We need to talk about Trump's tax cut

[edhopper]

It exploded the deficit, leaving us financially weak in an emergency like this.AND the fucking corporations who got all that cash didn't save any for a potential crisis, but bought back there own fucking stock for the benefit of their board and execs. And that stock is now tanking, so they have even less.

This should be addressed.

[unblock]

1. It will be, starting around January 20....

[ooky]

2. Yeah, it looks like they pissed away 150 billion dollars in

deficit spending on that.

I hope when we sweep the election the second thing Biden does as POTUS is lead an effort to repeal that act of theft. Second, because he has to fire Barr first.

[pat_k]

3. National wealth 2018 about 100 trillion - Top 10% own about 70 trillion

About 3/4 of the wealth is in financial assets.

I don't have numbers, but with the continued, and substantial movement of money from the many to the few under DT, I would not be surprised if the 70 trillion in the hands of the top 10% was more like 90 trillion before this crisis. Let's say the coronavirus economic collapse eats up 30%, leaving them with 60 trillion.

If the top 10% wants a snowball's chance in hell of recouping losses in a reasonable period of time they must make peace with a major investment in the form of a wealth tax that starts at 7% the first year, 4% the second, and continues at 1%.

That would at least begin to offset the massive deficit spending that will be required to fund bailouts, keep small businesses on their feet, pay expanded unemployment benefits, fund safety nets that have been gutted, fund education, on and on.

You know, programs that expand earning potential and put money into the pockets of the people who actually spend it to boost the economy, instead of pocketing it.

Those who have benefited most must contribute the most. And if they aren't nuts, they will realize this is the BEST first step in recouping massive losses by building a more equitable and sustainable economic system they can continue to benefit from for years to come.

[edhopper]

4. But they don't

they want it all now! And even though they can't possibly spend it, they just want more than the next guy.

[pat_k]

5. And so the economy will continue to tank, and they will continue to lose...

... in a dysfunctional, roller coaster economy that has no resilience when challenged.

It is so tragic. Greed is so incredibly counterproductive.

It's like people most in need of universal healthcare, free college to expand income potential, basic income, an end to mass incarceration, a functional justice system, effective policing and public safety, and on an on, voting for Republicans who oppose all those things.

And it is so frustrating to witness the most fortunate among us voting against their own interests by opposing any sort of tax system that calls on them to invest in strengthening the social structure, economy, infrastructure, and public services they rely on to survive. They are working against their own long term interests in the service of short-term greed. By refusing to recognize the need to invest in the health of the nation, they destroy our ability to create an environment that would serve them better.

It is so frustrating to see folks working against their own interests -- and the interests of the county -- whether they are at the bottom or the top.

In this crisis -- and the aftermath -- a wealth tax would constitute a better investment than any financial instrument.

By investing in the health of the nation -- e.g., investing in creating a more educated and healthy workforce, expanding public services that would reduce crime, effective treatment for substance abuse and other issues that ruin lives, creating more consumers who have enough money to buy their products and services -- they would be serving their own interests.

By investing to create public sector that can more effectively protect corporate and other business entities from the most self-destructive tendencies that run rampant when there are no reigns, they are investing in the health of those entities (e.g., incentives for taking the long view that ensures long term profitability, as opposed the undermining race to maximize share holder value today, regulation to ensure financial stability, and on and on.)

Of course, we all know this and have known it for decades. We've been working to build the political will for meaningful change for decades. Perhaps this crisis can be the spark needed to begin to build a nation that actually serves our interests, whatever wealth/income "percentile" we may occupy.

A girl can dream.

[Hoyt]

6. I think we'll see USA become more like Denmark after this.

Unfortunately, those wealth figures took a big hit this month and likely for quite awhile.