The Top 10 Percent Must Pay Their Share in Taxes

Hugh J. Campbell

Hugh J. Campbell Son of a steelworker, Philadelphia, Pa.

As the top 10 perent now owns 77 percent of U.S. wealth, the lion's share of defense spending to protect their wealth has ballooned, with defense appropriation reaching $700 billion. This is $81 billion greater than last year, defying “sequestration” spending caps set in the 2011 Budget Control Act.

Among the top two priorities of the super donor class are free trade and robust defense spending, with this spending appearing to be the third rail for these super donors as the Senate votes 89 to 9 for the Pentagon bill. In addition, 45 has back-peddled on his campaign promise to label China a currency manipulator in the name of national security. This panders to the super donor class by prioritizing both of their highly valued issues.

At a time when most Americans feel less safe because of lack of adequate gun-control and climate change denial in the beltway, we have 45 proposing huge tax cuts for himself, his family and the top 10 percent. With ever-increasing wealth inequity and related defense spending, combined with tax-cuts for the rich, the rational response is a wealth tax on the top percenters to pay for the lion's share of defense spending, which goes toward protecting their assets worldwide.                                                            

We often hear the wealthy should pay their fair share of taxes, but without specific rationale. With defense spending viewed as protecting assets, as well as life and limb, it is easy to justify a specific tax on the top percenters for the huge cost of protecting their assets here and abroad.

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Hugh Campbell is a seasoned financial professional, currently providing subject matter expertise on a variety of regulatory topics, including the Dodd-Frank Act, the Foreign Account Tax Compliance Act (FATCA) and overall compliance monitoring. Hugh has previously held positions as Chief Risk Officer (CRO), Chief Audit Executive (CAE) and Director of Sarbanes-Oxley (SOX) Compliance.

Posted In: Union Matters

Union Matters

He Gets the Bucks, We Get All the Deadly Bangs

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

National Rifle Association chief Wayne LaPierre has had better weeks. First came the horrific early August slaughters in California, Texas, and Ohio that left dozens dead, murders that elevated public pressure on the NRA’s hardline against even the mildest of moves against gun violence. Then came revelations that LaPierre — whose labors on behalf of the nonprofit NRA have made him a millionaire many times over — last year planned to have his gun lobby group bankroll a 10,000-square-foot luxury manse near Dallas for his personal use. In response, LaPierre had his flacks charge that the NRA’s former ad agency had done the scheming to buy the mansion. The ad agency called that assertion “patently false” and related that LaPierre had sought the agency’s involvement in the scheme, a request the agency rejected. The mansion scandal, notes the Washington Post, comes as the NRA is already “contending with the fallout from allegations of lavish spending by top executives.”

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Corruption Coordinates

Corruption Coordinates