Raising this tax would make the ultra-rich pay their fair share
Opinion by Chuck Collins for CNN Business Perspectives
Updated 12:32 PM ET, Wed March 31, 2021
Atlanta Fed President: There are 'definitely merits' to r********ns
Cecilia Rouse 0326
Biden economist: It's not enough to just build back to where we were
Watch Elizabeth Warren grill Janet Yellen about risks to US financial system
Shopify President: We're giving small businesses the tools they need
Powell: We want to see 'substantial progress' in the labor market
A man walks past counters at the Terminal 1 section at John F. Kennedy International Airport on March 12, 2020 in New York City. - US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over the c****av***s p******c that has sparked unprecedented lockdowns, widespread panic and another financial market meltdown Thursday.The announcement came as China, where the outbreak that first emerged in December, showed a dramatic drop in new cases and claimed "the peak" of the epidemic had passed. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)
Expedia prepares for post-p******c travel surge
NEW YORK, NEW YORK - FEBRUARY 25: People walk by the New York Stock Exchange (NYSE) on February 25, 2021 in New York City. As a rapid rise in Treasury yields has made equity investors nervous, stocks fell on Thursday with the Dow down 500 points in afternoon trading. (Photo by Spencer Platt/Getty Images)
BlackRock exec: Economy can 'definitely' withstand rolling back Trump tax cuts
LONDON, ENGLAND - APRIL 05: An eBay delivery parcel is prepared for shipping at an eBay seller warehouse on April 5 in London, England. The original disruptor of the e-commerce world, eBay has come of age but it"s still shaking up traditional retail with a global marketplace that welcomes big brands, empowers entrepreneurs and serves 23.5 million customers a month in the UK alone. (Photo by Ki Price/Getty Images for Ebay)
eBay CEO: P******c brought huge momentum for the site
Photo by: STRF/STAR MAX/IPx 2021 1/8/21 Democrats vow to deliver $2K checks with control of the Senate.
Here's how many struggling Americans are spending their stimulus checks
Construction workers build the "Signature Bridge," replacing and improving a busy highway intersection at I-95 and I-395 on March 17, 2021 in Miami, Florida. The Florida Department of T***sportation is building the project in partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western-de Moya Group Joint Venture. The infrastructure project will ease traffic congestion, connect communities with downtown neighborhoods, and provide an iconic bridge for Miami's skyline. The entire project is scheduled for completion in the fall of 2024 at the cost of $818 million. (Photo by Joe Raedle/Getty Images)
US economy added 916,000 jobs in March
Resturant Yurkevcih Pkg 1
Restaurants are still struggling, but see hope on the horizon
Fed's James Bullard: We'll let inflation run above target for some time
Stimulus package aims to get mothers back to work
Presumptive Democratic p**********l nominee former Vice President Joe Biden delivers a speech at the William Hicks Anderson Community Center, on July 28, 2020 in Wilmington, Delaware. Biden addressed the fourth component of his Build Back Better economic recovery plan for working families, how his plan will address s******c r****m and advance racial economic equity in the United States.
Infrastructure is President Biden's next focus. Here's what that means
The replacement of Line 3 created jobs.
Why an infrastructure bill could help jobs bounce back faster
Atlanta Fed President: There are 'definitely merits' to r********ns
Cecilia Rouse 0326
Biden economist: It's not enough to just build back to where we were
Watch Elizabeth Warren grill Janet Yellen about risks to US financial system
Shopify President: We're giving small businesses the tools they need
Powell: We want to see 'substantial progress' in the labor market
A man walks past counters at the Terminal 1 section at John F. Kennedy International Airport on March 12, 2020 in New York City. - US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over the c****av***s p******c that has sparked unprecedented lockdowns, widespread panic and another financial market meltdown Thursday.The announcement came as China, where the outbreak that first emerged in December, showed a dramatic drop in new cases and claimed "the peak" of the epidemic had passed. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)
Expedia prepares for post-p******c travel surge
NEW YORK, NEW YORK - FEBRUARY 25: People walk by the New York Stock Exchange (NYSE) on February 25, 2021 in New York City. As a rapid rise in Treasury yields has made equity investors nervous, stocks fell on Thursday with the Dow down 500 points in afternoon trading. (Photo by Spencer Platt/Getty Images)
BlackRock exec: Economy can 'definitely' withstand rolling back Trump tax cuts
LONDON, ENGLAND - APRIL 05: An eBay delivery parcel is prepared for shipping at an eBay seller warehouse on April 5 in London, England. The original disruptor of the e-commerce world, eBay has come of age but it"s still shaking up traditional retail with a global marketplace that welcomes big brands, empowers entrepreneurs and serves 23.5 million customers a month in the UK alone. (Photo by Ki Price/Getty Images for Ebay)
eBay CEO: P******c brought huge momentum for the site
Photo by: STRF/STAR MAX/IPx 2021 1/8/21 Democrats vow to deliver $2K checks with control of the Senate.
