America’s Oligarchs

America’s super wealthy are oligarchs.

Let’s start by defining the word oligarch.  

Oligarch | Definition of Oligarch by Merriam-Webster

A person who belongs to a small group of people who govern or control a country Oligarchy is a form of power structure in which power rests with a small number of people. These people may or may not be distinguished by one or several characteristics, such as nobility, fame, wealth, education, corporate, religious, political, or military control.

Now let’s look at the super wealthy and powerful in the United States. The nonprofit news organization ProPublica has just performed a significant public service by publishing federal tax records of some of America’s leading billionaires, including Jeff Bezos, Michael Bloomberg, Mark Zukerberg, Geroge Soros, and Elon Musk. Actually we all already know who they are.  Forbes magazine publishes an annual list of the 400 richest people in the United States.

Jeff Bezos’ wealth grew by $99 billion from 2014 to 2018, but he paid only about 1% of that growth in federal taxes. Elon Musk’s fortune grew by about $14 billion in that time frame, but he paid only about 3.27% of that increase in federal taxes.

The fact is they get away with paying little or no taxes.  And it’s all legal.  They pay lobbyists to influence our legislators to sustain the system.

ProPublica’s publication of the taxes paid by our oligarchs will not change this situation.

Senator Elizabeth Warren Tweet:

The rich & powerful run Washington. Here’s one benefit they wrote for themselves: After making a killing from the economy they’ve rigged, they don’t pay taxes on that accumulated wealth. It’s a system that’s rigged for the top if I ever saw one. 1:10 PM · Jan 24, 2019

Warren is correct and calling those super wealthy oligarchs won’t change a thing.

One thought on “America’s Oligarchs

  1. One of the few times I will ever agree with Elizabeth Warren. However, there is a very simple solution to the whole problem, that will never be put into place. A Flat Tax, from the wealthiest to the poorest. Then everyone will truly pay, “Their fair share”.

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