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Poster of the Week – Tax the Rich So We Don't Have To Eat Them

Updated: Jul 14, 2021

Poverty is expensive. Not only do low income households pay a higher percentage of their budgets on basic needs (housing, food, transportation, health care, and clothing) than the wealthy, but they also pay more taxes. Actually, any of us who pay taxes probably pay more than the richest people on the planet. On June 8, ProPublica revealed that billionaires like Jeff Bezos, Elon Musk, and Warren Buffett not only don’t pay their fair share in taxes, they often pay NOTHING! On June 12, the New York Times disclosed how private equity firms—a $4.5 trillion industry—and their executives, also avoid paying taxes. Budget cuts to the IRS have practically eliminated audits. The article states: “By one recent estimate, the United States loses $75 billion a year from investors in partnerships failing to report their income accurately — at least some of which would probably be recovered if the I.R.S. conducted more audits. That’s enough to roughly double annual federal spending on education.” “Eat the Rich” has become a rallying cry against capitalism and income inequality. It is derived from "When the people shall have nothing more to eat, they will eat the rich," attributed to Swiss philosopher Jean-Jacques Rousseau (1712-1778). Rousseau’s writings inspired the leaders of the French Revolution. They still provoke and inspire. Sources: The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax Everything is getting more expensive. That's especially bad news for low-income Americans Michael Hiltzik: More proof that a wealth tax on billionaires is desperately needed Private Inequity: How a Powerful Industry Conquered the Tax System Eat The Rich

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