Break the Link between Wealth and Political Clout

Concentrated private wealth tilts the political deck against the interests of average families in a variety of ways, mainly because the handful of super-wealthy citizens can easily transform their wealth into political clout. For this reason, the Americans least able to cope during an economic downturn find themselves with little government support, while the CEOs of bailed-out banks and government contractors take in higher pay and larger bonuses than ever before. In order to make the political system more representative and responsive, the next administration should

• Stop rewarding unearned income by reinstating the estate tax and ending preferential tax treatment on capital gains.

• Require government contractors to disclose their top executives’ pay and the gap between executive and worker pay.

• Restore serious progressivity to the federal tax system and subject the assets of the rich, not just the middle class, to taxation.

Author:  Sam Pizzigati, Editor Too Much