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LJWorld.com weblogs Loyal Opposition

Elephant Graveyard?

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Recent statistics reveal that the wealthiest among us have again done economically much better then the rest. The Republican Party argues that is just fine – they worked to earn it. Did they? Competing our workers with low cost foreign labor has stifled growth among the middle class but has led to record income growth among the corporate moguls. That money was not earned it was the result of misguided government action prompted by those moguls.

We now tax the very very rich at the same marginal tax rate we tax the upper middle and not much more than what we tax the middle. The Republicans argue that is fair because they very very rich create jobs with all the bountiful income - an argument that actually suggests that our economic system can only survive if the very very rich receive preferential treatment.

Actually controlling salaries and benefits has historically been avoided as there are legal questions as to the ability of the government to do so. Taxing the very very rich has no such challenge. If there is any merit in the Republican argument then we should be able to tax the very very rich at recent historic highs and free economic resources for investment/consumption by reducing taxes on the middle and upper middle.

For some reason the intelligent leadership of the GOP seem to have missed the message that we are not arguing about the size of government or starving the “Beast”. We are arguing about equity. A progressive tax system should not go flat for the very very rich. There is much anger at this inequity in the land. Is the GOP banking on the “Independents" to flock to their colors to protect the very very rich from being required to make an equitable investment in our country? Have they become so sure that Mr. Obama will fail at reelection that they can ignore the anger? They may be counting chickens that are just not there.

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