Tax Policy

Inequality has been growing for several decades. It’s well past the obscene level. New York Times columnist David Leonhardt reports that, since 1980, average net income of the bottom 90% has grown only about one-fourth the rate of the GDP growth. For the top 2% to 9%, average income growth has roughly matched the rate of GDP growth. For the top .01% to 1%, average income growth has been about twice the rate of GDP growth. For the top .01%, average income growth has averaged about five times the rate of GDP growth. It was in this environment that Republicans enacted a tax overhaul designed primarily to benefit the rich and especially the superrich. This country needs, not just a “wealth tax” or a 70% marginal rate on incomes over a million dollars per year, but a tax system that’s revenue-neutral or positive and much more progressive across the board.