Working class tax rates now higher than billionaires'

 From The Hartmann Report

Economist Gabriel Zucman published an extraordinary op-ed in The New York Times this week showing the impact of 40 years of Republicans transferring over $50 trillion from the pockets of the middle class into the money bins of the morbidly rich via changes in tax policy. Not only has this led to a $34.5 trillion national debt — 100% of which can be accounted for by massive tax cuts on the wealthy and corporations put into place by Ronald Reagan (1981), George W. Bush (2003), and Donald Trump (2017) — but it’s also gutted the middle class, reducing the percentage of Americans who can live comfortably in that realm from almost two-thirds of us in 1980 to around 43% of us today. (Those details are mine, not his.) Zucman explicitly calls for the entire world to take on the challenge of rescuing democracy and working class people by raising taxes on both billionaires and the corporations they use to shield themselves from taxation. It’s about damn time.

Time for higher company tax, higher income tax on the rich, and a wealth tax.