Tuesday Evening Owls: Billionaire earnings since March may fund Biden’s support to working households
Night Owls is an open thread that appears seven days a week on Daily Kos.
Chuck Collins reported at the Institute for Political Studies –US billionaires’ fortune tops $ 1.1 trillion in profit since mid-March:
The $ 1.1 trillion wealth increase from 660 billionaires since March 2020 could pay off for:
- All of the relief for working families included in President Biden’s proposed $ 1.9 trillion pandemic rescue package, which includes direct payments to individuals of $ 1,400, weekly surcharges of $ 400 for Includes unemployment benefits and an extended tax credit for children. (See table below)
- A stimulus check of more than $ 3,400 for each of the approximately 331 million people in the United States. A family of four would receive over $ 13,000. Republicans in Congress refused to send family stimulus checks for most of last year, claiming we couldn’t afford them.
[…] A tax reform that ensures the rich pay their fair share – the principle on which the Biden tax plan is based – would convert a good chunk of those huge billionaire profits into public revenues to help heal an injured nation. But getting that big billionaire boost is not as easy as raising tax rates: tax rules allow the rich to delay, decrease, and ultimately avoid the growth of their wealth. What is needed is a structural change in the taxation of wealth.
The most direct approach is an annual wealth tax on the largest wealth proposed by Senators Elizabeth Warren and Bernie Sanders, among others. Another option is the annual taxation of investment gains on stocks and other tradable assets, an idea advocated by the new chairman of the Senate Finance Committee, Ron Wyden. Even under current discounted capital gains tax rates, if Wyden’s plan took effect in 2020, American billionaires would be paying hundreds of billions of dollars in additional taxes this spring thanks to their gigantic pandemic profits last year.
THREE OTHER ARTICLES THAT WOULD READ
The Weekly Planet: Why Biden Will Buy 645,000 New Cars, by Robinson Meyer. The President’s most interesting climate proposal has not yet been included in an implementing regulation.
McConnell: It was too early to indict Trump, now it’s too late, by Jonathan Chait. And there was a perfect moment, but they were on vacation.
The rise of one of the first video game workers’ unionsby Sarah Jaffe. What started as a Facebook group and then as a chat on Discord soon turned into a massive campaign to improve harsh working conditions across the industry.
TOP COMMENTS • SAVED DIARIES • THE SHORT
TWEET OF THE DAY
Some Republicans in Congress seem confused about what “unity” means. They seem to think if you don’t give them what they want, you are not for unity. “This is not a unit, this is my way or the highway. We are in a crisis and the Americans need help. Let’s unite that.
– Adam Schiff (@RepAdamSchiff) January 27, 2021
“The same rule of self-destructive financial calculation applies to every area of life. We destroy the beauty of the landscape because the unsuitable splendor of nature has no economic value. We can turn off the sun and stars because they don’t pay a dividend. ”
~~ John Maynard Keynes, “National Self-Sufficiency”, 1933
BLAST FROM THE PAST
That day at Daily Kos in 2020– John Bolton: Trump specifically stated that the freeze on Ukrainian aid was linked to investigations against Democrats:
Former National Security Advisor John Bolton has denied House demands an investigation into the potential Trump over the events related to the freeze on military aid to Ukraine and the efforts of Donald Trump’s allies and administrators to pressure the Ukrainian government -Announcing opponent Joe Biden to testify. Instead, Bolton is writing a book about his tenure.
In the manuscript now in circulation for this unpublished book, the New York Times reports, Bolton wrote that Donald Trump personally told him that he would continue to freeze the nearly $ 400 million in aid until Ukrainian officials opened his desired investigation into “Democrats.” and “the” supported Bidens. “
Bolton’s manuscript claims to be directly involved in the plan to mistakenly smear and remove U.S. Ambassador to Ukraine Marie Yovanovitch by Secretary of State Mike Pompeo and Acting White House Chief of Staff Mick Mulvaney, The Times reports, and Pompeo both knew the allegations were false and suspicious that Giuliani was acting “on behalf of other customers”. Bolton also said he spoke personally with Trump’s Attorney General William Barr to inform Barr that Trump identified him as part of Rudy Giuliani’s efforts to make his now infamous call to Ukrainian President Volodymyr Zelensky: Barr’s office had previously denied that he knew of that call by then, much later.
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