PRoPublica’s bomb report that American ultra-rich people pay little or no taxes has used their wealth not only for their enormous wealth, but also for political power to reduce taxes to almost zero. I am clarifying.
Jeff Bezos, the wealthiest man in the United States, reportedly did not pay federal income tax in 2007 and 2011. The second wealthiest Elon Musk did not pay taxes in 2018. The Warren Buffet was often ranked third and paid a tax rate of 0.1% during 2014. And 2018.
The real scandal is that it is legal.
Wealth and power are inextricably linked. The ultra-rich have purchased a lobbyist army to minimize taxes and create and maintain tax loopholes large enough to overtake Lamborghini.
The loophole is stronger than kryptonite. Remember the infamous “carried profit” loophole that almost all presidential candidates promised to shut down in the last five elections? It’s still there.
Wealth troops also prevent major changes in systems that could threaten wealth, such as wealth taxes, stronger unions, and stricter antitrust laws.
Democracy in the United States is currently being attacked in two directions: Donald Trump’s white supremacist, who is holding back votes, and wealth supremacist, who is bribeing lawmakers with election donations.
Since their mutual enemy is democracy, some of the wealth supremacists are quietly funding white supremacists.
A few weeks ago, hundreds of US companies and CEOs lent their names to a two-page ad in The New York Times and The Washington Post to support voting rights.
Many of these companies and CEOs have also been found to be members of the American Chamber of Commerce. The American Chamber of Commerce is a powerful Washington business lobby that recently issued “significant voting alerts” to the For the People Act, designed to protect voting rights from the oppression of state law. Not only from voting, but from voter purchase voting.
Hypocrisy is getting thicker than ever. The corporate public relations department makes a noble statement, and the corporate legislative department continues to issue legislative bribes. Billionaires like Warren Buffett publicly advocate higher taxes and privately pay almost Zirch.
The For the People Act is aimed at both white supremacists and wealth supremacists. As such, it is very popular with the general public, but it also faces obstacles among the Senate Democrats.
This is the battle of our time.
This is wealth supremacy when the wealthiest man in the United States pays $ 0 on income tax.Robert Reich
Source link This is wealth supremacy when the wealthiest man in the United States pays $ 0 on income tax.Robert Reich