By Henry McRandall
As United States President Oreo Obama and the Republican-Teabagger-dominated House of Representatives prepare to wage a mock duel over the alleged “fiscal stiff” staring America in the face, it is important to understand the unprosecuted and treasonous criminality of the Top One Percent and their puppet political prostitutes that brought the country — and the world — to the precipice and how bringing their heinous scam — the biggest swindle in the history of corporate capitalism — to a screeching halt could save America and the world.
The only legitimate solution to the ongoing U.S. and worldwide — almost — financial chaos is a solution that does not require any cuts at all to government spending — other than the Pentagon and the generous public welfare handed out each year to the parasitic upper class (the Top Two Percent). In fact, it would generate massive new public revenue that could easily finance massive spending increases on health; education; social programs; infrastructure upgrading; public housing; public transit; the research, development & manufacture of green technology, etc. — and the creation of many millions of high-quality, high-wage jobs.
Let’s first look at how the U.S. — and the world — got there.
When imbecile Ronald Reagan was elected president in 1980, the marginal tax rate — the rate on just all income above the equivalent of $1 million in today’s dollars — was 91%. That, of course, doesn’t mean that your average millionaire is paying 91% taxes on all of his income — just on that portion of it above $1 million a year. The guy making $2 million a year would still take home — after taxes — close to $900,000 a year. Not too shabby! Your average Amerikkkan corporate CEO — with a salary of $10 million a year — would still take home — after taxes — more than $1,650,000 a year.
The six sinfully wealthy heirs of Walmart founder Sam Walton — by far the wealthiest family in the world — would — if they shut down Walmart and just invested their wealth — acquired by massive crimes against humanity — at 2% — have to make do with just $235 million a year amongst them, to “get by.”
Meanwhile, more than 80% of Walmart’s “full-time” U.S. employees are on Medicaid and Food Stamps, and more than 50% live in their cars because they can’t afford both a car and an apartment. Americans think they’re getting lower prices because they shop at Walmart. It costs Americans almost $2.7 billion a year to keep these horrificly exploited Walmart workers alive — or an average of $420,000 a year for every Walmart store in Amerikkka.
The degenerate Walmart heirs spend millions of dollars every year — tax-deductible dollars — financing hate groups whose sole disgusting contribution to society is to keep the Other 99 Percent divided against each other — based on such stupid, pointless considerations as race, colour, creed, gender, age, sexual orientation, etc. — rather than uniting as one to confront the common enemy — the sordid Walton heirs and their entire ilk of criminally corrupt millionaires, mega-millionaires, billionaires and mega-billionaires.
Of course the scumbags of the socioeconomic and political elite don’t pay a marginal tax rate of 91% on their income above $1 million a year these days. But let’s imagine that they did. And let’s be even more generous with them. Instead of taxing them on household income above $1 million, let’s just tax them at 91% on their income in excess of $1 million a year for every person in household. Last year, that would have generated an extra $2.9 trillion for Uncle Sam. That would not only have erased the entire U.S. government deficit of $1.089 trillion, it would have created a surplus of $1.811 trillion.
While most Americans have suffered — increasingly — in recent years, the Top Two Percent — and especially the Top One Percent — the Amerikkkans — have done astoundingly well. They, of course, suffered the least at the height of this never-ending recession — whether they choose to call it that or not. And not only have they fully recovered, they have zoomed much further ahead of everyone else. The Top One Percent are now claiming a larger share of the total national economic pie than at any time in U.S. history — more than 22%. Their corporations’ profits are also claiming a larger share of the total national economic pie than at any time in U.S. history. They are at record levels not only in absolute dollar terms but also in percentage terms. Continue reading “The ‘fiscal cliff’ is a treasonous swindle”
By Henry McRandall