Wednesday, August 4, 2010

A Choice

We can have democracy in this country, or we can have great wealth concentrated in the hands of a few....we can't have both. -Justice Louis D. Brandeis
Consider: in 1928 the richest 1 percent of Americans received 23.9 percent of the nation's total income. After that, the share going to the richest 1 percent steadily declined. New Deal reforms, followed by World War II, the GI Bill and the Great Society expanded the circle of prosperity. By the late 1970s the top 1 percent raked in only 8 to 9 percent of America's total annual income. But after that, inequality began to widen again, and income reconcentrated at the top. By 2007 the richest 1 percent were back to where they were in 1928—with 23.5 percent of the total. -- Robert Reich in Unjust Spoils, The Nation, July 19, 2010

To save our democracy, Congress must reinstate the pre-Bush era tax rates for those with over $200,000 in taxable income. It is a common lie that this will be an Obama tax increase. It is not. The expiration was part of the original bill.

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