by Mike Hall, Dec 5, 2011
Nick Hanauer is another multimillionaire who says its time to tax the rich. The venture capitalist, who has launched more than 20 companies and is an original investor in Amazon.com, says Republicans are completely wrong when they claim that raising taxes on the rich—the so-called job creators—would kill job growth because “Rich people like me don’t create jobs, middle-class consumers do.”
So let’s give a break to the true job creators. Let’s tax the rich like we once did and use that money to spur growth by putting purchasing power back in the hands of the middle class. And let’s remember that capitalists without customers are out of business.
Hanauer also points out that the 99 percent have not gotten a fair shake.
If the average American family still got the same share of income they earned in 1980, they would have an astounding $13,000 more in their pockets a year. It’s worth pausing to consider what our economy would be like today if middle-class consumers had that additional income to spend.
Click here to read his full column at Bloomberg.
It should be clear by now the economy that the policies of FDR and the Democrats produced is a lot fairer and more robust economy than the GOP vision that started with Reaganomics and went down the tubes with the Bush Ownership Society.
Unfortunately, the Democrats had an opportunity to fix the tax system in 2008, but they didn't. This was the biggest failure of the Obama adminstration.
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