Paul Krugman has a fascinating op-ed in today's New York Times
its title wealth overwork and he's basically it's been it's almost a book
review of thomas pickard his new book capitol the 21st century which I
ordered this morning and
picky is talking about what's called hate Remo Neil
capitalism in other words wealth
that you didn't earn but you inherited anchorman points out that the 10 richest
Americans six of them are
airs they're not
Bill Gates serves soccer burger its you know it's
presumably the the Koch brothers Nov Walton family
he doesn't identify them I'm just guessing but any out six of them are
airs and pick it he says the risk of a drift toward
oligarchy Israel and his little reason for optimism
oligarchy is where you've got a government as well as an economy run by
a small
rip-off oligarchs I was talkin last
segment about you know the Russian oligarchs and
the Ukrainian oligarchs well here in the united states we've got an oligarch
problem
and George W Bush made it a lot worse cuz when he came into office
the top income tax rate on dividends was the same as ordinary income it was
thirty 9.6 percent
see if people have inherited wealth
they don't get paychecks they get dividends they invest that money and
they get
dividends and so they're a pain 30 9.6 percent income tax on that
Jersey Bush drop that to 15 percent and
the money that they got when they inherited bone he had a bada
inheritance tax associate with george bush drop that 0
and then Paul Ryan comes out with you know after
after the republicans took the House Representative Paul Ryan comes out with
his
so-called roadmap is budget and what does it do for people who are rich
because they inherited it versus people who are rich because they earn a high
income well it leaves people who are too high income with a top tax rate have
thirty-some-odd percent
but people who are rich because they inherited it
Paul Ryan's plan would eliminate altogether
any taxes for them federal taxes
federal income taxes no taxes on interest no taxes on dividends no taxes
on capital gains
and no taxes on the state's so this is like you know if you want the landed
gentry
if you want the country that we fought a Revolutionary War two separate from
where you have a very very small wealthy elite
and the bass majority of the members that wealthy elite are there because
they were members the lucky sperm club they were born into it
Paul Ryan is working to bring you that
the Republican Party is working to bring you that in fact apocrine points out
that bed
you know the year before reagan became president seventy percent of all
business income was
taken in by the top one percent of households the oligarchs
but
you know in the bush years by 2007
they were getting seventeen percent the business income they're getting 43
percent the business income and 75 percent the capital gains
and who is it that the GOP passes all their legislation for that top one
percent
this is why when the republicans talk to average voters like down in louisiana
it's all dog whistle racial stuff because they know if they were to say
you know yeah I in our religion does make sure people who inherit a lot of
money
and up in control for the process
I don't think the average working person even on a louisiana would vote for the
bill when they say a
lookout black people are coming to get you
benno the though white working class in the South goes bold
will vote for republicans
you're listening to the Thom Hartmann program
call 866 987 Thoi em
which is exactly why the billionaires lackey Paul Ryan has to run around
talking about
inner-city man who have no work ethic