David Goldstein is a senior fellow at Civic Ventures and cohost of the “Pitchfork Economics” podcast.
In this opinion piece, he writes that “it is no longer possible to choose democracy without also choosing to tax concentrated wealth.”
The wealth tax debate, he says, isn’t just about money. It’s about who has power. “A democracy that cannot rein in such a dangerous concentration of wealth and power isn’t really a democracy at all,” he writes.
For more on this topic, listen to the latest episode of “Pitchfork Economics.”
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“We must make our choice,” Supreme Court Justice Louis Brandeis warned Americans near the dawn of the New Deal. “We may have democracy, or we may have wealth concentrated in the hands of a few, but we can’t have both.”
Eighty years ago, our republic made the choice to address this existential threat of concentrated wealth by embarking on an era of highly progressive taxation and broadly shared economic growth. Working together as one nation, we pulled ourselves out of the Great Depression and through the Second World War, defeating fascism abroad while building at home the largest and most prosperous middle class the world has ever seen. The wealthy still saw their wealth increase, but not nearly as fast as the majority of working and middle-class Americans.
But over the past 40 years, all of this progress has been reversed by a trickle-down agenda of tax cuts for the rich, deregulation of the powerful, and wage suppression for everybody else that has reimposed a level of wealth and income inequality not seen since the Gilded Age. And as Justice Brandeis warned, the wealthy and powerful are doing everything they can to fend off any democratic challenge to their wealth and power. …read more
Source:: Business Insider