The SuperRich and their mouthpieces howl with a vehemence unknown to civilized man whenever someone suggests that they might have too much money. “Don’t redistribute wealth”, they say.
Fact is there has been a gross redistribution of wealth in the last two decades but not from rich to poor but from poor, working-class and middle-class to the wealthy. This is what has happened:
- From 1980 to 2006, the ONE PERCENTERS have TRIPLED their share of the national income
- And since 2006, the ONE PERCENTERS have captured 121% of all income gains
- In 1983, the poorest 47% of Americans OWNED 2.5% of the Nation’s wealth, by 2009 that miniscule portion had declined to ZERO PERCENT!
- From 2001 to 2011, CORPORATE PROFITS DOUBLED while Corporate Income Taxes were cut in half
- 75% of ALL capital gains and dividend income goes to the ONE PERCENTERS
- Yet many of the ONE PERCENT have gotten away with paying ZERO in Income Taxes
- The U.S. Government distributes about $ ONE TRILLION in tax expenditures, that is, money “spent” by jigging the tax code to provide deductions, exemptions, exclusions, credits & loopholes; of that, TWO-THIRDS go to the Upper 20% of Taxpayers
- The Corporate Sector receives $ ONE HUNDRED BILLION in direct subsidies from the Federal Government as Corporate Welfare, half of which goes to AgriBusiness and the Oil Industry
- Another $ 150 BILLION is given to Big Pharma
This is the REAL redistribution, it is bad and it’s getting worse!
SOURCE: Paul Buchheit is a college teacher, a writer for progressive publications, and the founder and developer of social justice and educational websites (UsAgainstGreed.org, PayUpNow.org, RappingHistory.org).