You might think 35% income tax for the rich is too high, but only if you don't understand capitalism. In the 21st century, about four hundred people have almost 50% of the wealth in the United States (Forbes). Quick explanation below:
In a free market, those with money can make more money a lot faster than those without money. Over the course of generations, the playing field is more and more uneven. People without money have to seek out those with money and apply for a job. Those with money spend time investing, and those without money spend time working as employees.
The free market was only an even playing field when it began; now it is a very uneven playing field. That's why we need government to regulate with labor laws, social services, etc. Of course, the propagandists hired by the big financial interest groups will do everything they can to help the rich save money -- so we have the GOP pretending we can magically fix the economy by LOWERING taxes for the rich, increasing the retirement age so the poor can work more years, etc... and lately, they are even trying to de-fund the Environmental Protection Agency! Unscrupulous.
If you want to learn more about the conflict that causes the rich to buy politicians and use propaganda, please follow this blog.
Also, learn about Keynesian economics. John Keynes was a famous economist who observed that government spending can compensate for a lack of private spending during a time of economic recession -- and he believed government could effectively improve the free market. The purpose of government is to protect people, and after 2 centuries of free market American capitalism we do need to be protected from the effects of this exponentially increasing imbalance of wealth. Just like the rich, the government should make good investments. To the rich, though, the government is just a big pain in the ass.
In a free market, those with money can make more money a lot faster than those without money. Over the course of generations, the playing field is more and more uneven. People without money have to seek out those with money and apply for a job. Those with money spend time investing, and those without money spend time working as employees.
The free market was only an even playing field when it began; now it is a very uneven playing field. That's why we need government to regulate with labor laws, social services, etc. Of course, the propagandists hired by the big financial interest groups will do everything they can to help the rich save money -- so we have the GOP pretending we can magically fix the economy by LOWERING taxes for the rich, increasing the retirement age so the poor can work more years, etc... and lately, they are even trying to de-fund the Environmental Protection Agency! Unscrupulous.
If you want to learn more about the conflict that causes the rich to buy politicians and use propaganda, please follow this blog.
Also, learn about Keynesian economics. John Keynes was a famous economist who observed that government spending can compensate for a lack of private spending during a time of economic recession -- and he believed government could effectively improve the free market. The purpose of government is to protect people, and after 2 centuries of free market American capitalism we do need to be protected from the effects of this exponentially increasing imbalance of wealth. Just like the rich, the government should make good investments. To the rich, though, the government is just a big pain in the ass.
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