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Afro Times

Headline News & Issues


Old Money Families and their Heirs Strategize Against Working People


Posted on 25 Jun 2019 

The reason nothing has changed economically for the working class in this country is because the old money families have not changed their view of the world. They do not consider the concept of advancing civilization; instead, they are set firm on their ideology of keeping things the same, mainly their fortunes.

New age billionaires have also grabbed hold of this same ideology of hoarding wealth and dishing out crumbs to the working class. Very few rich folks understand that a healthy and happy workforce is the foundation of their wealth, and they tend to share more.

The wealthy are so intent on maintaining their riches and power that they construct institutions to write laws and policies that protect their wealth and that repress the rights of the working class; all the way to the Supreme Court. For the past 50 plus years, they have strengthened their strong hold using these tactics.

Only recently have someone decided to fight back. The progressive arm of politicians can see the corruption and imbalance of wealth and have started fighting for the working class. And only now have some wealthy folks admitted that there needs to be a change.

Not that they would have come to this conclusion on their own and willingly, but they have been shamed into acknowledging the problem and are willing to help make a change. “A group of ultrarich Americans wants to pay more in taxes, saying the nation has a “moral, ethical and economic responsibility” to ensure that they do.

“Recent polls show there’s a great appetite for increasing taxes on the wealthy. According to a February Politico-Morning Consult poll, 61% of the voters surveyed say they support a wealth tax such as the one backed by the co-signatories, with 20% saying they oppose it and 19% saying they weren’t sure. When the results are broken down by political affiliation, 50% of the Republican voters support a wealth tax, compared with nearly three-quarters of Democrats.”

“During the first year of his administration, President Donald Trump signed a sweeping overhaul of the U.S. tax code. While Republicans cast it as a boon to the middle class, lower- and middle-income taxpayers saw only moderate tax relief while the highest earners received a substantial windfall. According to the nonpartisan Tax Policy Center, the tax law will give the richest 1% of Americans — those earning more than $732,800 a year — an average tax break on personal income of about $33,000. Those on the opposite end of the spectrum — those earning less than $25,000 annually — saw an average personal income tax break of $40.”

The country will soon see – as early as the 2020 election – whether the wealthy will maintain power over the working class or will the people finally get some of the fortune they have helped to create. If the power remains in the hands of the wealthy, be sure that the future of this country will be one of servitude and not personal prosperity.

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