“Tax the rich, feed the poor, until there are no rich no more!” — Ten Years After
Those 90 million people who didn’t vote are now forming the revolutionary legions who will overthrow the oligarchy and establish a new world government. The process starts with resistance to corporate abuse and leads to the revolution of consciousness that will fulfill poet Gary Snyder’s long-range vision: “Since it doesn’t seem practical or even desirable to think that direct bloody force will achieve much, it would be best to consider this a continuing ‘revolution of consciousness’ which will be won not by guns but by seizing the key images, myths, archetypes, eschatologies, and ecstasies so that life won’t seem worth living unless one’s on the transforming energy’s side.”
Mankind is enveloped in that process now which will continue to expand until it includes all beings, especially greedy corporate CEOs, investors, and warmongers. If it fails, we will all fail because there won't be a planet left to pursue our dreams on. Meanwhile, assholes like Musk, Zuckerberg, Bezos, Trump et al will remind everyone what being obscenely rich looks like: ludicrous, ugly, mean-spirited, selfish, unenlightened and ultimately — evil.
I think a bigger opportunity for taxing wealth is closing the massive loopholes that were designed for the wealthy.
One thing I never hear when people talk about the wealthy are complaints about how much money entertainers and athletes make. We bear responsibility for that since we pay the high ticket prices and broadcast fees that make them possible. We've created a lot of wealthy celebrities.
I don't begrudge anybody who is successful in their own right, but not if it comes at the expense of others.
I agree the Democrats missed the mark in their messaging and in reaching the voters who can’t take it anymore. We need a complete overhaul to develop a believable hopeful platform that speaks to everyday people who are struggling .
There were 6.5M voters who looked to Biden in 2020 to solve the country’s economic problems and four years later concluded that he had not succeeded. Much of this can be laid to a near total failure to communicate the value of Biden’s slow and incremental economic policies. For more analysis of our 2024 defeat see:
Yes. I read a newspaper column yesterday that claimed Biden has done nothing to control inflation. And this didn't come from a Fox News-watching, right-wing columnist! What BS. Our post-pandemic economy has been better than those in other countries... but too many people are in their own little bubbles and can't see the big picture (and their geography skills are sadly lacking).
The problem is the means of imposing the impost. Income tax was devised in an age when income was thought to be intuitively obvious. The US internal revenue code has 1564 sections. It is so complicated because income is an elusive concept. A totally different way to tax is essential.
Yes, thank you. A rewrite of the tax code is way overdue. It is deliberately overly complex because it has been assembled as if it were a mile long sausage. Constant tweaking to please this constituency or that. Time to start fresh - but with a premise. How much hoarding wealth is acceptable?
Perhaps taxing income should be part of it. Perhaps taxing wealth itself should be as well.
One of the many facts we have to Face, Bill, is few if any billionaires have an income. So, even if we raised the income tax level to 100% over on million, 100 % of no income is still zero - and nothing will change that. Elon Musk himself once explained it. Every year he figures out how much it will cost him to live. Then he takes out a very, very low interest loan from a bank for that amount, When you're the richest man in the world the banks will give you whatever you ask. Then he pays off that loan with the interest from his fortune, Then he writes of that interest from next year's taxes and he's essentially living cost free.
Bernie and Elizabeth are right, the only fair tax on multimillionaires and above is a wealth tax of 5% on any wealth (cash or otherwise) above $2,000,000.
And for the record, Kamala Harris promised 4% such tax. NOBODY listened
Great post (and graphics), Bill. The Republicans have been touting trickle-down economics for decades, despite numerous studies showing that tax breaks for the rich do not stimulate investment and create jobs. They want us to blame each other, to distract us from their wealth accumulation by spreading hate.
