing the long-term budget deficit – shouldn’t we be aiming higher than a “Buffet tax” on the incomes of millionaires?
There should also be a surtax on the super rich.
Yale Professor Bruce Ackerman and Anne Alstott have proposed a 2 percent surtax on the wealth of the richest one-half of 1 percent of Americans owning more than $7.2 million of assets. They figure it would generate $70 billion a year, or $750 billion over the decade. That’s half the savings Congress’s now defunct Supercommittee was aiming for.
Instead of standing empty-handed while Santorum and Romney dominate the airwaves with their regressive Social Darwinism, Democrats need to be reminding Americans of what’s happening in the real economy – and what needs to happen.
The wealth gap is widening into a chasm. A surtax on the super rich is fair — and it’s necessary…
Everything I have to say on the subject, for those of you who are interested, can be found here.
Our kids are poor.
At some point in their lives, half of all U.S. children will be on food stamps. This suggests problems of poverty AND hunger. Half — 50 percent of American children. Right now, a family of three that nets more than $1,545 per month is NOT eligible for the program. It seems unimaginable that fully half of all American children will start their lives like this, but it’s true. This cycle must be broken — for their good and ours.
Our adults are poor.
Half of American adults will experience poverty by the time they turn 65. That means half of our neighbors will experience having an income of $22,000 or LESS for a family of four. Adults living in poverty often have a disability or are weathering extremely difficult times — single moms struggling to raise families, or someone who’s contracted a serious disease.
Our elderly are poor.
One of every six elderly Americans live in poverty. It’s not just about gross income. Many times social security and pension income raise income above the poverty level. But when you take into account how much of their disposable income they spend on health care costs, particularly medication, and housing, they drop below the poverty line.
Too many of our workers are poor.
One quarter of the workforce earns poverty level wages. Right now, for a family of four, that’s $23,050 per year. These aren’t just part-time workers who can’t find full-time work. In Illinois nearly 100,000 full-time, year round workers still fall below the poverty line. These are folks who put in a long day at work, yet still can’t afford to put a roof over their heads and food on the table, always just one unexpected expense from catastrophe.