HOW-OF-WHY

In the USA the wealthiest 5 percent own more than half of all wealth.

1998 figures: they owned 59 percent of all wealth.
Or to put it another way, the top 5 percent had more wealth than the remaining 95 percent of the entire population, collectively.

The top 20 percent owns over 80 percent of all wealth.
This is a very concentrated distribution.

The bottom 20 percent basically have zero wealth.
They either have no assets, or their debt equals or exceeds their assets.
The bottom 20 percent has typically accumulated no savings.

Households in the middle — the "Average" median household — has wealth of about $62,000.
$62,000 is not insignificant,
but if you consider that the top 1 percent of households’
average wealth is $12.5 million,
you can see what a difference there is in the distribution.

Under a One Tax* (all others abolished) System if you were the "average median household" — with wealth of about $62,000 — and the One Tax, the National Wealth Tax, was one-tenth of one percent of total wealth, per year, you would have paid a total tax of $62!

A top 1 percent of household with wealth of $12.5 million would pay would have paid a total tax of $12,500! (not really that bad, considering)

The wealth inequity in the United States is more unequal than any other advanced industrial country in the world.

What was not always the case.
Up until the early 1970s, the U.S. actually had lower wealth inequality than Great Britain,
and even than a country like Sweden.

But things have really turned around over the last 25 or 30 years.
In fact, a lot of countries have experienced lessening wealth inequality over time.
The U.S. is atypical in that inequality has risen so sharply over the last 25 or 30 years.

One reason we have such high levels of inequality,
compared to other advanced industrial countries,
is because of our tax system.

A National Wealth of $25.4 trillion (1997 estimate) would created $25,400,000,000 in tax revenue
(a trillion is 12 zeros, right?)

* Every politician that we elect should push for policies and practices
that best serve the interests if their citizen constituents.
So, elected officials, please drop me a note as to WHY you are not advocating and
facilitating the following idea:

"Here’s my proposal: Get rid of the property tax altogether—
Property taxes are wealth taxes that end up discriminating against poor
and middle-class communities. Let’s move instead to a national wealth
tax—say, one-tenth of one percent of everyone’s total assets each
year..." – Robert B. Reich (2004 commentary on NPR)

Robert B. Reich is the Maurice B. Hexter Professor of Social and
Economic Policy at Brandeis University, and was the secretary of labor
under former President Bill Clinton.

Edward Wolff, a professor of economics at New York University, is the author of
Top Heavy: The Increasing Inequality of Wealth in America and What Can Be Done About It.
He has written many other books and articles on economic and tax policy, and is managing editor of the Review of Income and Wealth.
I recommend that every working & middle class taxpayer educate themselves on this issue.
And then act.

In memory of Reverend Dr. Martin Luther King, Jr.
(originally published on 01/17/05)

Rev. Dr Martin Luther King, Jr. spoke the above verse during Nobel Lecture, on December 11, 1964. His lecture was entitled “The Quest for Peace and Justice”, delivered in the Auditorium of the University of Oslo, Norway. At the age of thirty-five, he was the youngest person to receive the Nobel Peace Prize. When notified, he announced that he would turn over the prize money of $54,123 to the furtherance of the civil rights movement.

Each year one Monday designated as a American National Holiday commemorating the birthday of Dr. King. He was born as Michael Luther King, Jr. in Atlanta on January 15, 1929 (his father was also originally named Michael). He was renamed when he was about 5 years old when his father decided that they should both change their first names to Martin.

The authorized, sanitized version of Dr. King’s life story is that he fought for racial justice in America. The reality is, in the last years of his life, Dr. King articulated a far bolder, broader and radical American revolutionary vision, encompassing a clear minded analysis and a severe criticism not only of the role of the United States in the world, but of the very nature of our political and economic system.

Dr. King’s vision was articulated most powerfully in his “Beyond Vietnam” speech delivered at Riverside Church in New York City. He gave the speech on April 4, 1967, at a meeting of Clergy and Laity Concerned at Riverside Church in New York City. He was quickly condemned by the NAACP, civil rights leaders, the Democratic Party (he had campaigned for Lyndon Johnson) and the mainstream media.

It is doubtful that Dr. King would even be allowed to speak at any of the memorial events being held in his name were he alive today. But he does speak to us still as we again find ourselves at a time, well as he said in 1967:


He also said:

Others much more experienced and articulate than I have pointed out that these are still revolutionary times.

Our country was born of revolution.

I would argue that our democracy can only be served by continuing the American Revolution each day. But we have given in and given up. The shirtless and barefoot people of the world continue to rise up. But we do not support them and in fact, in many places, we support and are the very forces who use our overwhelming military power to enforce the conditions of poverty, insecurity, and injustice.

I would suggest that we revisit Dr. Kings words and read them in the light of the present day.

Dr. Kings words are as meaningful, powerful and dangerous as they were in 1967. At least half of adult Americans condemn anyone speaking out against the Bush/Cheney administration's invasions and war.

Exactly to the day, one year after breaking his silence and speaking out against his nation’s injustice, materialism and war waging, Martin Luther King, Jr. was silenced.

Assassinated on April 4, 1968.

Those who call for us to celebrate his birthday but dishonor his life and work and spirit dishonor all human beings. King spoke well to use Donne’s poem to remind us of who we can be, who we need to be.