“Tax the rich, feed the poor, until there are no rich no more!” — Ten Years After
Those 90 million people who didn’t vote are now forming the revolutionary legions who will overthrow the oligarchy and establish a new world government. The process starts with resistance to corporate abuse and leads to the revolution of consciousness that will fulfill poet Gary Snyder’s long-range vision: “Since it doesn’t seem practical or even desirable to think that direct bloody force will achieve much, it would be best to consider this a continuing ‘revolution of consciousness’ which will be won not by guns but by seizing the key images, myths, archetypes, eschatologies, and ecstasies so that life won’t seem worth living unless one’s on the transforming energy’s side.”
Mankind is enveloped in that process now which will continue to expand until it includes all beings, especially greedy corporate CEOs, investors, and warmongers. If it fails, we will all fail because there won't be a planet left to pursue our dreams on. Meanwhile, assholes like Musk, Zuckerberg, Bezos, Trump et al will remind everyone what being obscenely rich looks like: ludicrous, ugly, mean-spirited, selfish, unenlightened and ultimately — evil.
Great quote! I haven't thought about that song in decades.
Good stuff, Bill, well-researched.
I think a bigger opportunity for taxing wealth is closing the massive loopholes that were designed for the wealthy.
One thing I never hear when people talk about the wealthy are complaints about how much money entertainers and athletes make. We bear responsibility for that since we pay the high ticket prices and broadcast fees that make them possible. We've created a lot of wealthy celebrities.
I don't begrudge anybody who is successful in their own right, but not if it comes at the expense of others.
I agree the Democrats missed the mark in their messaging and in reaching the voters who can’t take it anymore. We need a complete overhaul to develop a believable hopeful platform that speaks to everyday people who are struggling .
Yes. We must reinvent!
There were 6.5M voters who looked to Biden in 2020 to solve the country’s economic problems and four years later concluded that he had not succeeded. Much of this can be laid to a near total failure to communicate the value of Biden’s slow and incremental economic policies. For more analysis of our 2024 defeat see:
https://kathleenweber.substack.com/p/vanished-into-thin-air-where-did
Yes. I read a newspaper column yesterday that claimed Biden has done nothing to control inflation. And this didn't come from a Fox News-watching, right-wing columnist! What BS. Our post-pandemic economy has been better than those in other countries... but too many people are in their own little bubbles and can't see the big picture (and their geography skills are sadly lacking).
The problem is the means of imposing the impost. Income tax was devised in an age when income was thought to be intuitively obvious. The US internal revenue code has 1564 sections. It is so complicated because income is an elusive concept. A totally different way to tax is essential.
Yes, thank you. A rewrite of the tax code is way overdue. It is deliberately overly complex because it has been assembled as if it were a mile long sausage. Constant tweaking to please this constituency or that. Time to start fresh - but with a premise. How much hoarding wealth is acceptable?
Perhaps taxing income should be part of it. Perhaps taxing wealth itself should be as well.
I’ve started an essay on the subject. I need to do a bit of research to make my theory make sense!
Only tax what you can see. You can see the inter-bank settlement system. Tax that.
One of the many facts we have to Face, Bill, is few if any billionaires have an income. So, even if we raised the income tax level to 100% over on million, 100 % of no income is still zero - and nothing will change that. Elon Musk himself once explained it. Every year he figures out how much it will cost him to live. Then he takes out a very, very low interest loan from a bank for that amount, When you're the richest man in the world the banks will give you whatever you ask. Then he pays off that loan with the interest from his fortune, Then he writes of that interest from next year's taxes and he's essentially living cost free.
Bernie and Elizabeth are right, the only fair tax on multimillionaires and above is a wealth tax of 5% on any wealth (cash or otherwise) above $2,000,000.
And for the record, Kamala Harris promised 4% such tax. NOBODY listened
Yes. Have you read about the Patriotic Millionaires?
https://patrioticmillionaires.org/
Yes, I have read their posts
Great post (and graphics), Bill. The Republicans have been touting trickle-down economics for decades, despite numerous studies showing that tax breaks for the rich do not stimulate investment and create jobs. They want us to blame each other, to distract us from their wealth accumulation by spreading hate.
Well done Bill.