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Rich getting richer

To the Journal editor:

The wealth gap between upper-income and lower-income families is increasing.

In 1983, the mean family wealth in lower-income families was $12,000 and the mean family wealth in higher-income families was $344,000. But in 2016 the mean family wealth in lower-income families had dropped to $11,000 and the mean family wealth in higher-income families had increased to $850,000. (Pew Research Center. “Trends in Wealth Inequality.” January 9, 2020.)

What can, We the People, do to lessen the growing wealth gap between upper-income and lower-income families?

To raise funds to lessen the gap between upper- and lower-income families and to prevent deficit spending, we propose:

1. Creating taxes that are more progressive (raising tax rates as income raise) and more redistributive (spreading income more equally by taxing millionaires and billionaires and redistributing to all).

2. Raising our income tax rate from 37% to 70% for millionaires and to 80% for billionaires (80% was our average top income tax rate from 1950-1980. Saez, Emmanuel. Triumph of Injustice, 2019).

3. Eliminating all deductions for millionaires and billionaires.

4. Creating a 2% wealth tax on millionaires and 10% wealth tax on billionaires.

5. Eliminating deductions for contributions to special interest institutions lacking a publicly elected board or a board appointed by a publicly elected board.

6. Progressing capital gains taxes and inheritance taxes to the same rate as income taxes for millionaires and billionaires.

7. Progressing our income tax rate for wealthy corporations from 21% to 50%.

To lesson the wealth gap between upper-income and lower-income families, we propose:

1. Reducing the pay ratio of CEOs to average worker from 278-1 (The Editorial Board. “Jobs We Need.” The New York Times, June 24, 2020) to 20-1.

2. Reducing the mean income of our highest fifth from 17 times greater than our lowest fifth (Census Bureau, 2018) to five times greater.

3. Creating higher-paying construction jobs with trickle-over benefits for all.

4. Progressing our national minimum hourly wage from $7.25 to $15, and having it automatically adjusted to the cost of living.

5. Creating a basic income of $2,000 per month for all adults during a recession and $1,000 per month during prosperity (Social Security for all).

6. Progressing workplace equality rights, including women receiving equal pay.

7. Progressing worker rights to unionize, negotiate, and strike.

8. Creating paid family leave and sick leave.

Reduce wealth gaps! Now!

Editor’s note: This letter writer should not be confused with Gordon J. Peterson, a retired funeral director who worked many years for Swanson-Lundquist Funeral Home in Marquette.

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