One conclusion is clear and obvious: the richest Americans have dramatically lowered their income tax burden since 1945, both absolutely and relative to the tax burdens of the middle income groups and the poor.
Consider two further points based on this graph: first, if the highest income earners today were required to pay the same rate that they paid for many years after 1945, the federal government would need far lower deficits to support the private economy through its current crisis; and second, those tax-the-rich years after 1945 experienced far lower unemployment and far faster economic growth than we have had for years.
Industrial Era Capitalism was great for the past and it worked in that context; however, today it is our duty to configure a system for the post-automation society; the NEXT 50, 100, 200 years; bringing to bear the best of our collective intelligence, quantitative rigor, and intuitive forecasting capabilities, moving forward. For more than 50 years America's best and brightest have called for unconditional, LIVABLE #BasicIncome. It's time to join them. Here's why.
Thursday, March 3, 2011
Massive wealth redistribution as richest shirk responsibilities
Via TruthOut: