Zeev's Turnips Talk Politics (ZTTP)

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Republicans prefer wealth concentration to wealth distribution

If you look at what has been happening in the US since Ronald Reagan
was elected, the Republicans have done an excellent job at
concentrating wealth at the top. CEOs now make more in one year than
the average US worker makes in a lifetime. The Estate Tax that
primarily affects the top 5,000 American families was suspended and
the top tax table has been cut nearly 60 per cent for top earning
Americans since the 1960s.

Short term Capital gains tax is now 17 per cent which means that
billionaires and millionaires enjoy a tax break that is lower what the
average American pays. The game plan of the GOP has been to
concentrate wealth at the top and to rationalize it using Supply Side
economics, an immature tax policy that appeared during the Reagan
administration. Many economists believe that supply side economics was
simply a trojan horse that was used to cut taxes for the most affluent
Americans. In addition, the Republicans also changed taxes for a rogue
group of entrepreneurs the venture capitalists. When they destroy a
business and take it over, they only pay a 15 per cent tax. This
change certainly enriched men like Mitt Romney who is a venture
capitalist.

Waht was the end game of this wealth concentration. It produced 1000
new billionaires since 1986 that removed more than a trillion dollars
form the US economy. More than $200 million of this haul ended up in
UBS Bank in Switzerland to hide this booty form the IRS.

When a Republican complains about Obama wanting to spread the national
treasure among Americans, ask him or her how wealth consolidation
helps the average American? We are in the financial mess we are today
because of excessive wealth concentration.