It may seem incongruous with our supposed bootstrap mentality, but Americans worship wealth and the wealthy so much that they hold them to different standards.
No matter their qualifications, from the outset the wealthy are deemed credible candidates for elective office. Politicians shower them with tax breaks. And, at least until recently, they appear to be above the law especially in cases of physical and sexual abuse.
What is it about money that robs us of a backbone?
Or more importantly, why do we have a government whose policies are geared toward making the wealthy even more so?
Consider this: The combined income of Jeff Bezos, $95 billion, founder of Amazon; Bill Gates, $90 billion, founder of Microsoft; and Warren Buffett, $79 billion, founder of Berkshire Hathaway, is greater than the combined wealth of 160 million Americans or half of the U.S. population.
The ultra-rich havent held this much of the countrys wealth since 1929 right before Wall Street went bust.
Meanwhile, 60 percent of Americans dont have enough reserves to cover a $500 emergency.
THANKS TO the $1.5 trillion 2017 tax overhaul, the seven brackets of income taxes were tweaked with the uppermost topping out at 37 percent for those making $500,000 a year and more, down from almost 40 percent.
The cost to the economy is projected to be as much as $1.9 trillion over the next 10 years.
Though he was thrilled with the passage of his signature tax cut plan, then-Speaker of the House Paul Ryan was distraught it could not be offset by drastic cuts to the entitlement programs of Medicare of Social Security.
THOSE WHO maintain that everything is peachy keen say the additional income from raising taxes would not be enough to make a marked difference.
Even if every tax loophole were closed and the U.S. realized another $275 billion a year, the living standards for the tens of millions of struggling Americans in a $20 trillion economy would barely budge.
Even if we could somehow shower that money over our 100 million lower-income citizens, the argument continues, it would amount to only a few thousand dollars apiece. A boost, yes, but not enough to meaningfully reduce the income inequality that is turning the United States into an aristocracy a far cry from our humble beginnings.
Of course, if we returned to the tax rates of the 1950s and levied a 70 percent tax rate on those who earn $10 million a year and more, wed get $700 billion over a decade. Some real money. Such as in being able to take care of SNAP, the program that today provides food for 42 million Americans.
But no, today thats called socialism.
Or how about raising the tax on capital gains, where it sits at 20 percent, or taxing inheritances of over $11 million?
Again, the wealthy cry foul and politicians listen.
