The Rich Now Rule, While The Poor Beg…Expect Riots And Major Economic Changes Over The Next Few Years

Posted By on September 30, 2011

The top one half of 1 percent of the population now owns over 28 percent of the nation’s total wealth.  Are they kidding?  And the Republicans don’t want to raise taxes on the rich…..They should be ashamed of themselves, but they’re not. 

This from RobertReich.org

The President’s modest proposals to raise taxes on the rich – limiting their tax deductions, ending the Bush tax cut for incomes over $250,000, and making sure the rich pay at the same rate as average Americans – don’t come close to paying for what American families need.

Marginal tax rates should be raised at the top, and more tax brackets should be added for incomes over $500,000, over $1,500,000, over $5 million. The capital gains tax should be as high as that on ordinary income.

Wealth over $7.2 million should be subject to a 2 percent surtax. After all, the top one half of 1 percent now owns over 28 percent of the nation’s total wealth. Such a tax on them would yield $70 billion a year. According to an analysis by Yale’s Bruce Ackerman and Anne Alstott, that would generate at least half of $1.5 trillion deficit-reduction target over ten years set for the supercommittee.

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