Tech broligarchs’ weird adoration of Donald Trump is problematic for a number of reasons, but their fears about having taxes levied on their unrealized capital gains may explain why they’re so willing to abandon the basic tenets of democracy to support their fellow billionaire.
Turns out, the biggest pro-worker piece of Donald Trump’s proposed economic agenda isn’t very pro-worker after all. On June 9, at a campaign rally in Las Vegas, Trump pledged to eliminate taxes on tipped income if he wins the White House again.
What You Need to Know About Kamala Harris’ Record on Taxes
As of this writing, Vice President Kamala Harris has secured support from enough delegates to become the Democratic Party’s nominee for president at the Democratic National Convention next month. With Harris now at the top of the ticket, we’d like to use this week’s Closer Look to explore her record on taxes.
The Economist is Wrong About Unrealized Capital Gains
I have been a subscriber to and reader of The Economist for almost 20 years. I have appreciated their balanced and intelligent coverage of world events, with a perspective of classical economic liberalism. Yet I find myself in the unusual position of taking issue with two of their recent articles: “How to tax billionaires – and how not to” and “America’s rich never sell their assets. How should they be taxed?”
Republicans have done a lot of damage to the American tax code over the years by giving massive and harmful cuts to the wealthy and corporations. But if they win back the White House and get the chance to implement Project 2025, that damage will be supercharged to another level.
We’ve known for a while that next to none of the spoils from the 2017 Trump tax bill’s infamous corporate tax cut trickled down to workers. But now, thanks to recent reporting from some of our allies, we’re more certain than ever that the cut’s benefits instead gushed up to wealthy shareholders like many of us.
We here at the Patriotic Millionaires like to use Independence Day to remind ourselves what patriotism means and why we go about calling ourselves “patriotic” in the first place. And judging by recent events at the Supreme Court, this refresher on American patriotism is sorely needed.
Congress needs to step in here, and pass new legislation which either makes the NLRB have a quicker decision-making process or specifically determine the criteria for getting an injunction to protect workers. Any decision that takes years is essentially justice denied because workers at places like Starbucks have almost surely moved on to some new employment in the meantime, and might not even want to work at their old companies anymore.
We’ve known for a while now that our desire for lawmakers around the world to raise taxes on wealthy people like us isn’t fringe. But now, we officially have the numbers to back it up – and a blueprint for how international leaders can institute minimum standards for taxing the global rich.
