It is high time that our politicians do what President Roosevelt did during the Great Depression. In August 1935, FDR raised federal income tax on higher income folks as he introduced the “Wealth Tax.” It was a progressive tax that took up to 75 percent of the wealthiest people’s incomes – then it was those who earned over $1 million yearly.
In December 2017, “Vox” reported that the Republican Tax Bill got worse. Now the top 1 percent gets 83 percent of the gains. The bill raises taxes on more than 53 percent of Americans.
As of December 2018, “Vox” said the 2017 Republican Tax Bill “heavily benefits the wealthy and corporations”. It goes on to say that the Bill slashed the corporate tax rate from 35 percent to 21 and an estimated $17 billion in tax savings will benefit the millionaires.
And so, at this time of Coronavirus Pandemic panic when the Senate and House are planning to increase the deficit by nearly $2 trillion or so, what impact is this going to have on us in the 99 percent moving forward? Will the billionaires once again come out ahead, leaving us and our children to pick up the $ pieces? It is likely, especially since Mitch McConnell and the wealthy Republican Senators will vote to hold on to their money and not give us less wealthy folks a break.
Bottom line: We need to speak up and say that it’s time Now to bring back FDR’s thinking and tax the billionaires as was done in 1935. Enough of the wealthy getting richer and leaving us behind. Justice Now is our cry!