Biden - We want to raise taxes 1 TRILLION dollars!
POSTED BY: AURaptor
UPDATED: Saturday, July 27, 2024 16:07
VIEWED: 7974
PAGE 5 of 8
Bidens again avoid hundreds of thousands of tax dollars, and Obamacare taxes, for 2020.
https://www.cnbc.com/2021/05/19/president-biden-and-vp-harris-release-
2020-tax-returns-what-we-learned.html?recirc=taboolainternal
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The Wealth Detective Who Finds the Hidden Money of the Super Rich
“Wealth Inequality in the United States Since 1913”
http://gabriel-zucman.eu/uswealth/
the top
0.1% (about 170,000) control 20% of American wealth, the highest share since 1929
1% control 39% of U.S. wealth
10% control 74%
bottom
half of Americans have a negative net worth
The shift in wealth concentration over time charts as a U, dropping rapidly through the Great Depression and World War II, staying low through the 1960s and ’70s, and surging after the ’80s as middle-class wealth rolled in the opposite direction. Zucman has also found that multinational corporations move 40% of their foreign profits, about $600 billion a year, out of the countries where their money was made and into lower-tax jurisdictions.
The Triumph of Injustice, to be published by W.W. Norton & Co. early next year, focuses on how wealth disparity can be fought with tax policy. The tools Zucman has identified to date challenge a series of assumptions, fiercely held by many economists and policymakers, about how the world works: That unfettered globalization is a win-win proposition. That low taxes stimulate growth. That billionaires, and the superprofitable companies they found, are proof capitalism works. For Zucman, the evidence suggests otherwise.
(The researchers) found that something cataclysmic happened around 1980. As Ronald Reagan was winning the White House, the top 0.1% controlled 7% of the nation’s wealth. By 2014, after a few decades of booming markets and stagnant wages, the top 0.1% had tripled its share, to 22% ...
When Reagan cut the top marginal tax rate from 70% to 28% across eight years, and later, when Presidents Bill Clinton and George W. Bush slashed tax rates for investors, they were doing so on the advice of economists. The prevailing belief, backed by theoretical models, was that lower taxes on the wealthy would stimulate more investment and thus more economic growth. The real world hasn’t been kind to those theories.
Since the era of liberalization and globalization began about 40 years ago, America’s economic growth has been markedly slower than it was the four decades prior. And though Zucman acknowledges that gross domestic product has risen faster in the U.S. than in other developed countries, he points out that the same is true of population. Measured in GDP per person or national income per adult, U.S. growth since 1980 is hard to distinguish from the pace in France, Germany, or Japan. Meanwhile, the typical worker was better off abroad. From 1980 to 2014, for example, incomes for the poorest half of Americans barely budged, while the poorest half in France saw a 31% increase. “The pie has not become bigger” in the U.S., Zucman says. “It’s just that a bigger slice is going to the top.”
The actual effect of lower taxes on the rich, he argues, isn’t to stimulate the economy but to further enrich the rich and further incentivize greed. In his analysis, when the wealthy get tax breaks, they focus less on reinvesting in businesses and more on hiring lobbyists, making campaign donations, and pursuing acquisitions that eliminate competitors.
https://www.bloomberg.com/news/features/2019-05-23/the-wealth-detectiv
e-who-finds-the-hidden-money-of-the-super-rich
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The US has kept reducing taxes for the wealthiest people and corporations. And even for the low level of taxes required, it lets those taxpayers hide and move money so that they pay even less.
The EU otoh is getting its act together to share income information across borders, so that taxable income gets taxed.
Quote:
Germany welcomes EU tax transparency deal for big companies
BERLIN (AP) — Germany’s finance minister on Wednesday welcomed an agreement requiring large companies in the European Union to reveal how much tax they paid in which country.
The deal late Tuesday between representatives of the EU’s 27 nations and the European Parliament ends five years of haggling over country-by-country reporting rules for corporations with total consolidated revenue of more than 750 million euros (currently about $917 million) across more than one country in each of the past two consecutive financial years.