Here's how many struggling Americans are spending their stimulus checks
Construction workers build the "Signature Bridge," replacing and improving a busy highway intersection at I-95 and I-395 on March 17, 2021 in Miami, Florida. The Florida Department of T***sportation is building the project in partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western-de Moya Group Joint Venture. The infrastructure project will ease traffic congestion, connect communities with downtown neighborhoods, and provide an iconic bridge for Miami's skyline. The entire project is scheduled for completion in the fall of 2024 at the cost of $818 million. (Photo by Joe Raedle/Getty Images)
US economy added 916,000 jobs in March
Resturant Yurkevcih Pkg 1
Restaurants are still struggling, but see hope on the horizon
Fed's James Bullard: We'll let inflation run above target for some time
Stimulus package aims to get mothers back to work
Presumptive Democratic p**********l nominee former Vice President Joe Biden delivers a speech at the William Hicks Anderson Community Center, on July 28, 2020 in Wilmington, Delaware. Biden addressed the fourth component of his Build Back Better economic recovery plan for working families, how his plan will address s******c r****m and advance racial economic equity in the United States.
Infrastructure is President Biden's next focus. Here's what that means
The replacement of Line 3 created jobs.
Why an infrastructure bill could help jobs bounce back faster
Atlanta Fed President: There are 'definitely merits' to r********ns
Chuck Collins is director of the Program on Ine******y at the Institute for Policy Studies where he co-edits Ine******y.org. He is an expert on the estate tax and coauthor with the late Bill Gates Sr. of Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes. His new book is The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions. The opinions expressed in this commentary are his own.
Perspectives chuck collins
Millions of Americans are still dealing with the painful effects of the p******c-induced recession. But one group has done phenomenally well: billionaires. While many Americans have lost their jobs, income and health care, the country's billionaires have seen their collective wealth skyrocket by over $1.3 trillion since March 2020.
As we get closer to finally escaping the p******c and look to revitalize our middle class, it's only fair to ask America's multimillionaires and billionaires to help pick up the tab. But we also need to address the underlying ine******y that has let this group's wealth skyrocket while the rest of the country suffers.
Senator Bernie Sanders has introduced a new estate tax reform bill, the For the 99.5% Act, to do just that. The bill would raise billions to rebuild our country — while also saving our democracy from plutocratic overreach and shutting down a destructive hidden wealth system that benefits the super-rich.
Sanders would lower the wealth exemption threshold to $3.5 million for an individual and $7 million for a couple. Even with that lower threshold, 99.5% of Americans would be exempt from the tax. He would also increase protections for family farmers.
Sanders' bill also introduces graduated rates on large fortunes, with billionaires paying a 65% rate compared to a 45% rate on an $8 million estate, for instance.
The original 1916 estate tax was introduced to raise revenue from those with the greatest capacity to pay. But it was also designed to discourage the intergenerational t***sfer of dynastic fortunes. Advocates ranging from rural populists to plutocrats like Andrew Carnegie and President Theodore Roosevelt understood that the great fortunes of the first Gilded Age were a threat to a self-governing democracy. Roosevelt advocated for a "graduated inheritance tax on big fortunes, properly safeguarded against evasion and increasing rapidly in amount with the size of the estate."
