Tuesday, March 5, 2013

American Wealth Inequality For Dummies

An absolutely must see video that lays out in the simplest terms the extent of wealth inequality in the United States, compared to what Americans think it is and think it should be. 

People are wildly ignorant of the true extent of inequality in America.  We've been so heavily propagandized by the Pete Petersons and Koch brothers and Walton heirs that make up the top 0.01% that the average American . . . hell, the above-average American has a totally inaccurate mental picture of where we are. Here's a short list of a few policy ideas we should be talking about rather than sequestration, cutting "entitlements", and the deficit.

For starters:

- end carried interest exemption

- lift cap on payroll taxes

- tax investment income as ordinary income (dividends, capital gains)

- add more tax brackets to increase progressivity of the income tax code

- ramp up the estate tax

- increase the standard deduction

- end phaseout of certain tax deductions that impact middle class (e.g. Student loan interest deduction)

- implement a Tobin Tax

- transition to single payer healthcare insurance

- begin major infrastructure stimulus and jobs program

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