Among the companies affected will be major international corporations such as Google and Amazon, which have used entities in low-tax countries such as Ireland and Luxembourg to reduce their tax burden elsewhere.
“This is a huge step for greater tax justice,” German Finance Minister Olaf Scholz said.
“The new rules create greater transparency so that international corporations can’t wiggle out of their tax obligations,” he added. “There needs to be an end to dirty tax tricks finally.”
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G-7 back steps to deter tax dodging by multinational firms
The tax proposals endorsed Saturday have two main parts. The first part lets countries tax a share of the profits earned by companies that have no physical presence but have substantial sales, for instance through selling digital advertising.
The other main part of the proposal is for countries to tax their home companies’ overseas profits at a rate of at least 15%. That would deter the practice of using accounting schemes to shift profits to a few very low-tax countries because earnings untaxed overseas would face a top-up tax in the headquarters country.
https://apnews.com/article/europe-tax-reform-technology-government-and
-politics-business-12736e0426f0898a1a3bc187e3c4dfc1
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FREE! federal money directly to people (and states) pays off! ... for states.
States rebound from bleak forecasts to pass record budgets
JEFFERSON CITY, Mo. (AP) — Just a year ago, the financial future looked bleak for state governments as governors and lawmakers scrambled to cut spending amid the coronavirus recession that was projected to pummel revenue.
Today, many of those same states are flush with cash, and lawmakers are passing budgets with record spending. Money is pouring into schools, social programs and infrastructure. At the same time, many states are socking away billions of dollars in savings.
“It’s definitely safe to say that states are in a much better fiscal situation than they anticipated,” said Erica MacKellar, a fiscal analyst with the National Conference of State Legislatures.
https://apnews.com/article/michael-brown-health-coronavirus-pandemic-b
usiness-government-and-politics-ecdabe3c41c5dddb93518f2459fd3d90
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And I'm only left to wonder how much money Eric Holcomb has socked away while cutting off unemployment to the people of Indiana.
Funny... We still had to pay our full property taxes for last year, with a majority of that going to "education" even though all the schools were shut down.
In the mean time, they've mowed the ditch only twice this year. There hasn't been a street sweeper in the neighborhood once all year long. The ditch is caving in because of muskrats and all the people on the other side of it with fences along the ditch now have fences that are caving in.
The city isn't doing a fucking thing.
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Give me liberty or just come shoot me in my house. I'm so over this ridiculous reality.
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From ZeroHedge to NYTimes and everything in between: ProPublica's report that the rich pay little to no taxes.
https://www.nytimes.com/2021/06/08/us/politics/income-taxes-bezos-musk
-buffett.html
https://www.zerohedge.com/markets/irs-reveals-americas-super-rich-paid
-almost-nothing-taxes-their-massive-fortunes
https://www.washingtonpost.com/business/2021/06/08/wealthy-irs-taxes/
https://apnews.com/article/personal-taxes-business-ab6466a9dcc211907a7
53ccfb7660959
https://www.bloomberg.com/news/articles/2021-06-08/u-s-billlionaires-f
aced-tax-rates-as-low-as-0-propublica
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The wealthy - who can afford to sock money away in the Caymans or the Isle of Guernsey, employ the services of such law firms as Mossack Fonseca (which can create a web of shell companies and instant 30-year-old "foundations") and who can employ rafts of lawyers and lobbyists to create and take advantage of very tax loophole possible ...
will continue to pay little or no taxes.
Only small to medium-sized companies will get nailed with these new taxes.
Also, Biden is pushing for a minimum 15% corporate taxrate "worldwide" to make USA tax rates seem more palatable. This will be agreed to by the G7 at their upcoming meeting. However, it is the first step towards one-world government
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Pity would be no more,
If we did not MAKE men poor - William Blake
THUGR posts about Putin so much, he must be in love.
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3+ hours is a bit much to watch. If you've gone though it, a summary would be really helpful.
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