Friday, February 1st, 2019
Stephan: Wealth inequality is largely the result of the tax policies enacted from the Reagan administration onward; the work of both Republicans and a few Democrats like Bill Clinton. This becomes obvious if you trace the rise of billionaires.
Most of the media describes the first billionaire in the nation as being John D. Rockefeller. But even Rockefeller did not reach that level according to author Ron Chernow. In his definitive 1998 biography on Rockefeller, Titan: The Life of John D. Rockefeller, Sr., Chernow estimates his wealth peaked at $900 million in 1913. The point here being that for all but the last few decades in America it was an extremely rare level of wealth. By 1960, for instance, the best estimate was there were only between 4 and 11 billionaires in America.
Today, however, according to Forbes magazine, "There are 540 billionaires in the United States, with a combined net worth of $2.399 trillion, according to our 2016 list of the world's richest people." There are 124 in California, 93 in New York, 48 in Texas, and 44 in Florida.
This tracks with the rise of wealth inequality, that makes the United States the worst developed nation in the world for wealth inequality.
And the Republican response is...
Why to shovel even more money into the coffers of the uber-rich. Mitch McConnell is arguably the most powerful christofascist and servant of the rich in America, and he couldn't care less about your wellbeing.
Mitch McConnell and Trump
Just over a year after the GOP rammed through its $1.5 trillion tax plan—which has predictably rewarded the ultra-rich while doing virtually nothing for workers—Senate Majority Leader Mitch McConnell (R-Ky.) and his Republican colleagues were condemned for pushing yet another “blatant giveaway to their wealthy donors” by introducing a bill on Monday that would permanently repeal the estate tax.
“At a time of record inequality, the very last thing we should do is line the pockets of the rich.”
—Sen. Bernie Sanders
“Greed has no limit for the GOP,” declared Frank Clemente, executive director of Americans for Tax Fairness. “We need to reverse direction—not allow the GOP to hand the rich even more tax cuts.”
The deeply unpopular Republican tax law already significantly weakened the estate tax by doubling the exemption, allowing couples with up to $22 million to pass on their fortunes tax-free.
If it passes Congress, the plan introduced by Sens. Chuck Grassley (R-Iowa), John Thune (R-S.D.), and McConnell—and co-sponsored by dozens of Senate Republicans—would accomplish the longstanding GOP goal of completely eliminating the estate tax.
“Ending the estate tax would give a tax break of up to […]