The wealth gap and the Millionaires Tax

By Susan Duerksen | February 21, 2012 |

A UT story this morning on the Millionaires Tax proposal to fund California schools referred to “what some see as a wealth gap.”

That’s like saying “some see” the Grand Canyon as steep terrain.

The huge divide between the super-wealthy and the rest of us is a matter of arithmetic, not perception.

• The Organization for Economic Cooperation and Development reported in December that the gap between the rich and the poor has hit its highest level in more than 30 years, and the US has the fourth-highest inequality level, after Chile, Mexico and Turkey.
• The top 1% wealthiest households now own almost 40% of our national wealth, while the median household income dropped by $10,000 over 25 years, the Economic Policy Institute reports.
• And in San Diego, Census data analyzed by CPI shows that the poverty rate rose to almost 15% in 2010, while the top 20% of households take almost half of all income in the region.

Those are hard facts.

The proposed Millionaires Tax is sensible and fair, and not just because of the injustice in the rampant wealth inequity.

People who earn more than $1,000,000 a year can easily afford to chip in a small fraction to preserve our schools. After all, they could not have achieved that wealth without an educated workforce – from attorneys and accountants to engineers and technicians. It’s time to pay it forward.

The Millionaires Tax would add a 3% tax only on income above the first $1 million, and an additional 2% on income over $2 million.

A coalition called Restoring California kicked off the signature drive last week to put the Millionaires Tax on the November ballot. It would restore up to $9 billion a year that has been cut from education, elder care, public safety and infrastructure.

To learn more and sign up to help, visit www.millionairestaxca.com.

CPI’s Corinne Wilson Shares Sobering Foreclosure Facts

By Xavier Leonard | February 21, 2012 |

Issues: City Services | Campaigns: Foreclosure |