Bernie’s Plutocracy Prevention Act

Chuck Collins

Chuck Collins Scholar, Institute for Policy Studies

The Republicans can’t control their baser greed impulse, as revealed in their latest move to abolish the federal estate tax, our nation’s only levy on the inherited wealth of the super-rich.

But what we really need is a bold intervention to break up growing dynasties of wealth and power.

Congress should jump on board an improved estate tax introduced today by Senator Bernie Sanders, that would levy a top rate of 77 percent on inheritances over $1 billion. Sanders bill, The For 99.8% Act, would also plug up loopholes and ban trusts that wealthy families use to hide and perpetuate wealth dynasties.

The estate tax, established by Congress a century ago to put a brake on the build-up of concentrated wealth and power, is paid only by a miniscule sliver of billionaires and multi-millionaires. At the time, Theodore Roosevelt supported the estate tax as a protection against the “tyranny of plutocracy.”

Sanders estate tax proposal is a plutocracy prevention act, squarely aimed at preventing the children of today’s billionaires from dominating our future democracy, economy, culture and philanthropy.

In December 2017, Republicans failed to abolish the estate tax as part of their $1.5 trillion dollar tax windfall for the superrich and a handful of transnational corporations. But they did raise the exemptions of who will pay the tax.

In 2019, fewer than 2,000 households will pay the tax, starting with couples with over $22.8 million (individuals with over $11.4 million).

Earlier this week, Senate leader Mitch McConnell and Sens. Charles Grassley (R-Iowa) and John Thune (R-SD) introduced the “Death Tax Repeal Act of 2019.” It is worth noting that the number of annual taxable estates in their home states of Kentucky, Iowa, and South Dakota are fewer than two dozen.

Posted In: Allied Approaches

Union Matters

Get to Know AFL-CIO's Affiliates: National Association of Letter Carriers

From the AFL-CIO

Next up in our series that takes a deeper look at each of our affiliates is the National Association of Letter Carriers.

Name of Union: National Association of Letter Carriers (NALC)

Mission: To unite fraternally all city letter carriers employed by the U.S. Postal Service for their mutual benefit; to obtain and secure rights as employees of the USPS and to strive at all times to promote the safety and the welfare of every member; to strive for the constant improvement of the Postal Service; and for other purposes. NALC is a single-craft union and is the sole collective-bargaining agent for city letter carriers.

Current Leadership of Union: Fredric V. Rolando serves as president of NALC, after being sworn in as the union's 18th president in 2009. Rolando began his career as a letter carrier in 1978 in South Miami before moving to Sarasota in 1984. He was elected president of Branch 2148 in 1988 and served in that role until 1999. In the ensuing years, he worked in various roles for NALC before winning his election as a national officer in 2002, when he was elected director of city delivery. In 2006, he won election as executive vice president. Rolando was re-elected as NALC president in 2010, 2014 and 2018.

Brian Renfroe serves as executive vice president, Lew Drass as vice president, Nicole Rhine as secretary-treasurer, Paul Barner as assistant secretary-treasurer, Christopher Jackson as director of city delivery, Manuel L. Peralta Jr. as director of safety and health, Dan Toth as director of retired members, Stephanie Stewart as director of the Health Benefit Plan and James W. “Jim” Yates as director of life insurance.

Number of Members: 291,000 active and retired letter carriers.

Members Work As: City letter carriers.

Industries Represented: The United States Postal Service.

History: In 1794, the first letter carriers were appointed by Congress as the implementation of the new U.S. Constitution was being put into effect. By the time of the Civil War, free delivery of city mail was established and letter carriers successfully concluded a campaign for the eight-hour workday in 1888. The next year, letter carriers came together in Milwaukee and the National Association of Letter Carriers was formed.

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There is Dignity in All Work

There is Dignity in All Work