Explaining The Math to Vincent Gray

Tom Sherwood reporting for NBC4

There wasn’t a lot of media play (that we saw) about a new proposal that would cut the District’s high tax rates on corporate income and commercial property.

This is the quick and easy way to make DC’s fiscal problems worse and increase the inequalities within the city.

The Wealth Distribution

In the United States, wealth is highly concentrated in a relatively few hands. As of 2001, the top 1% of households (the upper class) owned 33.4% of all privately held wealth, and the next 19% (the managerial, professional, and small business stratum) had 51%, which means that just 20% of the people owned a remarkable 84%, leaving only 16% of the wealth for the bottom 80% (wage and salary workers).

Obviously you have to tap those who have the money if you want to balance your budget. Any other approach is fiscally irresponsible.

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