As billionaires and Republicans continue to insist that Americans oppose raising taxes on the wealthy, economist Paul Krugman set them straight on Twitter with actual statistics to debunk their claims.
Ever since Rep. Alexandria Ocasio-Cortez (D-N.Y.) called for a 70 percent marginal tax rate on all income over $10 million, the GOP and the rich have been panicking because the free ride Americans have been giving them for decades is coming to an end.
When Republicans enacted massive tax cuts for the rich in the 1980s under the promise that benefits would “trickle-down” to the masses, it brought to an end a progressive tax system that had built the middle class and made America an economic powerhouse where everyone benefited. Trickle-down economics blew all that up, resulting in higher deficits, and out of control national debt and crippling income inequality that has resulted in most Americans struggling to get by, a situation that only got worse when President Donald Trump and the GOP-controlled Congress passed a new round of tax cuts for the rich.
Ocasio-Cortez’s tax plan has since been echoed by Senator Elizabeth Warren (D-Mass.) and other Democrats, resulting in billionaires like Starbucks CEO Howard Schultz and former NYC mayor Michael Bloomberg criticizing it and threatening to run for president in independent runs that would likely hurt Democrats and keep Trump in the White House.
They claim that Americans oppose taxing the rich and that doing so is a bad idea. Well, not only does Nobel-winning economist Paul Krugman support Ocasio-Cortez’s plan, he destroyed their claim on Twitter:
Suddenly, taxing the rich is on the political agenda. Candidates are talking frankly about taxes as a way to limit inequality in a way we haven’t seen for decades. But why is this happening now? The WaPo says there’s a “profound shift in public mood” 1/ https://t.co/LG8SyIvTTm
— Paul Krugman (@paulkrugman) February 3, 2019
But Gallup has data on public opinion re taxes on high incomes — too low, too high, or just right. Is there a profound shift here? 2/ pic.twitter.com/DkGJ8yCNpb
— Paul Krugman (@paulkrugman) February 3, 2019
The poll shows that an overwhelming majority of Americans believe the wealthy are taxed too little. That’s certainly true. After all, the wealthy used to be taxed at 70 percent or more before 1980. They only pay a pittance now while government services suffer and the rest of us struggle to pick up their slack.
The public has *always* favored higher taxes on the rich — which also makes nonsense of claims that Dems are moving too far left on this issue. But obviously something has changed. It looks as if the veto power of the 1% over taxes has eroded. But why? 3/
— Paul Krugman (@paulkrugman) February 3, 2019
Very curious to hear political scientists weigh in. Is it the broadening base of Dem fundraising? Has Trump discredited the racial dog-whistling that used to provide cover for plutocrat-friendly policies? 4/
— Paul Krugman (@paulkrugman) February 3, 2019
In a way the question is why soaking the rich wasn’t on the agenda before — at least explicitly. Worth bearing in mind that Obama actually did raise taxes on the rich quite a lot 5/
— Paul Krugman (@paulkrugman) February 3, 2019
Clearly, Americans want higher taxes on the wealthy and they should demand it. The best way to make this happen is to vote Republicans out of office in favor of progressive candidates like Warren and Ocasio-Cortez who will actually fight for such tax increases for the public good. Because if we continue to let billionaires and Republicans rape our country, there won’t be anything left for the rest of us. Why should millions of Americans be forced to fight for scraps when billionaires have more money than they could ever need? It’s time for them to share, whether they like it or not.
Featured Image: Wikimedia
