Oh, to be a billionaire in 2023 – but particularly one born with a silver spoon in their mouth. You’ve heard the Patriotic Millionaires talk about how billionaires took advantage of the COVID-19 pandemic to dramatically enrich themselves while workers got slammed. To sum it up quickly, the global billionaire class increased their collective wealth by a whopping $2.6 trillion between 2020 and 2022. But what has … Continue reading Meet America’s New Aristocracy
The House Ways and Means Committee is one of the most important centers of decision-making in the entire federal government. It’s the House’s chief tax-writing committee, where members of Congress make calls about who gets taxed and how much and, in the process, decide how our economy should be structured. With so much power over our tax code, the House Ways and Means Committee has … Continue reading Unmasking Jason Smith
It’s no secret that the rich and powerful are able to avoid paying their fair share in taxes, but it’s still occasionally stunning to see just how much tax avoidance they get away with. This week, we saw two bombshell reports released by tax justice organizations laying out how both major corporations and ultra-wealthy families are able to pay basically nothing in taxes. On Tuesday, … Continue reading Netflix paid 1.1% in taxes last year
With a contentious debate in Congress regarding the reconciliation bill and its passage, it would seem that the bill and its contents (pulled straight from President Biden’s Build Back Better Agenda) are controversial among the American people as well. Instead, polls have demonstrated that the vast majority of voters support the bill and its provisions. The only group that consistently opposes the bill and actively … Continue reading Congress Should Represent All Americans- Not Just the Rich
Earlier this week the House Ways and Means Committee, led by Rep. Richard Neal, released their rewrite of the federal tax code as part of the Democrats’ budget reconciliation proposal. The committee’s proposed changes are, to say the least, completely inadequate. Their proposal preserves the preferential treatment the rich currently receive in the tax code, ensuring that billionaires in America will continue to pay a … Continue reading Neal’s Tax Plan Has Billionaires Popping Champagne
Let’s take a closer look at these plans to fix the estate tax and why they’re exactly the kind of tax plans that this country needs.
For the second time in as many years, Sen. John Thune (R-SD) is leading the charge in repealing the federal estate tax. With wealth inequality flourishing and public opinion moving in favor of higher taxes on the wealthy, removing this tax on inheritances will only make the gulf between the rich and poor wider. Sen. Thune’s bill is and should be unpopular. However, because of … Continue reading Republicans Relying on Lies to Repeal Estate Tax
Recently, Senator John Thune introduced legislation (again) to repeal the estate tax. The estate tax, which is one of the few safeguards left against dynastic wealth in this country, was last adjusted just 13 months ago to make it even more generous to the children of millionaires and billionaires. Now, the introduction of yet another estate tax repeal bill raises the question: can Republicans do … Continue reading Eliminating Estate Tax Means Yet Another Tax Cut for Millionaires
My last post lamented the messaging woes of progressives in combating the right’s attacks on Big Government and all that entails for the middle and working class who depends on it. Here, I will attempt to provide a solution in order to begin making headway in the midterms. First, we must take responsibility for our struggles with messaging. Rather than rolling over, we should … Continue reading The Rich Kid’s Tax… Let’s Call it What it is
While it is important that we always speak clearly, concisely, and accurately, it is far more important that we be heard. That we are listened to and that people pay attention, and maybe, just maybe, they see and agree to our points. This might rub some the wrong way, but if a message does not have an audience, then what is the value in delivering … Continue reading Big Government is NOT bad, Big Government is Essential!
Gary Cohn, the director of the National Economic Council was just on CNBC talking about the necessity of repealing the estate tax. Mr. Cohn said: Well, look, we want that farmer to go out and buy the next piece of land, and the next piece of land, and the next piece of land, and create the economies of scale and be able to compete in … Continue reading Pearls of Wisdom: Does Gary Cohn Even Understand the Estate Tax
I don’t need a tax break for my estate tax, and my kids don’t deserve to be pawns (or kings) in the divisive game already played by the super-rich.
The President’s plan to repeal the estate tax isn’t just bad tax policy, it’s un-American.