Tuesday, November 09, 2021

Building Back Without the Rich Contributing

Now that Biden has a win on his desk, progressives must turn their attention to passing the reconciliation bill, which will be a much harder trick.  Corporate Democrats supposedly pledged their support of the social programs bill to progressive caucus leaders in the House.  There will undoubtably be more reduction of the almost $2 trillion bill in the Senate to get the holdouts on board.  The new tax provisions of the legislation are probably the most objectionable to plutocratic senators.  But look at these charts:

Average tax rates on the wealthy have dropped by about thirty percent since 1960 while the rest of us have to pay the same average rate of around 25%.  As result of this preferential tax treatment, the top 10% earners share of household wealth has ballooned: