HOW WE PAY FOR IT ALL
We can fund all these programs by shifting responsibility onto those most able to pay for it, those who can shoulder the cost with the least impact upon their own opportunities. It is a patriotic duty of the most wealthy, who have most benefited from the work and service of everyone else, as well as from the public services provided by our government, to contribute to our nation through a higher income and wealth tax. If we combine this with Federal tax relief for people with 90% of the lowest income or wealth, we can achieve tax equity and diminish the extreme wealth inequality that hinders economic growth and threatens democracy here and abroad.
Good tax policies, unlike "trickle down" tax relief for the rich, can overcome the economy stagnation that results from inequality. Highly graduated income and wealth taxes for those at the top 10% of income or wealth can tap the trillions of dollars that sit idle, contributing nothing to our nation's economic vitality. We can put their money to use, increasing economic growth and national wealth by investing it into our economy.
We have both the highest national income and the highest national wealth of any nation in human history. Yet our income and wealth distribution is more unequal than in any other affluent country. Wealth inequality is greater than it has ever been in our lifetimes with the richest 1% having as much wealth as the bottom 90%.
Even more significantly, the inequality of wealth between black and white adults is far greater than their income inequality. Whereas black and African Americans make just 2/3rd of what whites earn, the median black family has barely 1/13th of the wealth of the median white family. To remedy this and enhance the economic freedom of all, we must ensure that the burden of taxation falls on those whose income and wealth privileges them the most.