signalmankenneth
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PAUL BUCHHEIT FOR BUZZFLASH AT TRUTHOUT
In 1786, just ten years after the American Revolution, a large group of debt-ridden farmers rose up against local government and the wealthy
businessmen who sought to maximize profits from their investments in our new country. Small farmers were losing their income and property to a few dozen powerful landowners. Ironically, "Shay's Rebellion" scared the founding fathers into lobbying for a stronger government against the threat of unrestrained democracy.
Today the great majority of us are in the same financial position as those farmers, and it's just as personal. We own less than our parents. Our college graduate children, burdened with tens of thousands of dollars in loans, can't find jobs. We worry about our Social Security and Medicare benefits as wealthy Congressmen tell us these long-time programs waste money.
It gets even more personal:
(1) If you make $50,000 a year, you'd be making $92,000 if median household incomes had just kept pace with the growth of the economy since 1970. That missing $42,000 goes every year to the richest 1% of Americans.
(2) If you make between $35,000 and $200,000, you pay more taxes, percentagewise, than the richest 1% of Americans.
(3) You pay roughly a 6% tax on a pair of shoes. There's a ZERO tax on financial transactions that make up much of the income for the richest 1% of Americans.
The only good solution to all of this is increased taxes on the highest incomes. That would tax the individuals and corporations who benefit most from national security, government-funded infrastructure, and public research that has created profitable modern technologies.
Today, as in 1786, the wealthy and well-connected members of Congress want to make sure they retain control. In 1786 Sam Adams, who had been one of the strongest voices for the Revolution, argued that rebellion in the new Republic should be punishable by death. We need to fight back in 2011 before modern-day Republicans consider Adams' suggestion.
In 1786, just ten years after the American Revolution, a large group of debt-ridden farmers rose up against local government and the wealthy
businessmen who sought to maximize profits from their investments in our new country. Small farmers were losing their income and property to a few dozen powerful landowners. Ironically, "Shay's Rebellion" scared the founding fathers into lobbying for a stronger government against the threat of unrestrained democracy.
Today the great majority of us are in the same financial position as those farmers, and it's just as personal. We own less than our parents. Our college graduate children, burdened with tens of thousands of dollars in loans, can't find jobs. We worry about our Social Security and Medicare benefits as wealthy Congressmen tell us these long-time programs waste money.
It gets even more personal:
(1) If you make $50,000 a year, you'd be making $92,000 if median household incomes had just kept pace with the growth of the economy since 1970. That missing $42,000 goes every year to the richest 1% of Americans.
(2) If you make between $35,000 and $200,000, you pay more taxes, percentagewise, than the richest 1% of Americans.
(3) You pay roughly a 6% tax on a pair of shoes. There's a ZERO tax on financial transactions that make up much of the income for the richest 1% of Americans.
The only good solution to all of this is increased taxes on the highest incomes. That would tax the individuals and corporations who benefit most from national security, government-funded infrastructure, and public research that has created profitable modern technologies.
Today, as in 1786, the wealthy and well-connected members of Congress want to make sure they retain control. In 1786 Sam Adams, who had been one of the strongest voices for the Revolution, argued that rebellion in the new Republic should be punishable by death. We need to fight back in 2011 before modern-day Republicans consider Adams' suggestion.
