Currently, the US economy follows an austerity theory: 1% of the population will own over 50% of it’s wealth
Plutocracy is…
- “The attack on the Bank of England was a gesture against the very symbol of plutocracy”
- a country or society governed by the wealthy. plural noun: plutocracies
- an elite or ruling class of people whose power derives from their wealth. “officials were drawn from the new plutocracy”
Democracy is …government by and for the people; affordability of free market entry fees for the common man.“No one should accept public policies that turn a democracy into a plutocracy”
TAX CUTS
The phrase Reagan tax cuts refers to changes to the United States federal tax code passed during the presidency of Ronald Reagan. There were two major tax cuts: The Economic Recovery Tax Act of 1981 and the Tax Reform Act of 1986. The tax cuts popularized the now-infamous phrase “Trickle-down economics” as it was primarily used as a moniker by opponents of the bill in order to degrade supply-side economics, the driving principle used to promote the tax cuts.
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- The first tax cut (The Economic Recovery Tax Act of 1981) among other things, cut the highest Personal Income Tax rate from 70% to 50% and the lowest from 14% to 11% and decreased the highest Capital Gains Tax rate from 28% to 20%.[1]
- The second tax cut (The Tax Reform Act of 1986) among other things, cut the highest Personal Income Tax rate from 50% to 38.5% but decreasing to 28% in the following years [2] and increased the highest Capital Gains Tax rate from 20% to 28%.[1]
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At the time, people weren’t substantially informed about the tax cuts, as an ABC News Poll in September 1986 showed that 63% of Americans didn’t know enough about the Tax Reform Act of 1986 to say if it was good or bad.
LOSS OF FREEDOM
When the rich set policy, Democracy is expensed. Greed is hyped; anti-trust laws are not enforced. On top of that, the jurisdictional system let the wealthy rise above the laws of the land. Communication platforms such as Facebook and Twitter influence the way we think with misinformation and body shaming.
The main operating software sold on PCs is MS Windows; the default search engine is Google.
GET RID OF AUSTERITY POLICIES
Capitalism is not distributed fairly and competition dwindles so that prices for goods and services are not regulated by the market; common people are discouraged from becoming entrepreneurs because capital is not obtainable or they fear the loss to maintain the household due to the lack of government intervention. For instance, the head of the household cannot afford the time to start a business because their family depends on them.
Essentially, trickle-down doesn’t work because lower taxes on the wealthy doesn’t create more employment, consumer spending, or regained revenue. Income inequality has reached its highest point in 50 years, and money keeps accumulating at the top.
Government policy should never PROMOTE Plutocracy because it incentivizes greed, monopolies, and unfair justice. Capitalism will expense Democracy!
