Wednesday, December 14, 2011

Congress and the President: Don't drop the millionaire surtax!

It has come to my attention that despite the President's laudable insistence so far on a new tax bracket for income over a million dollars a year, Democratic leaders are considering dropping it.  Please don't walk away from this important policy!

Bush-era rollbacks of progressive taxation resulted in a greatly increased concentration of wealth among a few powerful people, while the poor and the middle class saw their standard of living decline.

The problem with our less-progressive tax structure is not just that it's unfair.  It's also unwise.  Contrary to Republican rhetoric, job creation comes from the consumer spending of the masses, not the stagnant wealth of the rich. The economy is having a hard time recovering because the poor and middle class have a smaller slice of the pie than ever.

And in our money-driven political system, the increase in concentration of wealth has been accompanied by an even more dramatic increase in concentration of political power among the few.  The wealthiest now own not only most of the economy, but most of the Congress.  The "Golden Rule" of those with the gold making the rules has never been more true.

Restoring progressive taxation is crucial not only to millions of struggling Americans, but to the economic recovery and to the restoration of democracy in America.   Please strike a blow against corruption and decay, and don't back down now!