The United States is becoming a Third World country – where the rich get richer, the poor get poorer and the middle class have to work like dogs to remain middle class. Health care is unaffordable, private sector pensions are sparse, inflation is rampant and jobs that pay a living wage are few and far between.  One percent of the country now controls 50% of the wealth and while CEO’s typically made 15 times the wage of their workers in 1960, it is not unusual now to see a CEO pulling down 400 times this wage today. The main culprit is the low tax rate on the superrich. What is needed is a tax of 90% on wages and capital gains over $5,000,000 annual income. While this may seem extreme, this situation existed during the Presidency of Dwight Eisenhower (a Republican) – after adjusting for inflation. The low tax rate on the superrich has encouraged them to pillage the country. Leveraged buyouts (using taxpayer-backed money) of viable companies enabled investment bankers to raid pensions, slash health benefits, reduce wages and move jobs overseas. Elite athletes become multimillionaires while billionaire owners of sport franchises punt the cost of stadiums to the taxpayers.  … [Read more...]