Morris Pearl: U.S. should undertake prosperity tax, like Argentina, to assist with COVID disaster

[sandensea]

Lawmakers in Argentina, a place hit tricky by COVID-19, a short while ago took a bold phase to respond to their country’s pandemic-fueled economic crisis: they decided to tax the rich.

The United States should adhere to Argentina’s direct and support enacting a related measure to support pandemic relief efforts.

On December 4, Argentina’s Senate handed a one-time, 2% tax on all wealth of over 200 million Argentine pesos, or about $2.4 million.

This “millionaires tax” is expected to add nearly $4 billion in federal income to support offset the price tag of COVID aid, in the approach shrinking a wealth gap that has only developed amidst the COVID disaster.

Argentina may be the very first place to go a evaluate like this in reaction to the world wide pandemic - but it should not be the final.

This variety of laws should really be a no-brainer for American lawmakers hunting for means to help save the American overall economy. Because even with a booming inventory market place, the overall economy that most U.S. citizens live in desperately requires saving.

We are residing in the midst of an financial crisis of biblical proportions, and the federal governing administration, blocked by a Republican Senate that refuses to supply enough support, has only handed compromise, not-practically-ample relief expenditures since March.

At: https://wilkensonknaggs.com/us-should-really-undertake-prosperity-tax-like-argentina-to-assistance-with-covid-disaster

Morris Pearl, chair of Patriotic Millionaires and former director at investment fund behemoth BlackRock.

Pearl has for years supported measures to address widening inequality - greatly exacerbated by a pandemic that has cost millions of jobs while bringing billion-dollar windfalls to the well-connected.

[SheltieLover]

1. Reinstitute the pre-St. Reagan wealth tax

Rebuild our country!

[sandensea]

2. And close the loopholes

Trillions stashed in offshore money laundries - and it's all legal as carried interest and other "tax avoidance."

[SheltieLover]

4. Absofuckingloutely!

What is it with lawmakers & loopholes?

[sandensea]

6. Hey - they paid good money for them there loopholes!

Lobbyists don't come cheap.

[SheltieLover]

7. Not even certain why lobbyists are allowed imo

[sandensea]

9. +1

In most other developed countries, it's considered influence peddling and/or bribery.

Here it's become bidness as usual.

[SheltieLover]

12. Until this whore show is stopped, nothing will really change.

[sandensea]

14. True. Here's hoping.

At least now, there's a chance.

[SheltieLover]

15. Agreed!

Best shot we've got with Joe & Kamala!

White collar crime needs to be very harshly punished, as in "Hey, scum bag, your life of grifting is OVER."

[Irish_Dem]

3. Can the rich just stand by and watch the death and destruction and not lift a finger to help?

More sociopaths.

[sandensea]

5. Some, to be fair, are civic minded - but for the rest, it's all fear and loathing.

They fear not being rich enough to weather a possible systemic collapse;

and they loathe the rest of us.

[Irish_Dem]

8. They don't really need us anymore. They have captured most of the world's wealth.

And don't need worker bees to fill their companies or factories.

The only thing they need are personal services and soon there will be robots to do that kind of work.
So if the populace dies off, it matters not a bit to them.

[sandensea]

10. That's the scary part

Talk about moral hazard.

I'm sure they don't all feel that way - but many no doubt do. They're the ones the Cheetos of the world always turn to for funding.

[Irish_Dem]

11. I think many of them do. To amass that kind of wealth, there has to be some sociopathy.

And it is an addiction to wealth.

They fund Trump, Hawley, Cruz, Rubio et al for one reason.
To further their wealth and power.

This is why they are against fighting climate change, they don't care if a big chunk of the world and its population collapses.
They will be fine in their private enclaves.

[sandensea]

13. And eventually, their Martian enclaves - but they forget Murphy's Law

What can go wrong, will go wrong - and always in unpredictable ways.

Here's hoping cooler heads will prevail.

[Irish_Dem]

16. Exactly, Telsa is hell bent on Mars for that very reason.

It is not for the likes of us that is for sure.

Right, something will go wrong for them.
That is because they are blinded by greed and corruption.