A Naperville letter to the editor: Much is said about the idle poor. According to the hard right and their enablers, the poor sit around doing nothing while collecting government handouts and food stamps and generally leech off society.
Much is said about the idle poor. According to the hard right and their enablers, the poor sit around doing nothing while collecting government handouts and food stamps and generally leech off society.
But what about the idle rich? They contribute nothing to the economy. Trickle-down economics has never worked. They do, however, contribute massive amounts to election campaigns in order to obtain favorable legislation. Part of this legislation is in the form of advantageous income tax rates. Before Ronald Reagan became president, the maximum income tax rate was 70 percent. Many of the very rich, not wanting Uncle Sam to get too much of their income, would help build a library, park, or school and therefore get a tax write-off.
Starting in 1982, the maximum tax rate was cut to 50 percent, and it has fluctuated between 50 and 28 percent ever since. Over the past 40 years, the very rich have mostly had their income tax cut in half. Had trickle-down worked, everyone would have happier lives. However, it doesn't work. Since the incentive no longer exists to better the lives of others through public works, the rich have been able to hoard their money, making the gap between rich and poor that much wider.
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