Wednesday, June 26, 2002

History really does repeat itself.

Kevin Phillips has a new article inThe Nation regarding the return of dynastic influence of the American political system. Special attention is paid to the Bush family and the possible $25 million the've been able to extract from Enron. It takes a bit of time to get to the real meat of the article. It's worth a full read nonetheless, as the Bush family behavior needs to be put in historical context.

This quote is a bit of a setup for the changes in the tax code that are leading to the new rise of dynasties in America, but it should be repeated anyway: "Progressive taxation--only a memory for most--died in the 1980s as regressive FICA taxes replaced income levies as the heaviest tax paid by a majority of American families." [emphasis mine]

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