Taughannock Falls

Taughannock Falls
from: althouse.blogspot.com

Thursday, March 3, 2011

A plea from Robert Reich

National Democrats are no doubt pleased to see Republicans behaving so outrageously, in Wisconsin and throughout the country, that they are stirring up the people against them. Yet the leaders of the party should not be too sanguine about their own future. I hear folks argue that voting for Democrats doesn't change the stranglehold the richest Americans have on our politics. If the Democrats want people to actually come out and vote for them, they'll have to show some seriousness about restoring middle class America.

Robert Reich has some suggestions:

Here’s what Democrats should be saying:

Hike taxes on the super-rich. Reform the tax code to create more brackets at the top with higher rates for millionaires and billionaires. Absurdly, the top bracket is now set at $375,000 with a tax rate of 35 percent; the second-highest bracket, at 33 percent, starts at $172,000 for individuals. But the big money is way higher.

The source of income shouldn’t matter – salary, wages, capital gains, other unearned income – all should be treated the same. There’s no reason to reward speculators. (Don’t penalize true entrepreneurs, though. If they’re owners who have held their assets for at least twenty years, keep their capital gains low.)

And while you’re at it, raise the ceiling on income subject to Social Security taxes. And bring back the estate tax.

Do this and we can afford to do what we need to do as a nation. Do this and you prevent Republicans from setting the working middle class against itself. Do this and you restore some balance to a distribution of income and wealth that’s now dangerously out of whack.

Do this, Democrats, and you have a chance of being relevant again.

(Chart published by Business Insider)


mlee33 said...

Democrats have to choose-- between possibly offending wealthy donors, and rebuilding a popular coalition of voters to win more elections.

Cletis L. Stump said...

Ulysses, maybe we should collaborate on a primer for those who, for whatever reasons, don't see this.