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" The majority of job growth in high-tech industries is concentrated in just a handful of metropolitan areas in the U.S., and this regional divide drives 'national inequality' as the rest of the nation struggles to keep up, according to a new report."

"More than 90% of the country's growth in "innovation sector" jobs between 2005 and 2017 have taken place in just five cities: Boston, San Francisco, San Jose, Seattle and San Diego, according to a report from Washington, D.C.-based think tanks the Brookings Institute and the Information Technology and Innovation Foundation."

#inequality
 
One chart shows the intentional inequality imposed by Republicans starting with Ronald Reagan.

Via The massive triumph of the rich, illustrated by stunning new data




#GOP #inequality
 
Quote of note:

"America needs an honest discussion of what’s really going on in this country right now, what the real conflict is, and who the real players are (and why they’re playing). The conflict is playing out on a series of meta-layers (race, class, religion, regionality), all designed to conceal the real war the oligarchs are waging against democracy itself, and those conflicts will continue to intensify until one side or the other has won what is now still a 'cold war'."

Via Will America's Billionaires Start a Second Civil War?

#oligarchy #democracy #inequality #GOP #corporatocracy
Will America’s Billionaires Start a Second Civil War?
 
"A study conducted by the Brookings Institute found that 53 million Americans between the ages of 18 and 64 (or 44% of the workforce) yearly earn a median average of $18,000 (or $10.22 per hour). What this means is that a large section of our society can't afford even small mistakes, let alone major emergencies. It only takes one bad move or shock for a low-wage worker to be irrevocably thrown into a catastrophe. CBS's post about the Brookings report appeared the day after it aired the 60 Minutes episode on Seattle's homeless crisis."

#inequality #livingwage #homelessness
 
Also in local news...

What ’60 Minutes’ didn’t say about Amazon and Seattle’s homelessness crisis

"The tent cities that spring up in the shadows of some of the world’s wealthiest tech companies landed on '60 Minutes' on Sunday night after CBS News anchor Anderson Cooper traveled to Seattle to report on its homelessness crisis."

"The piece focused on people experiencing homelessness — a family of three, a database coordinator, a mail carrier — as it sought to explain why the number of people living unsheltered has spiked in cities around the country. But it didn’t dive into the unique role the tech industry plays in Seattle’s story. The report includes aerial shots of the Amazon Spheres, and mentions tech philanthropy, but it leaves out a key fight between big business and government officials that drastically changed Seattle’s housing conversation."

#Seattle #homelessness #inequality #gentrification
 
THIS.

Definitely worth a read."

America is not the land of the free but one of monopolies so predatory they imperil the nation

"The US economy is becoming increasingly harmed by ever less competition, with fewer and fewer companies dominating sector after sector – from airlines to mobile phones. Market power is the most important concept in economics, he says. When firms dominate a sector, they invest and innovate less, they peg or raise prices, and they make super-normal profits by just existing (what economists call “economic rent”). So it is that mobile phone bills in the US are on average $100 a month, twice that of France and Germany, with the same story in broadband. Profits per passenger airline mile in the US are twice those in Europe. US healthcare is impossibly expensive, with drug companies fixing prices twice as high or even higher than those in Europe; health spending is 18% of GDP. Google, Amazon and Facebook have been allowed to become supermonopolies, buying up smaller challengers with no obstruction."

"This monopolising process gums up everything. Investment in the US has been falling for 20 years. Because prices stay high, wages buy less, so workers’ lifestyles, unless they borrow, get squeezed in real terms while those at the top get paid ever more with impunity. Inequality escalates to unsupportable levels. Even life expectancy is now falling across the US."

"But why has this happened now? Philippon has a deadly answer. A US political campaign costs 50 times more than one in Europe in terms of money spent for every vote cast. But this doesn’t just distort the political process. It is the chief cause of the US economic crisis."

#Amerika #Corporatocracy #inequality #monopolies #GOP #corruption
 
...because it was just another Republican talking point.

Job loss predictions over rising minimum wages haven't come true

"Opponents have long argued that raising the minimum wage will cause workers to lose their jobs and prompt fast food chains (and other stores) to raise prices."

"The data paint a clear picture: Higher minimum wage requirements haven't reduced hiring in low-wage industries or overall."

"Eighteen states rang in 2019 with minimum wage increases — some that will ultimately rise as high as $15 an hour — and so far, opponents' dire predictions of job losses have not come true."

