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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?

Robert Reich

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Robert Reich
Age: 78
Born: 1946
Born: June 24
Economist
Former United States Secretary Of Labor
Political Scientist
Politician
University Teacher
Scranton
Pennsylvania
Robert Bernard Reich
Assets
Already
Wealthy
Middle
Annuals
Called
Majors
Annual
Small
Major
Stocks
Class
Property
Bonds
Values
Taxes
Asset
Home
Value
Homes
Wealth

More quotes by Robert Reich

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The dirty little secret is that both houses of Congress are irrelevant. ... America's domestic policy is now being run by Alan Greenspan and the Federal Reserve, and America's foreign policy is now being run by the International Monetary Fund [IMF]. ...when the president decides to go to war, he no longer needs a declaration of war from Congress.
Robert Reich
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Cutting taxes is not bad. But if you cut taxes on the wealthy, which is what they wanted to do, you're not helping people who need better schools and better infrastructure and healthcare. You're basically robbing the middle class and the poor to provide tax cuts to the rich.
Robert Reich
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Yale Law School was the kind of place you went if you felt you needed to go to law school, maybe, for your resume, but you really didn't want to practice law. You wanted to do public policy, or maybe go into politics.
Robert Reich
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Socialism for rich bankers and capitalism for everyone else.
Robert Reich
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When the President decides to go to war, he no longer needs a declaration of war from congress.
Robert Reich
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The key to understanding the rise in inequality isn't technology or globalization. It's the power of the moneyed interests to shape the underlying rules of the market.
Robert Reich
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The poverty line understates the true amount of poverty because it measures it as three times the breadbasket that a family needs, but it doesn't consider all the other things that are inflating far, far faster than food prices.
Robert Reich
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Corporations are not people, despite what the Supreme Court says, and they don't need or deserve handouts.
Robert Reich
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We reform the system. We save capitalism from its own excesses.
Robert Reich
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The core principle is that we want an economy that works for everyone, not just for a small elite. We want equal opportunity, not equality of outcome. We want to make sure that there's upward mobility again, in our society and in our economy.
Robert Reich
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Our moral authority is as important, if not more important, than our troop strength or our high-tech weapons. We are rapidly losing that moral authority, not only in the Arab world but all over the world.
Robert Reich
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I mean, you hear the word 'globalization' over and over and over again. Globalization, globalization, globalization. Rarely has a word gone so directly from obscurity to meaninglessness without any intervening period of coherence.
Robert Reich
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Terrorism itself is not the greatest danger we face.
Robert Reich
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Most Americans stopped looking at what was happening through a variety of coping mechanisms - starting with women entering paid work and then everyone working longer hours and using their homes for raising equity and generating more money through debt. The typical household basically staved off the day of reckoning.
Robert Reich
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There is a crisis of public morality. Instead of policing bedrooms, we ought to be doing a better job policing boardrooms.
Robert Reich
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Liberals are concerned about the concentration of wealth because it almost inevitably leads to a concentration of power that undermines democracy.
Robert Reich
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Cynicism is the largest obstacle to social change. Cynicism is dangerous because people throw up their hands and say, Well it's not possible. Why should I even try?
Robert Reich
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The rich would do better with a smaller share of a rapidly growing economy then they're doing now with a large share of an economy that is barely growing at all.
Robert Reich
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It is a myth that higher taxes lead to less demand and slower growth. In the first three decades after World War II, US top tax rates on the wealthy were never below 70 percent.
Robert Reich
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Median wages of production workers, who comprise 80 percent of the workforce, haven't risen in 30 years, adjusted for inflation.
Robert Reich