An article in The New York Times details how the super-rich are reaping the rewards of the latest tax changes put into place by the President and his allies.
Yes, getting rich is part of the American dream, but the idea is to do it through hard work and innovation. They include quotes from the conservative "think tank" (i.e., lap dog) the Heritage Foundation, such as, "In this income data I see a snapshot of a very innovative society," but then The Times gives us feedback from truly respected, accomplished people.
"[S]ome of the wealthiest Americans, including Warren E. Buffett, George Soros and Ted Turner, have warned that such a concentration of wealth can turn a meritocracy into an aristocracy and ultimately stifle economic growth by putting too much of the nation's capital in the hands of inheritors rather than strivers and innovators. Speaking of the increasing concentration of incomes, Alan Greenspan, the Federal Reserve chairman, warned in Congressional testimony a year ago: 'For the democratic society, that is not a very desirable thing to allow it to happen.'"
For democratic society, that is not a very desirable thing to allow to happen. Yes, indeed, but doesn't this President claim to be all about democracy? Well, I guess that's in the eye of the beholder.
Speaking of people gaining through inheritance, did you know that many of the examples the politicians used of small farmers supposedly losing the family farm through the disingenuously nicknamed "death tax" weren't true? A recent examination of that whole campaign showed that some families mentioned in it as losing property weren't impacted by the tax at all. These were simply lies to stir people into a frenzy, pushing for repeal of a tax that impacted only the wealthy.
The harm is that any tax cut for the wealthy has to be made up by regular working folks' taxes. It's not like the modern GOP knows how to hold down government spending. All they know how to do is steer it toward faith-based programs, but the level of spending (particularly on pork barrel projects) is out of control.
Where are the Democrats' PR people? And "think tanks" to get a sensible message out there? I'm not in love with the Democrats, either, but someone needs to counter the lies being spread and the damage being done. So wake up!