#GOP #inequality #livingwage
 
#GOPTaxScam #inequality
Trump pledged that Amazon would be forced to pay its taxes; thanks to his #taxscam, their profits went up and their taxes stayed $0.00
 
Worth a read.

Will America's Billionaires Start a Second Civil War?

"If we are, indeed, on the brink of a second Civil War, it’s already being waged as a 'cold war', with the occasional armed skirmish being provoked by the so-called alt-right movement. And, as in the past, this will be a war by the very, very rich against the rest of America."

"As oligarchs reach out and extend their control over nation after nation (now having seized, in just the past few decades, either soft or hard control over Russia, India, the Philippines, Hungary, Poland, Brazil, and dozens of other nations) the battlegrounds are shifting to Australia, the United Kingdom, the United States, and France."

#oligarchy #inequality #democracy
Will America’s Billionaires Start a Second Civil War?
 
"If you’ve been keeping track of corporate media coverage of the US economy over the past several years, you might have noticed a contradictory pattern. You’ll find that corporate media make ubiquitous references to a “strong economy,” while simultaneously providing many reports on the increasingly impoverished and precarious working class alongside the continuously rising fortunes of the rich."

#inequality #corporatocracy
Record inequality and corporate profits are what media call a ‘strong economy’
 
If Democrats don't use this as part of their 2020 election campaign issues, they are crazy.

These corporate tax issues MUST be rectified after we get Republicans out of control of the U.S. Government... or this country is doomed insofar as inequality is concerned.

How FedEx Cut Its Tax Bill to $0

" In the 2017 fiscal year, FedEx owed more than $1.5 billion in taxes. The next year, it owed nothing. What changed was the Trump administration’s tax cut — for which the company had lobbied hard."

"The public face of its lobbying effort, which included a tax proposal of its own, was FedEx’s founder and chief executive, Frederick Smith, who repeatedly took to the airwaves to champion the power of tax cuts. “If you make the United States a better place to invest, there is no question in my mind that we would see a renaissance of capital investment,” he said on an August 2017 radio show hosted by Larry Kudlow, who is now chairman of the National Economic Council."

"Four months later, President Trump signed into law the $1.5 trillion tax cut that became his signature legislative achievement. FedEx reaped big savings, bringing its effective tax rate from 34 percent in fiscal year 2017 to less than zero in fiscal year 2018, meaning that, overall, the government technically owed it money. But it did not increase investment in new equipment and other assets in the fiscal year that followed, as Mr. Smith said businesses like his would."

"Nearly two years after the tax law passed, the windfall to corporations like FedEx is becoming clear. A New York Times analysis of data compiled by Capital IQ shows no statistically meaningful relationship between the size of the tax cut that companies and industries received and the investments they made. If anything, the companies that received the biggest tax cuts increased their capital investment by less, on average, than companies that got smaller cuts."

"FedEx’s financial filings show that the law has so far saved it at least $1.6 billion. Its financial filings show it owed no taxes in the 2018 fiscal year overall. Company officials said FedEx paid $2 billion in total federal income taxes over the past 10 years.:

#GOP #GOPTaxScam #Inequality

The New York Times: How FedEx Cut Its Tax Bill to $0 (By Jim Tankersley, Peter Eavis and Ben Casselman)

 
Quote of the day:

"There is something about the very wealthy, they don’t have enough people telling them that they are full of shit."

Via Boo-hoo billionaires: why America's super-wealthy are afraid for 2020

#election2020 #inequality
 
"Tell Congress: No more tax handouts for wealthy investors."

"Opportunity zones incentivize destructive gentrification, pure and simple. The current opportunity zone program was part of the Trump Tax Scam, but the idea existed in various forms for years. In theory, a tax break on investment in low-income areas will spur development and create jobs. In reality, because there are no rules saying opportunity zone investments must benefit the community, they turn out to be just another bonus for the already wealthy."

"Some wealthy investors already owned property in areas now designated as opportunity zones, giving them a tax break on projects they already intended to build. In other cases, old data meant the area had long since gentrified and only wealthy landowners benefited. Most of the time, the zones fueled massive gentrification – giving investors an incentive to build unaffordable housing in low-income neighborhoods and push out the people who lived there first."

