How our Capitalistic Society Became a Plutocracy
Op-ed by TheWiseOldFart Let me take you back to how America’s economy functioned in the 20th century. When I was a young man in the late 1950’s and 1960’s I learned about capitalism and how our country flourished throughout the early 20 th century. If a corporation declared a profit of 30 percent or more, it was considered to be one of the top corporations in America. These profits were shared with their employees, and reinvested into their companies to ensure continued growth. Of course some of the profits were awarded to a successful management team in the form of shares in the corporation or bonuses. PROFITS ARE NOW OFF THE CHARTS, AND EMPLOYEES NO LONGER SHARE IN THEIR SUCCESS Today’s large corporations declare profits of 300, 400, 500 percent or more. We have no way of knowing the real number thanks to the tax code. The tax code contains 6,871 pages. Most of those pages are what we call “loopholes,” ways for the super-rich to avoid paying their fair share of taxes. They