In a recent column, Todd Welch claims that a wealth tax on those who have more than $100 million is “too costly.” He’s wrong. What’s too costly is continuing to allow the few to bankrupt the many.
As voters, we’ve allowed the gap between the super-rich and the rest of us to grow to crazy proportions, which now threaten the survival of democracy. The richest 400 Americans own more assets than the 150 million Americans in the lower-earning half of “we the people.” And these ultra-rich at the very top pay a lower percentage of their wealth in taxes than any of the rest of us do.
Instead of reinvesting the profits from American innovation back into the country, we’re allowing CEOs to hijack it. And so, with borrowing the only remaining option to pay the nation’s bills, our national debt has ballooned to $35 trillion dollars. This debt will be our generation’s legacy, a heavy burden that we’ll leave for our children and grandchildren to bear.
Welch says we can’t afford a wealth tax. What we really can’t afford is not to have one. It’s time for “we the people” to stand up to the new American oligarchs, and to take our country back.
Mike Thompson
Edmonds
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