Recent studies have revealed that the three richest people in the United States have as much wealth as 50 percent of Americans, and that the top one-tenth of one percent have wealth equal to 90 percent of Americans. Outrageous is not a strong enough word to characterize this inequality and threat to democracy.
It is in this context that we must consider the Republican tax bill, which favors the rich in many ways including, eliminating the estate tax.
The estate tax (erroneously called the “death tax” by Republicans) is designed to prevent the very rich from bequeathing all their wealth to their offspring – thus, further concentrating wealth in the hands of the richest of the rich. It is estimated that the Trump family alone stands to reap a profit of one billion dollars from a repeal of the estate tax.
Chris Collins and Tom Reed have been shameless promoters of the Republican plan to further enrich the super-rich, the GOP’s donor class. These congressmen are traitors of the middle class and deserve to be tossed out of office.
Additionally, money from self-serving billionaires like the Koch brothers must be prevented from controlling the electoral process. Finally increased estate taxes, and other mechanisms, must be employed to much more aggressively tax the income of the very rich as well as their accumulated wealth.
The latter may sound un-American but the sheer accumulation of wealth by the very richest has reached a point where some kind of dramatic, massive corrective action is required for the sake of social stability and continuance of democracy.
Walter and Nan Simpson