Mercury Rising 鳯女

Politics, life, and other things that matter

Time For Them To Give A Little Back For A Change

Posted by Phoenix Woman on July 17, 2009

3-27-08tax2-f23-27-08tax2-f1As do most Americans who have been polled recently on this subject, Robert Reich endorses the tax-the-rich portion of the House health care bill, and here’s why:

According to the most recent data (for 2007), the best-off 1 percent of American households take home about 20 percent of total income — the highest percentage since 1928. Yes, I know: Critics will charge that these are the very people who invest, innovate, and hire, and thereby keep the economy going. So raising their taxes will burden the economy and thereby hurt everyone, including those who are supposed to be helped.

But there’s no reason to suppose that taking a tiny sliver of the incomes of the top 1 percent will reduce all that much of their ardor to invest, innovate, and hire in the future. Yet if this tiny sliver means affordable healthcare for a far larger number of Americans, who will be able to get regular checkups and thereby stay healthy and productive, the positive effect on the American economy is likely to be far greater.

Reich is correct in saying that the amounts mentioned in the House health care bill are a tiny sliver of the incomes of the top one-percenters. The top one-percenters have had more than the lion’s share of the proceeds of America’s economic growth over the past three-plus decades. This is borne out by graphs from the Center for Budget and Policy Priorities, which are shown at the top of this post.

C’mon, one-percenters. You’ve had over 99% of the bennies while most of us got bupkis — or actually fell behind. Cough up a chunk of it, or risk losing it all.

3 Responses to “Time For Them To Give A Little Back For A Change”

  1. shrimplate said

    I usually just lurk and read your always informative and well-written pieces. I just want you to know that even if I leave few comments, I am a steady follower here.

    Class warfare, they will cry.

    We work for the rich, we invest our own savings in their institutions and projects, yet to them we remain The Enemy.

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