As the wealth of the top 10% increases to equal 77% of U.S. Wealth, so has defense spending to protect this Wealth, reaching $700 Billion. This is $81 Billion greater than last year, defying “sequestration” spending caps set in the 2011 Budget Control Act.
At a time when most Americans feel less safe from lack of adequate gun-control and climate change denial in the beltway, we have 45 proposing huge tax cuts for himself, his family and the Top 10%. With ever increasing wealth inequity and defense spending combined with tax-cuts for the rich, the rational response is a wealth tax on the top percenters to pay for the lion share of defense spending to protect their assets world-wide.