The question is how long can working stiffs, who make up perhaps most of the 99+% of us, tolerate the other, almost as potent virus called ‘The Super Rich’? Does anyone realize that these ‘less than 1/4 of one percent of us are mega millionaires?
It used to be, like when JFK took office, that the super rich were being taxed at 90%. Then, with their accountants sharpening pencils, the super rich probably forked over maybe 40% to 50 % of their income each year to Uncle. Well, little by little, from a top rate of 81% and then 71% under Reagan, it now settles in at 37%…as a TOP rate. As Senator Mitt Romney acknowledged a few years back, he, a super mega millionaire (billionaire?) paid out 15% in federal taxes. So, all those super rich among us (or rather secluded away from us) have got some sweet deal. Yes?
On one hand, to hear that some sports figures and sports owners are actually giving back to help pay the folks who work for their teams, arenas and stadiums, is always well received. Yet, when a guy or gal who is earning or worth $ 20 million or $ 50 million each year, and then gives $ 100k to help out folks…. well… the homeless guy who with two bucks to his name gives his totally broke fellow homeless pal one of those dollars is doing a hell of a lot more. Do the math: The super rich sports figure or sports owner who earns let us say $ 50 million, and, hypothetically speaking, pays out the Full Monty of 37% in taxes, still keeps $ 31.5 million TAX FREE! Can you imagine how long a family of four could live on that? How about two families of four… or even a hundred?
A long time folks, with NO worries about anything… but of course this virus. Yes, with businesses about to shut down with tens of millions, maybe even hundreds of millions soon out of work with no income at all…. we will have CHAOS! Who knows how far a person will go when there are mouths to feed and no end in sight to this darkness of what I call Economic Pandemic.
The voice of the people needs to be heard. Not through violence but consistent demand en mass. Both the federal government and the uber rich need to pay out to save us all! As pubic banking advocate Ellen Brown elaborates, and even recent presidential candidate Andrew Wang agreed, Uncle Sam must initiate a monthly stipend of no less than $ 1000 for every American (at least until this pandemic runs its course). Since we don’t have a maximum income, which we need drastically (like say a ceiling of $ 5 million per year in earnings) then a 50% Flat Surtax on all income over $ one million dollars per year per person will begin to do the trick.
In the meantime these mega millionaires need to follow the precepts of all the major religions and fork out a bulk of their riches to save their fellow citizens. If those two major sources of our national wealth do not act NOW… sooner or later the Dam may be tested and all hell will break loose. Of course, the main concern for we who study history is that, when and IF national financial disaster and mass unrest does occur here in Amerika, what transpired in Germany after WW1 will happen here. And that is not a nice scenario. To see good and usually decent working stiffs marching with those armbands, as Sinclair Lewis aptly portrayed it, ‘Wrapped in the flag and carrying a cross’, is scaring the ****out of this writer. Meanwhile, Bernie Sanders only initiated this focus on, as I refer to it, A New Awareness for more socialistic ideas. More working stiffs need to carry the ball.. and soon!
In Mathew, a rich young man asks Jesus what actions bring eternal life. First, Jesus advises the young man to obey the Commandments. When the man responds that he already observes them, and asks what else he can do, Jesus adds:
“If you want to be perfect, go, sell your possessions and give to the poor, and you will have treasure in heaven. Then come, follow me.”
When he heard this the man became very sad, as he was very wealthy. Jesus looked at him and said:
“How hard it is for the rich to enter the kingdom of heaven! Indeed, it is easier for a camel to go through the eye of a needle than for someone rich to enter the kingdom of heaven.”