Trickle-down economics would have you believe that the rich are job creators. For decades we’ve been told that the more money the wealthy have to invest in creating jobs, the better the economy will be for everybody. This lie has had catastrophic effects: the top 0.1% of Americans now own more wealth than the bottom 90% of Americans combined. As debates rage among our leaders over stimulus bills and Americans battle their way through this economic crisis, the case for taxing the wealthy has never been as strong as it is now—so this week we’re re-surfacing this episode, originally published in 2019. Class traitor Abigail Disney and tax expert Chye-Ching Huang make the case for taxing the rich.
Trickle-down economics would have you believe that the rich are job creators—the more money they have to invest in creating jobs, the better the economy is for everybody. This lie has had catastrophic effects: the top 0.1% of Americans now own more wealth than the bottom 90% of Americans combined. Class traitor Abigail Disney and tax expert Chye-Ching Huang are on this week to make the case for taxing the rich. nnAbigail Disney is a documentary filmmaker, philanthropist, and social activist. She is the granddaughter of Roy Disney, the co-founder of the Walt Disney Company.nnTwitter: @abigaildisneynnChye-Ching Huang is the Director of Federal Fiscal Policy at the Center on Budget Policy Priorities, where she focuses on the fiscal and economic effects of federal tax and budget policy. She rejoined the Center in 2011 after working as a Senior Lecturer at the University of Auckland, where she taught tax law and conducted research in tax law and policy. nnTwitter: @dashching CenteronBudgetnnFurther reading: nnFor the first time in history, U.S. billionaires paid a lower tax rate than the working class last year: https://www.washingtonpost.com/business/2019/10/08/first-time-history-us-billionaires-paid-lower-tax-rate-than-working-class-last-year/nnIn Open Letter, Billionaires Co-Sign New Wealth Tax Proposal: ‘Revenue Should Come From the Most Financially Fortunate’: https://time.com/5613228/billionaires-calling-for-wealth-taxes/nnWant to grow the economy? Tax rich people like me: https://www.businessinsider.com/nick-hanauer-defends-wealth-tax-grow-economy-create-jobs-2019-7 nnDisney Heiress Calls for Wealth Tax: ‘We Have To Draw A Line’: https://www.npr.org/2019/06/28/736993245/disney-heiress-calls-for-wealth-tax-we-have-to-draw-a-linennTax Code Can Do More to Narrow Racial Gaps in Income and Wealth: https://www.cbpp.org/blog/tax-code-can-do-more-to-narrow-racial-gaps-in-income-and-wealthnnWealth tax explainer: Why Bernie Sanders, Elizabeth Warren and billionaires like George Soros alike are calling for a specialized tax on the ultra-wealthy: https://www.businessinsider.com/wealth-tax-definition-explained-elizabeth-warren-2019-7nnFundamentally Flawed 2017 Tax Law Largely Leaves Low- and Moderate-Income Americans Behind: https://www.cbpp.org/federal-tax/fundamentally-flawed-2017-tax-law-largely-leaves-low-and-moderate-income-americans nnThe Rich Can’t Get Richer Forever, Can They? https://www.newyorker.com/magazine/2019/09/02/the-rich-cant-get-richer-forever-can-theynnThe Disney heiress who’s begging for a wealth tax says income inequality has created a ‘superclass’ in the US — and it’s putting the American dream at risk: https://www.businessinsider.com/abigail-disney-income-inequality-american-dream-wealth-tax-2019-6nnHow the Federal Tax Code Can Better Advance Racial Equity: https://www.cbpp.org/research/federal-tax/how-the-federal-tax-code-can-better-advance-racial-equity