We can't suspend evictions and foreclosures forever
We can't suspend evictions and foreclosures forever
But over the last two decades, the estate tax has become weakened and porous, thanks to billionaire dynastic families that spent millions on lobbying. The current estate tax is missing the meaningful "graduated" rates that Roosevelt called for — today, the millionaire with $30 million will pay the same estate tax rate as a billionaire with $30 billion. And Trump's 2017 tax reform raised the wealth exemption from $11 million for a couple to $22 million.
At the same time, certain players in the wealth defense industry — the tax lawyers, accountants and wealth managers whom billionaires pay millions to hide trillions — have been helping their wealthy clients with dynasty trusts, tax loopholes, shell companies and offshore tax havens.
A reformed estate tax would generate hundreds of billions in additional revenue, which could go toward public health and infrastructure, job-boosting investments that expand the middle class. But equally important, it would end tax breaks for dynasty trusts and other loopholes the rich have deployed to hide their money.
The end result: The extremely wealthy would pay their fair share after years of avoiding it. The bill would raise $430 billion over the next decade, according to estimates from the Joint Committee on Taxation.
The Sanders estate tax on multimillionaires and billionaires is the fairest way to reduce extreme wealth ine******y, protect democracy from oligarchic wealth and make investments that revitalize the US middle class.
Milosia2 wrote:
Raising this tax would make the ultra-rich pay their fair share
Opinion by Chuck Collins for CNN Business Perspectives
Updated 12:32 PM ET, Wed March 31, 2021
Atlanta Fed President: There are 'definitely merits' to r********ns
Cecilia Rouse 0326
Biden economist: It's not enough to just build back to where we were
Watch Elizabeth Warren grill Janet Yellen about risks to US financial system
Shopify President: We're giving small businesses the tools they need
Powell: We want to see 'substantial progress' in the labor market
A man walks past counters at the Terminal 1 section at John F. Kennedy International Airport on March 12, 2020 in New York City. - US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over the c****av***s p******c that has sparked unprecedented lockdowns, widespread panic and another financial market meltdown Thursday.The announcement came as China, where the outbreak that first emerged in December, showed a dramatic drop in new cases and claimed "the peak" of the epidemic had passed. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)
Expedia prepares for post-p******c travel surge
NEW YORK, NEW YORK - FEBRUARY 25: People walk by the New York Stock Exchange (NYSE) on February 25, 2021 in New York City. As a rapid rise in Treasury yields has made equity investors nervous, stocks fell on Thursday with the Dow down 500 points in afternoon trading. (Photo by Spencer Platt/Getty Images)
BlackRock exec: Economy can 'definitely' withstand rolling back Trump tax cuts
LONDON, ENGLAND - APRIL 05: An eBay delivery parcel is prepared for shipping at an eBay seller warehouse on April 5 in London, England. The original disruptor of the e-commerce world, eBay has come of age but it"s still shaking up traditional retail with a global marketplace that welcomes big brands, empowers entrepreneurs and serves 23.5 million customers a month in the UK alone. (Photo by Ki Price/Getty Images for Ebay)
eBay CEO: P******c brought huge momentum for the site
Photo by: STRF/STAR MAX/IPx 2021 1/8/21 Democrats vow to deliver $2K checks with control of the Senate.
Here's how many struggling Americans are spending their stimulus checks
Construction workers build the "Signature Bridge," replacing and improving a busy highway intersection at I-95 and I-395 on March 17, 2021 in Miami, Florida. The Florida Department of T***sportation is building the project in partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western-de Moya Group Joint Venture. The infrastructure project will ease traffic congestion, connect communities with downtown neighborhoods, and provide an iconic bridge for Miami's skyline. The entire project is scheduled for completion in the fall of 2024 at the cost of $818 million. (Photo by Joe Raedle/Getty Images)
US economy added 916,000 jobs in March
Resturant Yurkevcih Pkg 1
Restaurants are still struggling, but see hope on the horizon
Fed's James Bullard: We'll let inflation run above target for some time
Stimulus package aims to get mothers back to work
Presumptive Democratic p**********l nominee former Vice President Joe Biden delivers a speech at the William Hicks Anderson Community Center, on July 28, 2020 in Wilmington, Delaware. Biden addressed the fourth component of his Build Back Better economic recovery plan for working families, how his plan will address s******c r****m and advance racial economic equity in the United States.