#gentrification #GOP #inequality #banksters
 
Quote of note:

"It's disappointing, to say the least, that what Blade Runner ‘predicted’ accurately is a dystopian landscape shaped by corporate influence and interests, mass industrialisation's detrimental effect on the environment, the police state, and the whims of the rich and powerful resulting in chaos and violence, suffered by the socially marginalised."

Via Are we living in a Blade Runner world?

#inequality #climatecrisis #corporatocracy
 
Image/Photo
Bernie Sanders on Seattle council races: Amazon ‘should have kept their money’

"After progressive candidates achieved a near sweep in Seattle’s City Council elections, 2020 presidential candidate Bernie Sanders is weighing in, again directing some pointed words toward Amazon."

#Seattle #Amazon #inequality #corporatocracy #Bernie2020

Tweet via https://twitter.com/BernieSanders/status/1193563004429832193
 
"One year after a black Facebook employee accused the social media giant of failing its black employees and users, a group of Facebook employees published an anonymous memo saying the culture at the company has only gotten worse for nonwhite workers."

#Facebook #inequality
 
"Let’s get a few things straight."

"The wealthiest Americans are paying a much smaller share of income in taxes than they did a half-century ago."

#inequality #banksters #election2020

The New York Times: Opinion | The Billionaires Are Getting Nervous (By The Editorial Board)

 
Fuck you, Leon.

Watch Wall Street Billionaire Literally Cry Over Choice Between Trump and Elizabeth Warren

"Wall Street billionaire Leon Cooperman was overcome by emotion after spending twenty minutes or so railing against Elizabeth Warren, choking up when asked if he supports the re-election of President Donald Trump."

"The Omega Advisors CEO has previously declared that a Warren presidency would crash the stock market by 25 percent, and said 'They won’t open the stock market if Elizabeth Warren is the next president'."

#inequality #banksters #election2020
Watch Wall Street Billionaire Literally Cry Over Choice Between Trump and Elizabeth Warren
 
People around the world are waking up...

Chile protesters: 'We are subjugated by the rich. It's time for that to end'

"Chile’s worst unrest in decades has transformed into a nationwide uprising for change. Here seven protesters explain what they’re fighting for."

#Chile #inequality
 
"Rep. Katie Porter continues to leave marks on the witnesses she questions in Congress, regardless of their social status or economic power. Here she is questioning Mark Zuckerberg, CEO of Facebook, one of the richest men at the youngest age in the world, about the conditions under which he insists his contract workers labor."

"He pays 'content monitors' either $15 or $20 per hour to watch gruesome videos and content (murders, suicides, stabbings, etc) to determine whether or not it is allowed or appropriate for the site. This is work he does not ask his own Facebook employees to perform, remember. He contracts this traumatizing work out. Rep. Porter asks him to confirm that he cuts them off from mental health care when they leave the company, even if they have PTSD as a result of the work they've done for Facebook."

#Facebook #LivingWage #inequality
 
A sign of capitalist brokenness: "Adam Neumann is still a billionaire." I guess that's all that matters...

2,000 WeWork Employees To Lose Their Jobs As Former CEO Adam Neumann Prepares To Walk Away With at Least $1 Billion

"WeWork’s value has tumbled, about 2,000 employees are being cut and many investors are nursing losses after the firm’s bailout."

"But founder Adam Neumann is still a billionaire."

#Capitalism #inequality #FAIL #WeWork
 
"The gap between the richest and the poorest U.S. households is now the largest it's been in the past 50 years — despite the median U.S. income hitting a new record in 2018, according to new data from the U.S. Census Bureau."

"U.S. income inequality was 'significantly higher' in 2018 than in 2017, the federal agency says in its latest American Community Survey report. The last time a change in the metric was deemed statistically significant was when it grew from 2012-2013."

"While many states didn't see a change in income inequality last year, the income gap grew wider in nine states: Alabama, Arkansas, California, Kansas, Nebraska, New Hampshire, New Mexico, Texas and Virginia."

"The disparity grew despite a surging national economy that has seen low unemployment and more than 10 years of consecutive GDP growth."

#IncomeInequality #inequality
 
Even more reason to support Liz or Bernie.

Wall Street Democratic donors warn the party: We’ll sit out, or back Trump, if you nominate Elizabeth Warren

"Democratic donors on Wall Street and in big business are preparing to sit out the presidential campaign fundraising cycle — or even back President Donald Trump — if Sen. Elizabeth Warren wins the party’s nomination."

