Capitalism and Democracy: Year-End Lessons
by RICHARD D. WOLFF, PH.D.
Dec 18, 2013 | 442 views | 0 0 comments | 11 11 recommendations | email to a friend | print
2013 drove home a basic lesson: US capitalism's economic leaders and their politicians now regularly ignore majority opinions and preferences. For example, polls showed overwhelming popular support for higher taxes on the rich with lower taxes on the rest of us and for reversing the nation's deepening economic inequalities. Yet Republicans and Democrats, including President Obama, raised payroll taxes sharply on January 1, 2013. Those taxes are regressive; they take a smaller percentage of your income the higher your income is above $113,700 per year. Raising the payroll tax increased economic inequality across 2013.

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