To the editor:
Over the last three decades, the wealthiest 1 percent of Americans saw their net worth grow by $21 trillion while the wealth of the bottom 50 percent fell by $900 billion.
This was not the result of the intelligence of the top 1 percent or the stupidity of the bottom 50 percent. It was caused by the creation of tax loopholes favoring those already wealthy, repealing the progressive income tax and the federal estate tax, and eroding the social safety net. Repealing the usury laws helped, too.
Closing the tax loopholes for the wealthy, making the income tax progressive again, resurrecting the federal estate tax and restoring the social safety net would bring back a level playing field to America. Outlawing interest rates over 10 percent would help, too. Isn't usury still a sin?
This would also decrease the national debt.
Chester C. Graham