American - Economist | June 24, 1946 -
As income from work has become more concentrated in America, the super rich have invested in businesses, real estate, art, and other assets. The income from these assets is now concentrating even faster than income from work.
Robert Reich
WorkArtReal EstateRichAmerica
We already have an annual wealth tax on homes, the major asset of the middle class. It's called the property tax. Why not a small annual tax on the value of stocks and bonds, the major assets of the wealthy?
ValueSmallWealthTaxWhyClass
We don't have to sit by and watch our meritocracy be replaced by a permanent aristocracy, and our democracy be undermined by dynastic wealth.
DemocracyWealthPermanentWatchSit
Even if there's no way to stop U.S. corporations from shedding their U.S. identities and becoming foreign corporations, there's no reason they should retain the privileges of U.S. citizenship.
CitizenshipStopWayReasonBecoming
The 'free market' is the product of laws and rules continuously emanating from legislatures, executive departments, and courts.
FreeRulesProductLawsMarket
Tax laws favor capital over labor, giving capital gains a lower rate than ordinary income. The rich get humongous mortgage interest deductions while renters get no deduction at all.
RichGivingTaxLaborMortgageOver
America's real business leaders understand unless or until the middle class regains its footing and its faith, capitalism remains vulnerable.
BusinessFaithCapitalismAmerica
Evidence suggests jobs are crucial not only to economic well-being but also to self-esteem.
Well-BeingEvidenceSelf-EsteemOnly
Obviously, personal responsibility is important. But there's no evidence that people who are poor are less ambitious than anyone else. In fact, many work long hours at backbreaking jobs.
WorkResponsibilityPeopleLongPoor
News and images move so easily across borders that attitudes and aspirations are no longer especially national. Cyber-weapons, no longer the exclusive province of national governments, can originate in a hacker's garage.
NewsHackerBordersMoveAspirations
Harvard, Yale, Princeton, and the rest of the Ivy League are worthy institutions, to be sure, but they're not known for educating large numbers of poor young people.
PeopleRestNumbersYoungPoorSure
I'm all in favor of supporting fancy museums and elite schools, but face it: These aren't really charities as most people understand the term.
PeopleFaceUnderstandMuseumsFancy
Copyright © 2024 QuotesDict Robert Reich quotes