Last year, for the first time on record, the 400 wealthiest American households paid a lower total tax rate than any other income group, according to the New York Times. It’s high time we change all that.
There’s a belief, not supported by history, that cutting taxes, especially for the wealthy, is good for the economy. Instead, low taxes on the rich contribute to income inequality, now the worst it has ever been in the U.S. As I reported some days ago, income inequality is currently the highest since census started tracking it. The rich are getting richer, the poor poorer, and those in the middle are becoming fewer.
Income disparity hurts the economy because the vast majority of people have less money to spend. For the good of all of us, we need to work toward a more even distribution of the fruits of our economic endeavors. The time for change is long past.
All of the Democratic presidential hopefuls are touting higher taxes on the rich and other steps to benefit lower-income citizens. My reading of the political landscape is that Trump and the Republicans will likely lose the election by a landslide. According to the Washington Post on 9 October, “A majority of Americans say they endorse the decision by House democrats to begin an impeachment inquiry of President Trump.” The shift in sentiment in favor of removing Trump results from recent revelations about his efforts to get foreign governments to intervene in U.S. elections.
It can’t come soon enough. Trump and the Republicans have worked hard to boost benefits for the well-to-do at the expense of the middle and lower class. It’s time for the decades of inequality to end.