I know I am using a dated phrase when I say “Pitchforks at the castle”, but I imagine you get the idea. It is when we serfs are fed up with the actions of the landed aristocracy and demand change. If they don’t get it they burn down the castle.
I kinda feel that we are about at that stage again. The top 1% control more wealth than the bottom 50%. How could it have ever gotten that bad? A primary reason, as far as I am concerned, is “Lazy Minds”. Another is that the super wealthy spin the story that “you can be rich to, if only the circumstances are right”. Those two conditions are circular, we believe their hype because we are too lazy to discover it is a lie.
To me, the fundamental purpose of taxes is to allocate resources to where they are most needed, and to prevent a system where capital is shifted upward at the expense of those in the lower tax brackets.
We claim to be a Christian nation but yet again we seem to totally ignore the biblical phrase “To Whom Much is Given, Much Will Be Required. ” That seems pretty clear that the wealthy among us should gladly give a higher percentage of our wealth for the public good. Somewhere along the way our capitalist mantra seems to have washed those words from our memories. Even being your brother’s keeper is in serious jeopardy during recent times. If this keeps going we will eventually have to jettison the very idea that we are a Christian nation in any form.
The estate tax was meant to ameliorate this disparity but when the wealthy started to call it a death tax that caused the downfall of family farms too many of us simply bought into that hook, line, and sinker. It doesn’t matter that the top 5% of us continue to get double digit gains while most of us have gotten no additional gains at all!
It’s time to make sure that millionaires and billionaires pay at least the same percentage of their wealth as the people who clean their houses and pick up their trash. A fairer tax system without loopholes would tax inheritances at significantly higher rates than income from working, not lower as it is today.
If that doesn’t happen then in the not too distant future there will likely be the hordes at their castles armed with pitchforks.