Even the rich don’t want the tax cuts, and I’m not just talking about that good ole, salt-of-the-earth Omaha billionaire Warren Buffet, who has been preaching against tax cuts (and wealth inequaliy) for at least a decade or so. Now other billionaires are “coming out.” Eric Schoenberg is one of them.
“I pay a lower tax rate than you do, which is startling”
“To illustrate this problem, Schoenberg posted portions of his returns online. He wanted to show how much he, a very wealthy person, benefits from our system. He has always benefited from low taxation on his investment income, for instance.” From Meet The New Class Traitors
It’s nice to see that (at very long last) some of the wealthy are starting to evolve what we human beings call “a conscience,” but they know, better than most, that a good bulk of wealth is not earned in any traditional sense. Much of it is investment income and “an estimated 35% to 45% of wealth is inherited rather than self-made. The Brookings Institution’s Richard V Reeves and Kimberly Howard have called this a “glass floor”, one element that protects the wealthiest from ever losing their mobility….” Meet The New Class Traitors
In other words, wealth looks a lot like, well, Donald Trump’s life. He inherited his wealth and could simply use that money to make more money.
Trump and his Republican Party of swamp monsters is now championing a new tax cut which will benefit his family to the tune of a $4 billion. Bernie calls the tax cut, “…the Robin Hood principle in reverse. It takes from those in need and gives to those who are already living in incredible opulence…”
But if the wealthy don’t even want the tax cut, why is it even being proposed?
Where’s the push coming from?
Not all the billionaire’s are on board with paying taxes. There is still a very politically powerful element of the uber-wealthy (including our President and his family) that are leading the charge for tax cuts. The billionaire Koch brothers and the Walmart family dynasty have always invested heavily in getting themselves tax cuts, and according to Bernie, these two, together, would benefit to the tune of nearly $100 billion, from the current proposed tax cut.
So there’s that — but it’s also an economically ignorant middle class, too. Many of our elders still believe in magic, they still believe in the tired old narrative that tax cuts for the wealthy will magically boost the economy. This magical thinking has been Gospel for the last several decades, and despite its repeated failure (by any economic or statistical measure), many of the old folks still believe that if you keep cutting taxes, the economy will just keep getting better.
That’s all you have to do: wave the magic wand, cut taxes, and poof! When people becoming unhinged from reality, it isn’t difficult for billionaires like the Koch brothers (assisted by their conservative TV and talk radio show cronies) to rally middle class conservatives around the idea of a tax cut.
I sigh in weariness that there are still so many voting against their own interests and screwing their children and grandchildren, but even so, I remain optimistic.
Truly, much has changed over the last decade. A decade ago, those of us who were talking about this felt like it was futile, like we were raging against a machine that would never change; but now folks are getting educated and class consciousness is on the rise, particularly among the young, who will have to bear the brunt of their parents’ failed politics. Personally I remain extremely hopeful that this crop of Republicans will be soundly defeated in the next two rounds of elections.
Most folks see the light on this, even the rich. Keep talking about it. And keep fighting.