Facebook CEO Mark Zuckerberg, America’s fourth-richest person, finally admitted that no one deserves to accumulate as much wealth as he has.

That’s nice. But it’s not enough considering the threat of concentrated wealth to the American ideal.

America’s very democracy is dying because billionaires like Zuckerberg amass ever more wealth—and thus ever more political power—while everyone else struggles with less—less money, but, just as importantly, less clout in government.

Philanthropy is fine. But to preserve a functioning democracy, everyone, including billionaires, must pay a fair share of taxes so that America has the money it desperately needs to address shared priorities, reinvigorate the middle class and repair the social fabric torn by income inequality. And we need real limits on campaign contributions to stop the nation’s slide from democracy, where many have a voice, to oligarchy, where only the rich are heard.

The rich don’t pay anything like their proportionate share of taxes right now. Not even close.

In fact, a new study shows that the super-rich pay a lower rate than working Americans thanks to the Republicans’ 2017 tax giveaway.

Last year, the nation’s 400 richest families paid an average effective tax rate of 23 percent, compared to the 24.2 percent paid by the bottom half of U.S. households. It turns out hotel queen Leona Helmsley was right all those years ago when she said only the little people pay taxes. (Tom Conway)

Posted by The non-Conformist