Former Labor Secretary Robert Reich can think of three reasons to raise taxes on the rich. He needs less than that number of minutes to explain them.
Reich outlines his argument for increasing the tax burden of the country’s wealthiest citizens in a video sponsored by MoveOn.org, a progressive policy advocacy group. Following up on a video he made last year, Reich focuses on income inequality, pointing out that the wealth held by the top 400 Americans is more than the combined amount of the bottom 150 million.
“For more than 30 years, we’ve been sold a lie that if you give tax cuts to the rich, every one else does better,” he says. “Trickle down economics is bunk, it always was.”
Reich says that, despite arguments to the contrary, lowering tax rates for the wealthy have done little to create jobs. In fact, he continues, the U.S. economy grew more in the years after World War II, when the top tax rate was roughly double what it is now.
Watch Reich draw out his argument above, or check out his video from last year below: