Kingman Letters: Redistribution

Here are the reasons Congress is not going to balance the budget or solve our immediate debt crisis on the backs of the working class and the poor in this country who just can't afford it. We now tell the obstructionists no more welfare for the rich and corporations, no more honoring the Grover pledge and no more no-jobs and no-help for the middle class. Do what we all know is best for our country:

According to Marketwatch, over 90 percent of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), personal business accounts, the stock market, and real estate. A 2009 Kauffman Foundation study found that the great majority of entrepreneurs come from middle-class backgrounds, with less than 1 percent of all entrepreneurs coming from very rich or very poor backgrounds.

According to a fact-checked research team, the U.S. has greater wealth inequality than every measured country in the world except for Namibia, Zimbabwe, Denmark and Switzerland.

According to the Tax Justice Network, an amount equal to one-half of the U.S. gross domestic product is held untaxed overseas by rich Americans.

Based on research (also fact checked) by the Tax Policy Center, tax deferrals and deductions and other forms of tax expenditures (tax subsidies from special deductions, exemptions, exclusions, credits, capital gains, and loopholes), which largely benefit the rich, are worth about 7.4 percent of the GDP, or about $1.1 trillion - enough to pay off the deficit.

Young adults have lost two-thirds of their net worth since 1984.

The American public paid about $4 trillion to bail out the banks. The world derivatives market is estimated to be worth over a quadrillion dollars for which trading nets zero sales tax revenue for the U.S.

Danny Baker

Kingman