Republicans in Washington, D.C. continue to push for cuts to housing assistance for veterans, cuts to Medicare, cuts to Social Security, cuts to children’s health, and cuts to job training programs all so that they can keep giving tax breaks to oil companies and the richest Americans.
Despite Republican claims to the contrary, the rich are paying less in income tax than they have in decades. The richest Americans today enjoy an income tax rate of 35% maximum and most people pay less than 30%. In the 1960s the richest Americans paid up to 55% in income taxes.
The richest 1% of Americans now hold 40% of our nation’s wealth. Thirty years ago the top 1% held only 24% of the total wealth in the U.S.
Put another way: for the past thirty years we’ve lived through one of the largest transfers of wealth from middle-class Americans to the super rich.
Will Republicans only be happy when 60% of our collective worth is in the hands of the richest 1%? How about 85% of the nation’s wealth in the hands of the top 1%?
In California and across the nation, people are being asked to do with less and less as Republicans demand even greater cuts to critical services; all so that the billionaires can buy more mansions, yachts, and planes.
The time has come for Democrats to draw a line in the sand: no more program cuts at the expense of the middle class and the poor to benefit billionaires and multi-millionaires. It is time to have them pay their fair share. It is also time to end tax subsidies for oil companies, drug companies, and multi-national corporations.
Enough is enough.