June 27, 2015
The Rich Stay Rich and the Poor…

Going through the archives today, I came across this from a 2003 piece in The Nation by Professor Gar Alperovitz of the University of Maryland. Since we’re paying more attention these days than back then to economic inequality, here’s a little more ammo for the class war:

“Most Western European nations tax wealth — in Sweden, the highest annual rate is three percent; at the low end of the scale is Switzerland, with a tax of only one third of a percent. The United States, however, for the most part only taxes the kind of wealth most people own — their home. Moreover, we tax the total value of the home even though most people actually own only a part of the house — i.e., their net property value after subtracting the mortgage amount they owe. We simply do not directly tax ownership of the kind of wealth which is concentrated in the hands of the plutocracy: stocks and bonds.”

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Posted by Jerome Doolittle at June 27, 2015 04:49 PM
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