KFTC tax justice presentation at Occupy Louisville

KFTC members shared an analysis of Kentucky's tax structure and solutions to the unfairness and inadequacy built into the current system with members of Occupy Louisville on Friday afternoon.

Shekinah Lavalle, Linda Stettenbenz and Nick Clark presented at an Occupy Louisville teach-in.

Shekinah Lavalle, Nick Clark and Linda Stettenbenz, Jefferson County members of KFTC's Economic Justice Work Team, talked about the types of taxes used to support public programs and services, and how they affect people of different income levels.

They led one exercise in which participants named government programs and policies that have helped, or hurt, employment opportunities and wealth equality or disparity. After World War II, programs such as the GI Bill, a commitment to build an interstate highway system, and the strength of unions helped fuel the economy and move all income groups forward.

However, since 1979 a different set of policies such as tax policies that favor corporations and the wealthy, union busting and deregulation led to the stagnation of income growth for working families while accelerating wealth growth for upper-income folks.

Occupy participants Carol Smith and John Miller shared information on The Return to Prudent Banking Act, a Congressional effort to restore major provisions of the Glass-Steagall Act that were repealed in 1999. 

The Glass-Steagall Act, also known as the Banking Act of 1933, was passed by Congress to prohibit commercial banks from engaging in investment speculation, according to information found at glass-steagallnow.com/. The removal of these controls had a lot to do with the collapse of banks and the economic crisis of 2008.