What does it mean?

Ever since the "Reagan revolution," the gap between America's rich and the rest of us has continued to grow. A major reason for that gap has been a tax code influenced by

big political donors that benefits the very rich-a system that has been described as socialism for the rich and capitalism for the rest of us. It is a Republican article of faith that tax cuts for the rich will "trickle down," despite the fact that-contrary to the GOP's repeated assurances--no such "trickling" has ever occurred. Meanwhile, corporations use the windfalls produced by Republican tax cuts to buy back their own shares, driving up the price of their stock, and further enriching their shareholders.

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Why Does It Matter?

Stable societies require a robust middle class, and the maintenance of a strong middle class requires a fair and equitable tax system. In the U.S., the middle class keeps

shrinking; the rich have gotten steadily richer while the numbers of working poor continue to grow. The use of tax havens and other tax avoidance mechanisms by the rich has increased dramatically, but.Republicans continue to oppose closing these loopholes or providing the IRS with funding sufficient to audit wealthy scofflaws. Republicans talk a lot about tax rates, but not about the other elements of the tax system that favor the rich, like different treatment for different kinds of income. Most Americans receive almost all their income through wages and retirement income. For the very wealthy, however, wages and pensions are much less important than investments and businesses, and those are income sources that the tax code greatly favors. (For example, we don't tax the massive unrealized capital gains and very sizable inheritances that accrue to many affluent households.)

 

Marc will work for a tax system that is as fair to wage earners as it is to corporate tycoons.

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