Wednesday, March 9, 2011

America's money

This is a great bit by Michael Moore regarding the financial situation in America. He discusses some of the major issues in our country, such as the growing gap between the rich and poor, the shakedown of those programs that help bring more money into the country.

It's astonishing to think that a) 400 rich Americans now control more money and assets than 50% of the American people combined, and b) that many of these super-rich people, along with massive corporations pay little to NO taxes.

In order to balance the power and benefits that are available in this country, we need to raise taxes on the rich and on businesses. Back in the 50's, the top wage bracket tax rate was 90%. Why not go back to that for those making $1 Million/ year or more. Think of it this way:

A person who makes $1 Million/ year and pays 90% in taxes takes home $100,000/ year. In 2009, the median wage for workers was about $50,000, so those at the "top tax bracket" would still be bringing home double what the "average" American would. And $100,000/ year comes to nearly $2,000 a week in pay, significantly more than most Americans. As the person in the top wage bracket earns more, they pay more, but take more home. For every million dollars, they're bringing home $200,000. That's certainly enough to live on. A person making $10 million will bring home $1 million. Why would this be unreasonable? Do the people who make this much money really need it all? Maybe, but maybe they could simply learn to live on less. Whatever happened to helping your fellow man? How about funding education and health care instead of hollowing them out and then demonizing them for failing to meet impossible standards?

That was a bit off-topic, but it's been stewing in my mind for a while. Anyway, Moore makes some interesting points about control of media and economic sources, the consolidation of wealth and power, and the new revolt, sparked out of Wisconsin, that has awakened the working class American to the power of voice and action. It's worth a read, even if it is a bit long.

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