Government Is Now a Protection Racket for the 1%

I have long loved Bill Moyers. And this article from 2014 is relevant as ever. This is why Bernie Sanders has not been part of the corrupt corporate DNC. This is why Bernie has always refused to be complicit with the domination ideology that permeates the patriarchal neoliberal predatory capitalist system that infects our nation and the planet. This is why there’s a fierce insurgency happening now within the DNC to take back the party from the toxic corporate interests that have taken it over. This is why there is a political revolution with Bernie Sanders as its leader that is fiercely taking on the insidious poisonous powers that have taken over our government — from the fossil fuel industry, Wall Street, the insurance and pharmaceutical industries, the military industrial complex, the prison industrial complex, the animal and agricultural industries, and other wealthy interests. These are the ultra-wealthy corporate and individual interests which have long been bringing us the status quo and the propaganda that has normalized endless wars, crushing poverty amidst the extreme redistribution of wealth upwards, the sixth major extinction and the climate and ecological crises, and all the many faces of violence and death. This must change! This movement of Revolutionary Love is something that needs us all to be part of it. Everything, absolutely everything, that we love and cherish is at stake. — Molly

By

Michael Winship &
Bill Moyers

The evidence of income inequality just keeps mounting. According to “Working for the Few" (http://templatelab.com/working-for-the-few-research/), a recent briefing paper from Oxfam, “In the US, the wealthiest one percent captured 95 percent of post-financial crisis growth since 2009, while the bottom 90 percent became poorer.”

Our now infamous one percent own more than 35 percent of the nation’s wealth. Meanwhile, the bottom 40 percent of the country is in debt. Just this past Tuesday, the 15th of April — Tax Day — the AFL-CIO reported that last year the chief executive officers of 350 top American corporations were paid 331 times more money than the average US worker. Those executives made an average of $11.7 million dollars compared to the average worker who earned $35,239 dollars.

As that analysis circulated on Tax Day, the economic analyst Robert Reich reminded us that in addition to getting the largest percent of total national income in nearly a century, many in the one percent are paying a lower federal tax rate than a lot of people in the middle class. You may remember that an obliging Congress, of both parties, allows high rollers of finance the privilege of “carried interest,” a tax rate below that of their secretaries and clerks. 

And at state and local levels, while the poorest fifth of Americans pay an average tax rate of over 11 percent, the richest one percent of the country pay — are you ready for this? — half that rate. Now, neither Nature nor Nature’s God drew up our tax codes; that’s the work of legislators — politicians — and it’s one way they have, as Chief Justice John Roberts might put it, of expressing gratitude to their donors: “Oh, Mr. Adelson, we so appreciate your generosity that we cut your estate taxes so you can give $8 billion as a tax-free payment to your heirs, even though down the road the public will have to put up $2.8 billion to compensate for the loss in tax revenue.”

All of which makes truly repugnant the argument, heard so often from courtiers of the rich, that inequality doesn’t matter. Of course it matters. Inequality is what has turned Washington into a protection racket for the one percent. It buys all those goodies from government: Tax breaks. Tax havens (which allow corporations and the rich to park their money in a no-tax zone). Loopholes. Favors like carried interest. And so on. As Paul Krugman writes in his New York Review of Books essay on Thomas Piketty’s Capital in the Twenty-First Century, “We now know both that the United States has a much more unequal distribution of income than other advanced countries and that much of this difference in outcomes can be attributed directly to government action.”

Please continue this article here: https://truthout.org/video/government-is-now-a-protection-racket-for-the-1/