The Coming War on Wealth and the Wealthy, by Charles Hugh Smith

Poverty is imminent for many Americans, and who do you think they’re going to blame? From Charles Hugh Smith at oftwominds.com:

Here’s looking at you, Federal Reserve–thanks for perfecting ‘legalized looting’ and neofeudalism in America.

The problem with pushing a pendulum to its maximum extreme on one end is that it will swing back to the other extreme minus a tiny bit of friction.

America has pushed wealth/income inequality, unfairness and legalized looting to the maximum extreme. Now it will experience the swing back to the other extreme. This will manifest in a number of ways, one of which is a self-organizing populist war on wealth and the wealthy.

To say the system is rigged to benefit the already-wealthy and powerful is a gross understatement. Take the tax code as an example–thousands of pages of arcane tax breaks and giveaways passed by a thoroughly corrupted Congress and thousands more pages of arcane regulations and legal precedents.

How many pages apply to the bottom 95% of American taxpayers? Very few. There’s the standard deductions for mortgage interest, healthcare costs, etc., but virtually no other tax breaks. Very few pages apply to even the 99%–go talk to a CPA and you’ll find there are no more tax breaks for a sole proprietor making $500,000 in earned income than than there are for a sole proprietor making $50,000.

99.9% of the tax code benefits the top 0.1% and the corporations, LLCs and philanthro-capitalist foundations and trusts they own / control. Stripped of artifice and spin, America’s tax code is nothing but legalized looting. This is only one small slice of the entire pie of legalized looting, of course, but it’s one we can all understand.

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