What the federal government should be doing -- and won't for some time -- is restore the progressive nature of our income tax laws to where they were pre-Reagan. Over the past 30-odd years, the rich have been getting richer (more so in the past decade) and the middle class and poor have been getting poorer. If these trends continue, the country will consist of an Upper class and Lower class. Not a good model for success, n'cest pa?
Here are some solid graphs of how there is now a greater divide between the wealthy and not-so-wealthy people in this county. Basically, according to faireconomy.org,
Income for the top 1% skyrocketed 201% between 1979 and 2000.
Meanwhile, income for the middle 20% rose only 15% and income for the
bottom 20% rose only 9%.
So, if we return tax rates to pre-Reagan, we might just be able turn this trend around and begin to rebuild our infrastructure, provide equal educational opportunities to all people, restore the safety net, provde national health care and, heck, even fund our illegal and immoral wars.
And don't tell me that if the wealthy are taxed more that the economy will be sent into a tailspin, millions will lose their jobs and on and on. Save your breath.