This is War
When our news source was small and local, the average American had reliable news. Today, the news sources are all multi-billion dollar corporations and the news reporters are multi-millionaires. Does the average American still get reliable news? Of course not. That is why you never hear our current financial disasters framed in the true or correct context. Class War.
Millionaire news reporters certainly don’t want to report on increasing taxes on the stinking rich as something good for America even though it was part of what made America fair, just, and strong for most of the 20th century. Now these reporters and news corporations try their hardest to paint the returning to reasonable and fair taxes as something that will destroy America’s economy, the whole while avoiding the facts that the reduction in their taxes since the Reagan era is a major part of what’s destroying America, today.
As Warren Buffet has said, there is a class war going on and my class is winning.
That’s primarily why you are reading reports about how the economy is rebounding but the average American worker is working longer and harder for less. The economy is not getting better for the average American, but it is certainly getting better for America’s corrupt corporate news entities so they will gladly, and ignorantly report that the economy is getting better. Without any reasonable or reliable news sources saying anything to the contrary, we’re left believing that it must be getting better for everyone else but us.
Let’s take a quick look at the outcomes of the major salvos in this class war.
After the great depression of the 30s, top tax rates on the insanely wealthy were raised to 92%. This provided many benefits including reducing the undue influence the wealthy have on our government and encouraged those benefiting the most from our country to reinvest the most.
For the next 30 years, the rich won every battle with hole after hole being poked in our tax laws allowing them to avoid paying their fair share. We can thank the undue influence in our government to the strength of wealth.
The top tax rates on those earning over $3 Million was 92% for only that income over the $3M back in the days before JFK. Kennedy then reduced the top marginal tax rate into the 70% range and closed up most of the loop holes Congress had put in the tax codes for the benefit of their millionaire friends and contributors. This was actually a tax increase as Kennedy repeatedly explained. This was a small step back to the way things were before JFK, but not a return to the fiscally sound policies put onto place after the depression.
Then, along comes Reagan and he drops the billionaire tax rate repeatedly down to the 30% range. Then Bush comes along and drops the billionaire tax rate down to 25% and only 15% for dividend income.
Also during this time, the poor misguided American public listened to the billionaires tell us how scary the “death tax” is that we started believing them. It’s not a death tax, the tax for death is death. The inheritance tax is paid by those inheriting the billions and billions of dollars. This tax was put in place to prevent aristocracies from getting strong and powerful enough that they could poison our government.
Well, guess what. Here we are today with the rich and powerful controlling almost all of our press and all of our government.
All the safeguards we put into place after the last great disaster have all been eroded by our politicians. It’s time for us to get back to where we were after the last great depression. Restore fair and reasonable taxes. 90% is not an unreasonable tax over $3 Billion and will only help the economy.
The enemy isn’t the other political party; it’s the rich and powerful; it’s a class war, and guess, what, we’re losing big time.