Liberals relish complaining how much wealth billionaires are amassing and how little they pay in taxes. The actual question is why haven’t the liberals in Congress and the Whitehouse done anything about it.
The Democrat party has simultaneously controlled Congress and the Whitehouse on three occasions since 1992. During those years a Congress controlled by the Democrat party and Presidents Clinton, Obama and Biden could have massively increased taxes on billionaires to offset the equally massive increases in social programs and domestic spending enacted by those same Democrat Presidents and Congress. They had the absolute power so why didn’t they do it? Well, simply because they did not wish to bite the hand that feeds them.
Billionaires are billionaires because they are very, very smart. By spreading their many millions in political contributions (directly and through PACs) across candidates from both parties, they essentially ensure neither party will cross the line.
Combine this fact with the realization shared by both parties that talking meaningful spending cuts (unless you are a congressperson from a very solidly conservative district) is political suicide and foretells no end to the spending well beyond actual tax receipts.
The other complaint by liberals is “trickle-down economics” is a lie. The fact is the success we all have enjoyed in a system of democratic capitalism is trickle-down. Simply, the wealthy invest their wealth in corporate enterprise that creates employment for ALL OF US where our hard work yields wealth creating opportunities (for us and the investors) and so on. Government creates employment at the expense of wealth creation through tax collection.
This does not speak to the community good done by the billions in charitable contributions from the wealthy. This, in addition to the many billions in taxes paid by the wealthy.
So, when you ask out loud why billionaires do not pay more in taxes, ask your Democrat Congressperson, Senator or President why they haven’t raised taxes on billionaires when they had EVERY opportunity to do so, multiple times!
The Willow 