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Libertarians tend to be selfish s who just can't quite understand the super-duper difficult obscure concept of interdependence.
... but the wealth has gotten increasingly concentrated.
It is a simple sort of math.
The rich got lucky, and absolutely do not pay as much back into the system as they take out.
Libertarians tend to be selfish s who just can't quite understand the super-duper difficult obscure concept of interdependence.
educational attainment helps somewhat..if you're white
Thematically related: hedge funds capitalizing on a real estate crash caused by securitization, using debt and securitization to gobble up real-estate, limiting housing supply, capturing municipal markets and guaranteeing income streams via eviction. And in so doing, increasing inequality.
great thread
the influence of a small number of ultrawealthy donors was mighty, as were the accrued benefits .
https://www.propublica.org/article/s...utiful-tax-cutand Liz Uihlein of packaging giant Uline, along with roofing magnate Diane Hendricks, together had contributed around $20 million to groups backing Johnson’s 2016 reelection campaign.
The expanded tax break Johnson muscled through netted them $215 million in deductions in 2018 alone, drastically reducing the income they owed taxes on. At that rate, the cut could deliver more than half a billion in tax savings for Hendricks and the Uihleins over its eight-year life.
But the tax break did more than just give a lucrative, and legal, perk to Johnson’s donors. In the first year after Trump signed the legislation, just 82 ultrawealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows. Republican and Democratic tycoons alike saw their tax bills chopped by tens of millions, among them: media magnate and former Democratic presidential candidate Michael Bloomberg; the Bechtel family, owners of the engineering firm that bears their name; and the heirs of the late Houston pipeline billionaire Dan Duncan.
Usually the scale of the riches doled out by opaque tax legislation — and the beneficiaries — remain shielded from the public. But ProPublica has obtained a trove of IRS records covering thousands of the wealthiest Americans. The records have enabled reporters this year to explore the diverse menu of options the tax code affords the ultrawealthy to avoid paying taxes.
Proponents touted it as boosting “small business” and “Main Street,” and it’s true that many small businesses got a modest tax break. But a recent study by Treasury economists found that the top 1% of Americans by income have reaped nearly 60% of the billions in tax savings created by the provision. And most of that amount went to the top 0.1%.
ingrates
The company’s lobbying on the Trump tax bill, and the tax break it received, highlight a paradox at the core of Bechtel: The family has for years showered money on anti-tax candidates even though, as The New Yorker’s Jane Mayer has written, Bechtel “owed almost its entire existence to government patronage.” Most famous for being one of the companies that built the Hoover Dam, in recent years it has bid on and won marquee federal projects. Among them: a healthy share of the billions spent by American taxpayers to rebuild Iraq after the war. The firm recently moved its longtime headquarters from San Francisco to Reston, Virginia, a hub for federal contractors just outside the Beltway.
chronic redistribution to top
it's embarrassing that it took this long for people to realize this. trickle down is one of the biggest promulgated lies of the last century.
if, as rumored in the press, respect for economic freedom is strikingly low among Millenials, maybe because thats because economic freedom no longer delivers the goods
^its easy to see why
look at the thread about home ownership
i bought my home for x, now its worth 6x that!
expenditures keep rising, but life expectancy keeps falling.
the free market isn't delivering the goods.
"thar be dragons"
frothiness detected
It is astonishing how much the right avoids this thread.
their adherence to trickle down economics is doctrinal, not evidence based. at bottom it's all about money, power and social control --- inequality was the desired result.
wealth tax
As WH noted: Trickle down has become a sort of gospel to the kinds of people who read... gospels.
The rise of prosperity gospel and megachurches that are more business than churches and would probably have made any itinerant rabbi from 2000 years ago livid.
But that "don't question things" when it comes to one topic... bleeds over into others.
That would go a long way towards universal health care.
git em
free lunch rentiers need to start paying their fair share
put all taxes back to Jan 2001 before the Repugs cut them, which is their immediate and never-ending priority each time they take office
Pay now or pay later
Dems don't have the Senate votes to raise taxes through reconciliation,
Repugs had the 2001 Senate votes use conciliation to cut taxes on the oligarchy
Dems ain't gonna raise no taxes.
If Dems lose the House and Senate in 2022, Repugs will definitely cut taxes through reconciliation, as well as defunding the IRS by even more $100Ms.
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