According to the Harper's Index, corporations paid only 10% of their profits in taxes last year, compared with 40.6% in 1961.
What's changed?
The ruling elite have been able to slash business taxes over the last 25 years. Simultaneously they've increased their profits by working their employees harder, longer and faster, while paying them less. According to Harper's, 3/4 of their increased profit margin is due to depressed wages.
What hasn't changed?
The ruling elite then, like today, had a monopoly on political power and the machinery of production, compelling the rest of us to sell them our labor under whatever conditions they dictated. There was still homelessness, unemployment, poverty, hunger, want and privation. They were befouling the air and water, poisoning low income communities, pillaging poor countries in the global south, and slaughtering civilians whereever U.S. hegemony was being challenged.
What's changed?
The ruling elite have been able to slash business taxes over the last 25 years. Simultaneously they've increased their profits by working their employees harder, longer and faster, while paying them less. According to Harper's, 3/4 of their increased profit margin is due to depressed wages.
What hasn't changed?
The ruling elite then, like today, had a monopoly on political power and the machinery of production, compelling the rest of us to sell them our labor under whatever conditions they dictated. There was still homelessness, unemployment, poverty, hunger, want and privation. They were befouling the air and water, poisoning low income communities, pillaging poor countries in the global south, and slaughtering civilians whereever U.S. hegemony was being challenged.
the minimum wage was 1.25 in the 1960s. And average was still about 40 hours a week. Actually 41 hours. So the whats changed part is shaky. The 1% pay 40% of income taxes and about 20% federal taxes. Plus they pay all the wages of america. Your argument needs more support, this requires an essay with cited evidence.
ReplyDeleteThe what's changed is not at all shaky. Wages are down, working hours and intensity of work are up.
ReplyDeleteRobert Reich recently quoted the following stats:
Employee pay is currently down to its smallest share of the economy since 1929.
Corporate profits currently constitute the largest share of the economy since 1929 (due primarily to greater productivity and lower wages).
The top 1 percent is taking in more than 20 percent of all income — the highest since the 1920s.
http://www.baycitizen.org/blogs/citizen/restore-basic-bargain/