This argument occurs over and over and over again in the public sphere… and it shouldn’t. It is settled.
We know that trickle down economics—giving money to the wealthy and big corporations while workers struggle—doesn’t work.
Dropping taxes precipitously on big business doesn’t mean they will use that money to hire people and hand out raises. They may well just use it to put a gold-plated toilet in their private planes.
I can already hear the voices: “You know what else doesn’t work? Taxing businesses to oblivion.”
Agreed. But here’s the thing: that’s not the situation we have right now.
You might not know that if you listen to corporate talking points repeated by your millionaire politician, though.
Walmart just doesn’t need tax breaks. And Bezos doesn’t need tax breaks. We don’t need to be giving tax incentives to businesses whose CEOs make, on average, 1200 times what the average worker does.
But we do desperately need to give substantial breaks to working people and small businesses. Giving tax breaks to small businesses—and enacting programs designed to help working people, like infrastructure expansion—will stimulate the economy. Small businesses are more likely to invest that extra money into the economy—it’s where 67% of new job growth occurs. And programs designed to help working people and the middle class are where to begin. We can remove barriers to work, like providing for child care, and extending broadband to rural areas. We can fix roads and bridges. We can raise the minimum wage. And so much more.
This is not hard to understand.
Right now, working people and small businesses are struggling, so we need programs designed to help them—not efforts to keep taxes low or nonexistent for the rich and big corporations, with the idea that somehow their wealth will magically trickle down. It doesn’t. It just doesn’t. 50 years of tax cuts for the rich have not trickled down. But it has made income inequality worse.
Right now, working people are struggling, and that’s where we need to provide relief.
Even middle class families are struggling right now: they can meet day-to-day expenses, but emergencies like roof repairs, healthcare costs—or even nonemergency expenses like college tuition—can wipe them out. In the richest country in the world, why should the vast majority of our citizens all be one stroke of bad luck away from financial ruin?
And truly, most folks don’t have the luxury to worry about a single stroke of bad luck. About 80% of WV households make less than $86K— and 20% make less than $17K.
End trickle down. It’s protecting an oligarchy. We don’t need huge corporations and billionaires who pay little to nothing in taxes, who own most of our politicians, and who use their wealth to buy laws that favor the status quo they’re benefiting from.
Here’s the bottom line: ”You can have billionaires, or you can have democracy… The billionaire class isn’t just a group of people who happen to be superrich. It’s a dynastic oligarchy with a single overriding objective: controlling the government to protect its inherited wealth.”