I find it odd that in the fiscally precarious climate we find ourselves in that our elected politicians are looking everywhere to cut spending, however, the one place they are not considering is raising tax rates for the wealthy.
The tax rate on wealthy Americans are at their lowest rate in 80 years. In the 1920s, the decade that led to the Great Depression, the top tax rate was 25%. The tax rate peaked at 91% for people making over $200,000 for two decades, the 1940s to early ’60s. From there it has steadily declined to today’s level of 35% for people making over $380,000.
Yet all we hear from GOP is we can’t raise taxes on anyone because that is not the way to “grow the economy.” They have had decades of low interest rates and yet jobs have not been created. Actually, based on the lowest tax rates in decades, well known tax havens used by many of the wealthy, as well as loop holes in our income tax system, the middle and lower classes are paying more in taxes than the wealthy.
In order to avoid anyone realizing the financial gap growing at an astounding rate between the wealthy and everyone else, the GOP’s main way is to focus people’s attention elsewhere by talking about social issues, i.e., abortion rights, gay rights, gun rights, basically anything that gets the public focusing on something else other than their economic goals, which are to pay as little taxes as possible, enrich themselves, and shift the tax burden onto middle and lower classes.
I do believe that Democrats would like to have a more equal economy, not a shift of wealth, but give everyone an equal chance for success, wealthy or not. However, our political system is not amenable to making that happen. Representatives of both parties are reliant on contributions from corporations, and how can we expect them to make the right decisions for the majority of us. We are expecting them to go and ask for contributions from the same people we want them to police, regulate, and tax.
We must have a political system that removes corporate money. A system that is paid for by our government. Everyone would be on the same level, have the same amount of money to campaign on, no contributions from corporations or unions or PACs (political action commitees). Our present system is only open to the very wealthy in our society. People of even wealthy incomes (above $1 million) cannot compete in today’s politics. Also, everyone one would have term limits. It seems now the goals of our representatives are to secure donations and stay in office , not to work in the best interest of their constituents.
Until we have real change, things will continue to decline, our living conditions, stagnant salaries, increasing healthcare costs and education. The only way we will be able to see change is to force it. We are many but they are few. We just have to get to a point where we have had enough and it is time to act.