Reply #66: I agree -- and I would go further . . . [View All]

[h9socialist]

. . . but one correction! Wealth and income are not the same thing. The upper 10% does not have 90% of the income -- so attack the maldistribution of wealth can't be solved through income taxation. Moreover, the upper 10% controls 90% of financial wealth, not physical wealth -- which is primarily residential real estate. This does not diminish the problem: financial wealth is the source of political power under capitalism.

It would help to go back to a top rate of 94% as in the 1940s, and confiscatory taxes on large estates. But to do this you need to embrace socialism -- as I do -- because this would amount to the development of the public sector as the main source of investment resources. As long as it's small-d democratic, and control of capital is strictly monitored, this sort of investment paradigm should be functional and desireable.