71% OF AMERICANS THINK THE ECONOMY IS RIGGED.
71% of Americans think the economy is rigged. They're Right. Concentration of wealth is killing growth and causing political instability. #itsrigged #turnthedials
They're right
The American Dream is dying.
Opportunity and economic mobility, hallmarks of the American Dream, are shrinking for the broad majority of Americans.
Our grandparents’ generation had full confidence in the American dream.
This is no longer true. If you were born after 1980 it’s basically the luck of the draw and this trend is only getting worse.
Since 1980, middle class incomes, when adjusted for inflation, have flat-lined at about $59,149.
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At the same time expenses have doubled or, even worse, grown eight fold.
Housing costs
2X increase
Education costs
2X increase
Healthcare costs
8X increase
It makes sense that household DEBT has DOUBLED as well.
The average American has
in debt.
The average middle class family has nearly $15,000 LESS in total wealth then they did 20 years ago.
Middle Class Household Wealth
Yet the ELITE have seen THEIR WEALTH skyrocket almost DOUBLING in the same period.
Elite Household Wealth
Like an inverted pyramid, our top-heavy economy is unstable.
Standard and Poor’s Rating Agency (S&P) stated clearly that runaway economic inequality is harming U.S. economic growth by excluding large parts of the population from its cumulative benefits. According to their research, higher levels of economic inequality are increasing political pressures, discouraging trade, investment, and hiring.
How do we fix it?
Luckily, Capitalism has dials.
How do we fix it? Luckily, Capitalism has dials.
Dials that can be turned to adjust to various conditions.
Some of these dials include tax policy, monetary policy, trade policy, corporate and financial regulations and investments in public goods like education and infrastructure
"The subjects of every state ought to contribute towards the support of the government, as nearly as possible in proportion to their respective abilities."
The current U.S. tax system follows this principle of PROPORTIONAL CONTRIBUTION, right?
WRONG.
Most people think the system is fair because they only look at personal incomes and Federal income taxes.
This is just a small part of the tax picture.
WHEN YOU LOOK AT PERSONAL WEALTH AND ALL TYPES OF TAXES, IT’S CLEAR WHO REALLY PAYS TAXES IN AMERICA.
IT’S NOT THE ELITE.
The Middle Class Pays 4X More of Their Wealth in Taxes Than the Elite
The Working Poor Pays 125X More of Their Wealth in Taxes Than the Elite
According to Congress’ own non-partisan research organization, the dials on the current tax system have been turned to take cash from the middle and working classes and distribute it up to the elites. Our tax policy favors elite wealth and punishes the hard work of average Americans.
If the dials have been turned for the elite, we can always turn them back to return OPPORTUNITY and ECONOMIC MOBILITY for EVERY AMERICAN.
LET’S TURN THE DIALS AND RENEW THE AMERICAN DREAM.
The American economy could return to being more like the NFL.
The NFL is worth $63 billion, more than any other sports league in the world. In 2016, the value of the average NFL team climbed to $1.97 billion, up 40 percent from the previous year.
What is the key to this growing, successful enterprise?
The dials of the NFL draft are turned to encourage competition: the lowest performing team gets the first round draft pick.
Because the NFL turns the dials to encourage competition, “any given Sunday any team can win.”
Our economy used to work this way and it can again.
Turning the Tax Dials to Grow America's Enterprise Value
Ultimately our team of business and finance leaders know that if we slice the tax pie in a fair manner that increases economic mobility, the entire economic pie grows.
Here are 3 principles for turning the dials:
End trillions in corporate welfare.
Use tax credits to encourage education and training
Tax wealth holdings not wealth flows.
Tax wealth hoarding, not entrepreneurship and work.
Lower middle and working class income tax rates to the same as capital gains tax rates for the elite.
Streamline and simplify the tax code. The elite use the tax code to write off everything from jet planes to yachts.
This is not a new challenge for America.
Leaders like Presidents Abraham Lincoln and Teddy Roosevelt, in different ways, turned the dials to benefit the middle and working classes of America. They stood up against powerful, elite interests and reformed the American system.
We can do it as well. We can lead again. We can renew the American dream for everyone.
Will you join us?
