Category Archives: Money in Politics

The Richest of the Rich Are Paying the Lowest of the Low in Taxes

The wealth distribution gap in America is a serious problem, perhaps the most important political issue of our times. It affects every American who is currently struggling to put food on the table and keep their lights on. Yet, not many people seem to notice or care that 1 percent of our nation’s population hold 99 percent of the country’s entire wealth. Kind of makes me feel like a a tiny fish scrounging at the bottom of the ocean for anything scraps left over from the sharks who are circling above.

Not only do the top one percent hold most of the nation’s wealth, they also pay the least amount of taxes. Sam Tabar doesn’t know how that works exactly. While surely the richest people in America pay millions of dollars worth of taxes every year, it only adds up to a small percentage of what they are actually making, which on average is about $64 million per year. An amount that would keep most American families living well for many generations to come.

While regular Americans must hand over a significant chunk of their paycheck every time they receive one, the top earners only have to part with a the loose change they find in their sofas. The best of the best earners, the top .0001 percent, were only taxed at a rate of 17.6 percent in 2012. Numbers that should make every hard working American ask some hard questions of their country’s economy.

Most Americans Want to See Less Money Spent on Campaigning in Elections

America has a unique way of approaching political campaigns, especially when compared to other western countries. In the United Kingdom for example, politicians are given a cap to their spending and nobody is allowed to greatly outspend their opponents in an effort to win an election. As everybody knows, the policies are much different here in America. In fact, some major CEOS suggest raising more money is about the only way one can get elected into office.

There are many critics of our current political system who claim that money should not be the most important factor when considering who should run our country. A recent poll showed 84 percent of Americans think the financial policies for political campaigns should be reformed. And it seems to be a bipartisan issue as well, an issue that is bringing people together from all the different parties.

While the financial approach to campaigning is an issue for most voters, it doesn’t seem to be a top priority which means it is unlikely to change anytime soon. Most voters are still concerned with issues such as job growth, health care, and immigration laws. But what some Americans might not understand is that the fund raising tactics used by politicians are directly affecting the issues they feel most passionate about. Changing the financial climate within politics would most likely ultimately lead to reform throughout the entire system.