Infrastructure is President Biden's next focus. Here's what that means
The replacement of Line 3 created jobs.
Why an infrastructure bill could help jobs bounce back faster
Atlanta Fed President: There are 'definitely merits' to r********ns
Cecilia Rouse 0326
Biden economist: It's not enough to just build back to where we were
Watch Elizabeth Warren grill Janet Yellen about risks to US financial system
Shopify President: We're giving small businesses the tools they need
Powell: We want to see 'substantial progress' in the labor market
A man walks past counters at the Terminal 1 section at John F. Kennedy International Airport on March 12, 2020 in New York City. - US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over the c****av***s p******c that has sparked unprecedented lockdowns, widespread panic and another financial market meltdown Thursday.The announcement came as China, where the outbreak that first emerged in December, showed a dramatic drop in new cases and claimed "the peak" of the epidemic had passed. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)
Expedia prepares for post-p******c travel surge
NEW YORK, NEW YORK - FEBRUARY 25: People walk by the New York Stock Exchange (NYSE) on February 25, 2021 in New York City. As a rapid rise in Treasury yields has made equity investors nervous, stocks fell on Thursday with the Dow down 500 points in afternoon trading. (Photo by Spencer Platt/Getty Images)
BlackRock exec: Economy can 'definitely' withstand rolling back Trump tax cuts
LONDON, ENGLAND - APRIL 05: An eBay delivery parcel is prepared for shipping at an eBay seller warehouse on April 5 in London, England. The original disruptor of the e-commerce world, eBay has come of age but it"s still shaking up traditional retail with a global marketplace that welcomes big brands, empowers entrepreneurs and serves 23.5 million customers a month in the UK alone. (Photo by Ki Price/Getty Images for Ebay)
eBay CEO: P******c brought huge momentum for the site
Photo by: STRF/STAR MAX/IPx 2021 1/8/21 Democrats vow to deliver $2K checks with control of the Senate.
Here's how many struggling Americans are spending their stimulus checks
Construction workers build the "Signature Bridge," replacing and improving a busy highway intersection at I-95 and I-395 on March 17, 2021 in Miami, Florida. The Florida Department of T***sportation is building the project in partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western-de Moya Group Joint Venture. The infrastructure project will ease traffic congestion, connect communities with downtown neighborhoods, and provide an iconic bridge for Miami's skyline. The entire project is scheduled for completion in the fall of 2024 at the cost of $818 million. (Photo by Joe Raedle/Getty Images)
US economy added 916,000 jobs in March
Resturant Yurkevcih Pkg 1
Restaurants are still struggling, but see hope on the horizon
Fed's James Bullard: We'll let inflation run above target for some time
Stimulus package aims to get mothers back to work
Presumptive Democratic p**********l nominee former Vice President Joe Biden delivers a speech at the William Hicks Anderson Community Center, on July 28, 2020 in Wilmington, Delaware. Biden addressed the fourth component of his Build Back Better economic recovery plan for working families, how his plan will address s******c r****m and advance racial economic equity in the United States.
Infrastructure is President Biden's next focus. Here's what that means
The replacement of Line 3 created jobs.
Why an infrastructure bill could help jobs bounce back faster
Atlanta Fed President: There are 'definitely merits' to r********ns
Chuck Collins is director of the Program on Ine******y at the Institute for Policy Studies where he co-edits Ine******y.org. He is an expert on the estate tax and coauthor with the late Bill Gates Sr. of Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes. His new book is The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions. The opinions expressed in this commentary are his own.
Perspectives chuck collins
Millions of Americans are still dealing with the painful effects of the p******c-induced recession. But one group has done phenomenally well: billionaires. While many Americans have lost their jobs, income and health care, the country's billionaires have seen their collective wealth skyrocket by over $1.3 trillion since March 2020.
