The Tax Deal and What It Means for Wealth Inequality—and Us

Despite a mighty mobilization by progressive groups, this past week, President Obama struck a deal that would extend high-income tax cuts and gut the estate tax.

These policies will widen the already gaping wealth divide.

As young people with wealth and privilege, what role can we play to challenge policies that create further inequality, policies that also increase our own wealth and privilege?

Resource Generation and Wealth for the Common Good are getting ready to launch a joint tax campaign in early 2011 that will grapple with these very questions.

In this context, I thought it would be useful to repost this article by Chuck Collins about the tax deal and the work ahead:

Obama Tax Deal Further Concentrates Wealth and Power: Stop the Death Spiral to Plutocracy

by Chuck Collins, Originally posted at Common Dreams, December 9, 2010

In 2010, an essential moral test of a public policy choice is: Does it further concentrate wealth and power in the hands of a few?

Or does it disperse concentrated wealth and power and strengthen possibilities for a democratic society with greater equality, improved health and well-being, shared prosperity and ecological sustainability?

Does it move us toward Plutocracy or Peace and Plenty?