"In recent weeks, CNBC spoke to several high-dollar Democratic donors and fundraisers in the business community and found that this opinion was becoming widely shared as Warren, an outspoken critic of big banks and corporations, gains momentum against Joe Biden in the 2020 race."

#banksters #inequality #election2020
 
"Repeat after me: Homelessness is NOT a crime."

The problems surrounding homelessness cannot be 'policed', they are much more complicated at the societal level.

Trump administration exploring police crackdown on homeless people

"The White House has said it is exploring using police to remove homeless people from the streets, a vague threat that has escalated concerns about Trump pushing a law enforcement crackdown in California."

"A new report from the president’s Council of Economic Advisers (CEA) said 'policing may be an important tool to help move people off the street and into shelter or housing where they can get the services they need'. The policy document was published just before Trump’s visit to California on Tuesday and comes amid his increasing attacks on Democrats in Los Angeles and San Francisco over the homelessness crisis."

"Advocates across the Golden State, which has a growing homeless population and severe affordable housing shortage, have urged the US government not to further criminalize people living in poverty and instead increase funding for housing and other services, some of which Trump has cut in his budgets."

#homelessness #inequality

 
Quote of the day:

"Something is wrong with today’s version of capitalism. It’s not just that it’s unfair. It’s that it’s no longer capable of delivering products that work. The root cause is the generation of high and persistent profits, to the exclusion of production. We have let financiers take over our corporations. They monopolize industries and then loot the corporations they run."

Via Boeing's travails show what's wrong with modern capitalism

#capitalism #inequality #greed
 
"Last December, an innocuously named nonprofit, the Foundation for Government Accountability (FGA), wined and dined Republican politicians and White House staffers at a Walt Disney World resort, according to a new report from the Center for Public Integrity. The pitch: make it harder for poor Americans to access government programs meant to help them get on secure financial ground, especially the Supplemental Nutrition Assistance Program (SNAP), commonly known as food stamps, and Medicaid."

"The group has already achieved some victories, as states including Kansas, Kentucky, Mississippi, and West Virginia have imposed work requirements on SNAP recipients, sometimes using FGA model legislation. A nationwide version of work requirements proposed by the Trump administration is expected to kick hundreds of thousands of poor Americans off of SNAP."

#KochBrothers #GOP #Medicaid #SNAP #inequality #poverty
Charles Koch Is Funding a Campaign to Kill Food Stamps and Medicaid
 
" The political and cultural upheaval of the last four years has divided the country on ever-hardening partisan and generational lines, but one feeling unites Americans as much as it did before the 2016 election."

"They’re still angry. And still unsettled about the future."

"The latest NBC News/Wall Street Journal poll finds that — despite Americans’ overall satisfaction with the state of the U.S. economy and their own personal finances — a majority say they are angry at the nation’s political and financial establishment, anxious about its economic future, and pessimistic about the country they’re leaving for the next generation."

"The poll finds that 70 percent of Americans say they feel angry 'because our political system seems to only be working for the insiders with money and power, like those on Wall Street or in Washington'. Forty-three percent say that statement describes them "very well'."

#inequality
 
"David Koch, one of the two infamous billionaire Koch brothers, died Friday at the age of 79. The Wall Street Journal is quick to point out that, in addition funding a vast conservative political network, Koch gave about $1.3 billion of his nearly-$60 billion fortune to various philanthropies. But what Koch may ultimately be most remembered for is helping to seed the climate-change denial movement in the 1990s. Indeed, David Koch was one of the most powerful people in the world over the last three or so decades, and he did his level best to stymie any effort to stop the biggest threat to human society."

"The Kochs' place in funding climate denial is covered well in the recent book Kochland by Christopher Leonard. They were big funders of a key 1991 Cato Institute conference, which mobilized furiously after President George H.W. Bush announced he would support a climate change treaty. They went on to spend gargantuan sums boosting up the handful of credentialed scientists who deny climate change, funding climate-denying 'think tanks' and publications, donating to climate-denying politicians (and refusing money to those who don't), and so on. Greenpeace estimates that between 1997 and 2017 the Koch family spent more than ExxonMobil funding climate denial, and thus established climate-change denial as conservative dogma. While conservative parties in almost every other country have endorsed at least some kind of climate policy; the reason Republicans still do not is to a great degree the responsibility of just two men."

