HOW WE PAY FOR IT ALL
We can fund all these programs by shifting responsibility onto those most able to pay for it (and without much cost to them). In fact it is a patriotic duty of the most wealthy – those who have most benefited from the work and service of everyone else, and from the public services provided by our government – to contribute to society through a higher income and wealth tax. If we combine this with a freeze on raising taxes on people with 90% of the lowest income or wealth in the US, we can achieve tax equity and diminish inequality.
Good tax policies – unlike anything Republicans have driven through Congress with impunity – can overcome economy stagnation that results from inequality. A highly graduated income and wealth taxes for those with the top 10% of income or wealth can tap the trillions of dollars that sit idle, contributing nothing that encourages economic vitality. We can put their money to use, increasing economic growth and national wealth by investing it into our economy.
We have both the highest national income and the highest national wealth of any nation in human history. Yet our income and wealth distribution is more unequal than in any other affluent country. Wealth inequality is greater than it has ever been in our lifetimes with the richest 1% having as much wealth as the bottom 90%.
Even more significantly, the inequality of wealth between black and white adults is far greater than our income inequality. Whereas black and African Americans make just 2/3rd of what whites earn, the median black family has barely 1/13th of the wealth of the median white family. To remedy this and enhance the economic freedom of all, we must ensure that the burden of taxation falls on those whose income and wealth privileges them the most.