It’s Labor Day Weekend: Let’s Talk About Unrigging The Economy for Workers
During the Labor Day holiday when we celebrate working men and women — and at a time when we are entering a critical election season — let’s stop and ask how we can give those working Americans what they most want and need: higher wages and better jobs in a growing economy. That is a question for which there are two starkly different answers. Since the dawn of the Reagan era, right-wingers have claimed that cutting taxes on corporations and the rich will spur economic growth and raise wages. That theory is embodied in the tax cuts Trump and Congressional Republicans enacted this year. The corporate tax rate was slashed from 35% to 21%. Income tax cuts were heavily weighted to the to the top 5%, who receive half of the tax reduction, and the top 1%, who receive over 25%. What has been the consequence for working people? Only 4.3% of… Continue reading