Inequality: An Essential Reader (via Moyers & Company)
As we near the end of 2013, it suddenly seems everyone’s talking about inequality. Earlier this month, Barack Obama spoke of a “relentless decades-long trend” of “dangerous and growing inequality and lack of upward mobility.” Around the…
The Earned Income Tax Credit is part of the problem. It is not part of the solution. Even though those who profess to be champions of the poor claim that expanding and growing the EITC would be a better solution to poverty and wealth inequality than increasing the minimum wage would be. The Earned Income Tax Credit shifts the burden of paying a living wage away from the profit centers—corporations–and on to the taxpayers. But only to those taxpayers who are ineligible to take advantage of the tax deductions granted to corporations and those with unearned income (1%). In other words high income earners and companies employing lobbyists that write our tax laws will contribute nothing . How is that fair or just? The EITC is a scam.
Any solution that does not involve taxing corporations and the 1% into submission and returning jobs to the US is smoke and mirrors. Without ever earning another penny, the vampire class would still be the 1% for eternity.