"The Kochs were also key players in the successful effort to beat back a cap-and-trade bill in 2010, the closest the U.S. government has ever come to any kind of emissions policy."

"The main reason they did all this, of course, was to protect and expand their gigantic fortunes — which were and are heavily based on fossil fuels. (In classic libertarian John Galt fashion, they inherited their money from their father, who was a founding member of the John Birch Society, and made most of their additional money paying other people to dig up natural resources they neither created nor found.)"

#KochBrothers #ClimateChange #GOP #inequality
 
"Koch may be dead, but many of his preferred political figures—and, by extension, his preferred policies—continue to thrive in the highest positions of power. Here’s how."

#KochBrothers #GOP #OilAndGas #ClimateChange #FossilFuels #inequality
 
"David Koch, one of the two infamous billionaire Koch brothers, died Friday at the age of 79. The Wall Street Journal is quick to point out that, in addition funding a vast conservative political network, Koch gave about $1.3 billion of his nearly-$60 billion fortune to various philanthropies. But what Koch may ultimately be most remembered for is helping to seed the climate-change denial movement in the 1990s. Indeed, David Koch was one of the most powerful people in the world over the last three or so decades, and he did his level best to stymie any effort to stop the biggest threat to human society."

"The Kochs' place in funding climate denial is covered well in the recent book Kochland by Christopher Leonard. They were big funders of a key 1991 Cato Institute conference, which mobilized furiously after President George H.W. Bush announced he would support a climate change treaty. They went on to spend gargantuan sums boosting up the handful of credentialed scientists who deny climate change, funding climate-denying 'think tanks' and publications, donating to climate-denying politicians (and refusing money to those who don't), and so on. Greenpeace estimates that between 1997 and 2017 the Koch family spent more than ExxonMobil funding climate denial, and thus established climate-change denial as conservative dogma. While conservative parties in almost every other country have endorsed at least some kind of climate policy; the reason Republicans still do not is to a great degree the responsibility of just two men."

"The Kochs were also key players in the successful effort to beat back a cap-and-trade bill in 2010, the closest the U.S. government has ever come to any kind of emissions policy."

"The main reason they did all this, of course, was to protect and expand their gigantic fortunes — which were and are heavily based on fossil fuels. (In classic libertarian John Galt fashion, they inherited their money from their father, who was a founding member of the John Birch Society, and made most of their additional money paying other people to dig up natural resources they neither created nor found.)"

#KochBrothers #ClimateChange #GOP #inequality
 
Quote of the day:

"Climate change is a form of violence that will largely affect people with little power to address it or relatively little role in creating it. Death is an escape hatch for David Koch while the rest of us are left scrambling for the emergency brake before we go over the cliff."

Via David Koch Escaped the Climate Hell He Helped Create

#ClimateChange #GOP #KochBrothers #inequality
 
Quote of the day [3]:

"In practice, however, meritocracy now excludes everyone outside of a narrow elite. Harvard, Princeton, Stanford, and Yale collectively enroll more students from households in the top 1 percent of the income distribution than from households in the bottom 60 percent. Legacy preferences, nepotism, and outright fraud continue to give rich applicants corrupt advantages. But the dominant causes of this skew toward wealth can be traced to meritocracy. On average, children whose parents make more than $200,000 a year score about 250 points higher on the SAT than children whose parents make $40,000 to $60,000. Only about one in 200 children from the poorest third of households achieves SAT scores at Yale’s median. Meanwhile, the top banks and law firms, along with other high-paying employers, recruit almost exclusively from a few elite colleges."

"Hardworking outsiders no longer enjoy genuine opportunity. According to one study, only one out of every 100 children born into the poorest fifth of households, and fewer than one out of every 50 children born into the middle fifth, will join the top 5 percent. Absolute economic mobility is also declining—the odds that a middle-class child will outearn his parents have fallen by more than half since mid-century—and the drop is greater among the middle class than among the poor. Meritocracy frames this exclusion as a failure to measure up, adding a moral insult to economic injury."

"Public anger over economic inequality frequently targets meritocratic institutions. Nearly three-fifths of Republicans believe that colleges and universities are bad for America, according to the Pew Research Center. The intense and widespread fury generated by the college-admissions scandal early this year tapped into a deep and broad well of resentment. This anger is warranted but also distorting. Outrage at nepotism and other disgraceful forms of elite advantage-taking implicitly valorizes meritocratic ideals. Yet meritocracy itself is the bigger problem, and it is crippling the American dream. Meritocracy has created a competition that, even when everyone plays by the rules, only the rich can win."

