A year ago, I read that in 1985 there were 14 billionaires in the U.S.;
in 1986 there were 25; in 1987, 47; and a recent Forbes magazine reported 99 billionaires in 1989.
Is this a wholesome trend for democracy, for an egalitarian society? How much is a billion dollars? One billion dollars means $4 from every man, woman, and child in the U.S., and there are multibillionaires.
I can think of nothing more dangerous to a democracy than billionaires-the accumulation of such tremendous money power in a few hands. How much does it cost to elect a president or a congressman, or to buy one-$10 million, $100 million? That`s peanuts to a billionaire. Think what political power a consortium of 10 billionaires can control.
With our tremendous U.S. debt and deficit, and the $165 billion annual interest on that debt demanded of U.S. taxpayers, we must get the tax revenue from those best able to pay-the wealthy. To say they need such extreme wealth to fund U.S. economic growth is hokum. Give the tax advantage to the lower-income groups. They will put their savings into mutual funds, which can fulfill any investment needs. The super-wealthy have taken their capital gains tax bonanza and virtually wrecked our economy with hostile takeovers and foreign investments. For the security of the U.S., I favor a top tax bracket of 75 percent for any income over $1 million annually.
