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So why aren't we taxing the rich?

Our political system is failing to tax the rich because the rich have fortunes large enough to buy off the political system

Ecuador is ceasing payments not because the oil-rich country cannot afford to pay but because it has made a political decision not to.

Some analysts fear it may set a precedent

Debt obligations suddenly become “sacrosanct” only when it is a case of the poor or middle class owing the rich

High taxes on the wealthy have accompanied strong employment and economic growth in the past, for instance during the immediate postwar period.

The reason for the double standard on debt seems clear: the debt of the poor and “middle class” (i.e. working class) helps to reproduce a category of people – most people – who need to sell their labor power to capitalists in exchange for wage or salary income or rely on someone (e.g. a partner, a parent) who does