Via: Meritocracy: How Life Became an Endless, Terrible Competition

#Meritocracy #Inequality
 
Quote of the day [3]:

"In practice, however, meritocracy now excludes everyone outside of a narrow elite. Harvard, Princeton, Stanford, and Yale collectively enroll more students from households in the top 1 percent of the income distribution than from households in the bottom 60 percent. Legacy preferences, nepotism, and outright fraud continue to give rich applicants corrupt advantages. But the dominant causes of this skew toward wealth can be traced to meritocracy. On average, children whose parents make more than $200,000 a year score about 250 points higher on the SAT than children whose parents make $40,000 to $60,000. Only about one in 200 children from the poorest third of households achieves SAT scores at Yale’s median. Meanwhile, the top banks and law firms, along with other high-paying employers, recruit almost exclusively from a few elite colleges."

"Hardworking outsiders no longer enjoy genuine opportunity. According to one study, only one out of every 100 children born into the poorest fifth of households, and fewer than one out of every 50 children born into the middle fifth, will join the top 5 percent. Absolute economic mobility is also declining—the odds that a middle-class child will outearn his parents have fallen by more than half since mid-century—and the drop is greater among the middle class than among the poor. Meritocracy frames this exclusion as a failure to measure up, adding a moral insult to economic injury."

"Public anger over economic inequality frequently targets meritocratic institutions. Nearly three-fifths of Republicans believe that colleges and universities are bad for America, according to the Pew Research Center. The intense and widespread fury generated by the college-admissions scandal early this year tapped into a deep and broad well of resentment. This anger is warranted but also distorting. Outrage at nepotism and other disgraceful forms of elite advantage-taking implicitly valorizes meritocratic ideals. Yet meritocracy itself is the bigger problem, and it is crippling the American dream. Meritocracy has created a competition that, even when everyone plays by the rules, only the rich can win."

Via: Meritocracy: How Life Became an Endless, Terrible Competition

#Meritocracy #Inequality
 
"Attorney General William P. Barr made a bit of news Monday when he said he was 'appalled' that Jeffrey Epstein managed to kill himself while in federal custody. As he should have been, although it's also appalling that the conditions at the Manhattan jail where Epstein died are seen as nigh unto torture by civilized countries. But some other words coming out Barr's mouth-hole Monday haven't gotten nearly as much attention. Barr gave a speech to the national convention of the Fraternal Order of Police in New Orleans where he explained some very simple facts about how the Trump administration sees law enforcement: It's all about a war to impose order on evil people who keep thinking they have rights. It was an impressive display of support for Tuff Guy policing, if you're impressed by a bit of casual fascism."

#CrimeAndPunishment #Amerika #inequality #GOP

 
"It [...] should come as no surprise why the wealthy and their henchpersons in Congress focus on cutting the capital gains tax. As we’ve reported before, the capital gains break is the quintessential handout to the rich. On average, taxpayers reporting income of $10 million or more claim more than half of their income as capital gains or dividends subject to the low rate; only 17.5% of their income was reported as wages or salary. For a middle-class taxpayer reporting income in the $75,000-$100,000 range, only 2% qualified as capital gains and qualified dividends."

"The GOP senators wring their hands over the inequities in the capital gains tax, apparently on the principle that if they don’t stand up for the 1%, who will? Their argument is that if you buy a share of stock for, say, $100 and sell it 20 years later for $200, at least part of your $100 gain is due to inflation — in real inflation adjusted terms, you may only have made $70, but you’re paying tax on the full $100. That’s not 'equitable', they say."

"But they don’t acknowledge that the capital gains tax already is heavily biased toward the wealthy. 'Today, we systematically undertax capital gains', Kleinbard told me. The preferential rate on capital gains has been justified in part to compensate for the effect of inflation. Moreover, investors can eliminate the capital gains tax entirely simply by holding an asset to their death; the assets their heirs inherit are automatically revalued at the price at the original owner’s death, so the embedded capital gain is reset at zero."

#GOP #GOPTaxScam #inequality
 
"The Agriculture Department acknowledged Tuesday that its latest push to cut back on who is eligible for food stamp benefits may worsen food insecurity in the U.S."

