Where's The Money?

In my opinion the persistent and growing inequality of wealth distribution in our nation is caused in part by the virtual elimination of inheritance taxes on large estates.

If the old saying that,”it takes money to make money” holds true, then those with untaxed wealth will continue to increase personal wealth.

If this pattern continues unchecked, wealth will continue to be held by fewer and fewer people who will grow even wealthier.

Another factor at work is the stagnation of real wages of the working and lower middle class. Added together these trends will create a nation where the working poor will become ever more dependent on the voluntary charity that the economic elite may grant via their legislative employees.

My fear is that the system is rigged in favor of the wealthy and that working folks are being misled by skilful debaters into accepting political actions that are against their own interests.

One study http://www.econ.nyu.edu/user/benhabib/Moll_wealth%20distr.pdf indicates that we are heading toward the same wealth distribution situation that existed early in the last century. In 1927 25% of all income was earned by 1% of the population. From 1943 to 1898, the hey day of the middle class, that same group's incomes fad fallen to just 12% of total income. By 2008 the 1% had regained their 25% share.

Paul Hunter

Please send civil comments to budhunter@frontier.com