Class Warfare Blog

November 21, 2012

Redistribution of Wealth, My Ass (con’t)!

One of the right-wing bloviators talking points is that Democrats are in favor of . . . sneer, sneer . . . redistribution of wealth. Meaning that people who work are taxed to give money to people who don’t (freeloaders and scofflaws) . . . sneer. Apparently this is part of their “kick them while they are down persona,” I mean what good are the unemployed anyway?

If you want to talk about redistribution of wealth, how about talking about how conservatives over the past 40 years have redistributed incredible wealth to the rich from the middle class and poor, including the reduction of the top income tax rate from 50 percent in 1986 to 35 percent; the lowering of the capital gains tax to 15 percent which was 39.9 percent in 1977; the lowering of the top estate tax rate from 70 percent in 1981, with just $175,000 exempted from taxation, to a top rate of 35 percent this year with $5.1 million exempted from taxation. And this is just the tip of the iceberg. I have mentioned before that in 1950, for every $1 paid by individuals in federal taxes, corporations paid $3, but now for every $1 individuals pay the corporations pay a small fraction of a dollar. (Brother can you spare a dime; I gotta pay my corporate taxes?)

Republicans and conservatives may sneer at “redistribution of wealth” but they believe in it big time. It is just a matter of who the beneficiaries are.

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