Our Oligarchy Problem

Upcoming Events

Oct. 21st at 5:00 PM: No Kings - What’s Next After Oct. 17th, Election Defense, Indivisible.org

RSVP HERE for virtual event.

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‍Nov. 5th at 11:45 AM: Elections Are Not For Sale, League of Women Voters Washington.

RSVP HERE for virtual event.

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Nov. 12th at 6:30 PM: Film “A House United” (55 min.), followed by discussion. Co-sponsored by Braver Angels Western WA and Communities Rising.

$10 TICKETS HERE support the film and Braver Angels.

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The Rising Oligarchy, Prof. Paul Krugman

America already has a serious oligarchy problem, in which the concentration of income and wealth in the hands of a few is degrading our democracy. AI is rapidly making this problem worse. What can we do about it?

Part of the answer is to take steps to reduce the extreme concentration of wealth. … Extreme wealth inequality returned largely because we cut taxes on the wealthy.

Another part of the solution is to publicize and combat the corrupting influence of billionaire money in our political system. …. the billionaire class has already spent heavily in elections to keep pro-Trump, pro-oligarchy Republicans in power. … Democrats will have to commit to reforms and collectively foreswear the inevitable temptations to benefit from billionaire money when they return to power.

How To Tax The Rich, Prof. Ray Madoff

Good interview of Dr. Madoff enumerating essential improvements needed for our U.S. tax system. See **earlier blog** about Dr. Madoff.
Adequately fund and fix IRS
Tax capital gains at same rate as wage income
Eliminate estate tax because of loopholes
Create an inheritance tax (above say $1 million dollars), paid by inheritors
The richest 1% have $55 Trillion in wealth but paid only 0.06% in taxes
The richest 1% pay minimal taxes because they don’t take taxable wage income but instead borrow non-taxed money for living expenses.
Wealth taxes are problematic; it taxes high income earners, who already pay heavy taxes.

Fund A Fairer Economy, Prof. Nancy Folbre

Fine, you want universal childcare, Medicare for All, and a green economy—but how are you going to pay for it? As part of the Game Changers project, economists Gerald Epstein and Aaron Medlin just answered it with a full accounting. They price out the 30 policies in the Game Changers initiative and show … how to fund them without adding a dime to the deficit—by taxing wealth and capital the same way the United States already taxes wages, and by shrinking a military and immigration-enforcement budget that is both bloated and destructive. The burden of the increased taxes they propose would fall most heavily on those in the upper reaches of the top 1%.