by Lowell Ponte
In the Great Class War between the “rich” and the government, whose side are you on?
This week MarketWatch reported that by 2030, “the richest 1%” are on track to “control nearly 66% of the world’s money.” This is approximately $305 Trillion, it reported, based on data from the hard-left British newspaper The Guardian, best-selling French Marxist economist Thomas Piketty, and other sources with comradely views. The activist group Oxfam warns that “just eight billionaires have as much wealth as 3.6 billion people – the poorest half of the world.”
Such words are intended to stoke jealousy and envy behind a mask of compassion and fairness. It is unjust, we are to think, that a utopia of pure equality is being thwarted because wealth is redistributed by capitalists instead of socialists.
In the United States the top 1% pays 45.7% — 2.7 times their “fair share” — of individual income taxes. Under the even-more-Progressive income tax of the new tax law, the top 20% will pay 87% of the total. The bottom 40% will not only pay nothing but also get money from the Earned Income Tax Credit and other special provisions that turn our tax system into a welfare system.
Income taxes account for roughly 37% of U.S. Government revenues, compared with only about 24% in Europe where consumption taxes distribute the burden more broadly. In Sweden they even tax welfare checks, so that everyone helps bear society’s costs.
Does Class Warfare produce a healthy society? No, it produces an attitude that those richer than you deserve to have their money taken away and given to you. Democrats such as Nancy Pelosi – net worth reportedly $40 Million – offer to rob the rich via taxes. But those they polarize increasingly want to rob the hated rich directly, without any self-serving middleman.
(Have you noticed that Democrats favor Hate Crime laws based on race, sex, gender, and almost every other difference between people – except class. Democrats would go out of business overnight if preaching class hatred against the rich became a crime.)
“Wealth” in the world comes in at least two currencies – the coin of money, and the coin of power. Real wealth comes from power, not money. You may own a stack of $100 bills, but the government owns the printing press and can conjure as much money as it wishes out of thin air. Doing so, of course, would destroy the value of your money in an inferno of inflation.
The rich own a fortune in land and fancy homes, say socialist Class Warriors. But do the rich really “own” what they pay others for? Stop paying the de facto rent of whatever property tax the government demands, and their land will soon be taken by the state. Government can also use its eminent domain powers to confiscate property.
Government ultimately “owns” all the land, and “controls” all the money. So who is the real enemy of the people in the Great Class War? Even directly, Uncle Sam owns 47% of all the United States west of Denver – including 89.5% of Nevada, 69.1% of Alaska, 57.4% of Utah, 48.1% of Arizona, and 45.3% of California.
Could Uncle Sam sell some of his almost-limitless property to help the poor? No, socialists will say, because what belongs to Uncle Sam is government’s forever – but what has been earned by the private rich is negotiable. Government is all of us, leftists say. Remember that the next time they charge you $20 to visit one of “your” National Parks.
As President Donald Trump’s clash with the unelected “Deep State” has proven, government is just another selfish special interest. Mr. Trump shows why we need some independent rich people who can afford to fight against gigantic government’s never-ending greed for power. That, of course, is the real reason why socialists hate and make war against the rich.
——————————————————————————————————————————————-For an amazing interview with veteran think tank futurist Lowell Ponte, contact Sandy Frazier at 1-516-735-5468.
For a media copy of Craig R. Smith and Lowell Ponte’s latest book, Money, Morality & The Machine: Smith’s Law in an Unethical, Over-Governed Age, contact David Bradshaw at 1-602-918-3296.