Wednesday, October 28, 2015

Trickle-Down Economics Gone Wild: As the middle-class continues to shrink, Republicans want to raise their taxes... and then give more tax breaks to the wealthy.

(President Roosevelt and his family, 1934. Photo courtesy of the Library of Congress.)

A new report from the Social Security Administration shows that more than half of Americans are earning less than $30,000 per year.

And while the American middle-class continues to shrink, the richest Americans keep adding tens of billions of dollars to their already out-of-control wealth, allowing them to buy more gold bathtubs, more $78,000 watches, more private islands, and more politicians. To add insult to injury, we're told by conservative think tanks & talking heads that these types of purchases & investments will create lots of good middle-class jobs... you know, the whole "Job Creators" spiel. But do you believe that the purchase of a private island, or a mansion on the French Riviera, creates lots of good middle-class jobs in the United States, or helps improve our nation's aging & crumbling infrastructure?

As all this foolishness is going on, Republicans want to raise taxes on the middle-class & poor, lower taxes on the rich, and protect wealthy tax evaders from law enforcement. For example, leading Republican presidential candidate Ben Carson wants to implement a flat tax that would "raise taxes on the bottom 95 percent of taxpayers by an average of $2,887, while cutting them by an average of $209,562 for the richest one percent of taxpayers each year." Further, as if all this were not bad enough, tens of millions of voters are telling Republican candidates, "Yes! We will vote for you to implement these policies!"

Middle-class & poor Americans are already facing stagnant or dropping wages, more debt, and extremely disproportionate taxation at the state and local level - not to mention rising and regressive tolls, fees, fines, and utility rates. Why in the world would an electorate willingly vote to be taxed even more, and also vote to give tax breaks to the people who are already accumulating more and more wealth every year, who are already enjoying historically low tax rates, and who are also engaging in all manner of tax evasion & avoidance?

Welcome to Trickle-Down Economics Gone Wild! - an inexplicable madhouse of public policies and voting behavior.

"When it came to taxes, Roosevelt simply believed that rich people should pay more than poor people. And in emergencies, they should pay a lot more." 

--Joseph J. Thorndike, Their Fair Share: Taxing the Rich in the Age of FDR

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