"The Trump administration has just released a proposed rule seeking to rein in what's known as broad-based categorical eligibility. That policy has allowed 43 states to expand the number of low-income people who qualify for the Supplemental Nutrition Assistance Program, formerly known as food stamps."

"In a cost-benefit analysis, USDA estimates that tightening the policy would cut 3.1 million people from the program, saving taxpayers about $1.9 billion a year. The department also clearly states that the proposed change 'may also negatively impact food security'."

"According to USDA, nearly 12 percent of U.S. households are already food insecure, which means they do not always have access to enough food as a result of a lack of resources."

#Trump #GOP #USDA #SNAP #inequality #foodsecurity
 
"A Congressional Budget Office analysis published Monday showed that raising the federal minimum wage to $15 an hour by 2025 would significantly increase pay for over 27 million workers and lift 1.3 million people—including hundreds of thousands of children—out of poverty."

"The CBO also found that more than doubling the federal minimum wage would boost the income of families earning less than three times the poverty rate by nearly $22 billion."

"While corporate media headlines emphasized the CBO’s estimate that a $15 minimum wage could wipe out over a million jobs, economists disputed this finding as overly pessimistic and noted that—even if such a gloomy prediction is accepted—the analysis showed the benefits of a $15 minimum would still far exceed the costs."

#MinimumWage #LivingWage #inequality
CBO analysis shows $15 federal minimum wage would raise pay for 27 million workers and lift 1.3 million out of poverty
 
Still trying to benefit the rich over the poor, in plain sight...

Trump considers bypassing Congress to cut capital gains tax on wealthy, report says

"President Donald Trump is considering bypassing Congress to cut capital gains taxes by changing the way they are calculated, Bloomberg reported Thursday, citing people familiar with the matter."

"Under the plan, profits on investments would be indexed to inflation, Bloomberg reported. This would slash taxes primarily for wealthy investors selling assets like stock or real estate by not taxing income based on appreciation from inflation."

"The change, which Bloomberg said would be enacted through an executive order or rule change, would likely face legal challenges. Administration officials are split over whether to pursue it, the report said."

"The White House has not yet consulted the Justice Department on the legality of such a move, Bloomberg said."

#Trump #GOP #corruption #inequality
 
This man should not be the Democratic nominee. Period.

Biden says he doesn't want to 'demonize' wealth: 'Rich people are just as patriotic as poor people'

"Former Vice President Joe Biden told wealthy donors at a Tuesday evening fundraiser that he does not want to “demonize” wealth because he finds 'rich people are just as patriotic as poor people'."

"The comments come as a several of Biden’s opponents for the Democratic presidential nomination has focused on wealth disparity in the U.S., vowing to boost taxes on the wealthiest Americans to pay for policies they say seek to close economic gaps."

#inequality
 
"Stephen Smith worked at an AT&T call center in Meriden, Connecticut, for over 20 years before the giant telecoms company announced it was closing the city’s three call centers in February 2019."

"'At 46 years old, I’m looking for a new job', Smith said. 'They basically told us we either need to move south or lose our job. It was out of the blue. We had no idea'."

"Smith and about 90 of his colleagues were offered severance packages or the option to relocate to Georgia or Tennessee. But for most workers who have spouses with their own careers, elderly parents nearby in need of care, or children still in school, relocating on a whim isn’t an option."

"AT&T’s CEO, Randall Stephenson, promised in November 2017 to invest $1bn in capital expenditure and create 7,000 new jobs at the company if Trump’s hugely controversial tax cut bill passed. Many opponents had slammed the cuts as a corporate giveaway that benefited the super-rich. But big firms lobbied for it, saying – as AT&T did – that it would fund job-creating expansions."

#Corporatocracy #inequality #GOP

 
"Much of the inequality we see today in richer countries is more down to decisions made by governments than to irreversible market forces. These decisions can be changed. However, we have to want to control inequality: we must make inequality reduction a central aim of government policy and wider society. The most entrenched, self-deluding and self-perpetuating justifications for inequality are about morality, not economy."

"The great economist John Kenneth Galbraith nicely summarised the problem: 'One of man’s oldest exercises in moral philosophy … is the search for a superior moral justification for selfishness. It is an exercise which always involves a certain number of internal contradictions and even a few absurdities. The conspicuously wealthy turn up urging the character-building value of privation for the poor'."

#inequality

 
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