As we get closer to finally escaping the p******c and look to revitalize our middle class, it's only fair to ask America's multimillionaires and billionaires to help pick up the tab. But we also need to address the underlying ine******y that has let this group's wealth skyrocket while the rest of the country suffers.
Senator Bernie Sanders has introduced a new estate tax reform bill, the For the 99.5% Act, to do just that. The bill would raise billions to rebuild our country — while also saving our democracy from plutocratic overreach and shutting down a destructive hidden wealth system that benefits the super-rich.
Sanders would lower the wealth exemption threshold to $3.5 million for an individual and $7 million for a couple. Even with that lower threshold, 99.5% of Americans would be exempt from the tax. He would also increase protections for family farmers.
Sanders' bill also introduces graduated rates on large fortunes, with billionaires paying a 65% rate compared to a 45% rate on an $8 million estate, for instance.
The original 1916 estate tax was introduced to raise revenue from those with the greatest capacity to pay. But it was also designed to discourage the intergenerational t***sfer of dynastic fortunes. Advocates ranging from rural populists to plutocrats like Andrew Carnegie and President Theodore Roosevelt understood that the great fortunes of the first Gilded Age were a threat to a self-governing democracy. Roosevelt advocated for a "graduated inheritance tax on big fortunes, properly safeguarded against evasion and increasing rapidly in amount with the size of the estate."
We can't suspend evictions and foreclosures forever
We can't suspend evictions and foreclosures forever
But over the last two decades, the estate tax has become weakened and porous, thanks to billionaire dynastic families that spent millions on lobbying. The current estate tax is missing the meaningful "graduated" rates that Roosevelt called for — today, the millionaire with $30 million will pay the same estate tax rate as a billionaire with $30 billion. And Trump's 2017 tax reform raised the wealth exemption from $11 million for a couple to $22 million.
At the same time, certain players in the wealth defense industry — the tax lawyers, accountants and wealth managers whom billionaires pay millions to hide trillions — have been helping their wealthy clients with dynasty trusts, tax loopholes, shell companies and offshore tax havens.
A reformed estate tax would generate hundreds of billions in additional revenue, which could go toward public health and infrastructure, job-boosting investments that expand the middle class. But equally important, it would end tax breaks for dynasty trusts and other loopholes the rich have deployed to hide their money.
The end result: The extremely wealthy would pay their fair share after years of avoiding it. The bill would raise $430 billion over the next decade, according to estimates from the Joint Committee on Taxation.
The Sanders estate tax on multimillionaires and billionaires is the fairest way to reduce extreme wealth ine******y, protect democracy from oligarchic wealth and make investments that revitalize the US middle class.
Raising this tax would make the ultra-rich pay the... (
show quote)
They have the money to leave! Zombie! They pay their share and the other ones bought this crap government!
Milosia2 wrote:
Raising this tax would make the ultra-rich pay their fair share
Opinion by Chuck Collins for CNN Business Perspectives
Updated 12:32 PM ET, Wed March 31, 2021
Atlanta Fed President: There are 'definitely merits' to r********ns
Cecilia Rouse 0326
Biden economist: It's not enough to just build back to where we were
Watch Elizabeth Warren grill Janet Yellen about risks to US financial system
Shopify President: We're giving small businesses the tools they need
Powell: We want to see 'substantial progress' in the labor market
A man walks past counters at the Terminal 1 section at John F. Kennedy International Airport on March 12, 2020 in New York City. - US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over the c****av***s p******c that has sparked unprecedented lockdowns, widespread panic and another financial market meltdown Thursday.The announcement came as China, where the outbreak that first emerged in December, showed a dramatic drop in new cases and claimed "the peak" of the epidemic had passed. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)
Expedia prepares for post-p******c travel surge
NEW YORK, NEW YORK - FEBRUARY 25: People walk by the New York Stock Exchange (NYSE) on February 25, 2021 in New York City. As a rapid rise in Treasury yields has made equity investors nervous, stocks fell on Thursday with the Dow down 500 points in afternoon trading. (Photo by Spencer Platt/Getty Images)
BlackRock exec: Economy can 'definitely' withstand rolling back Trump tax cuts
LONDON, ENGLAND - APRIL 05: An eBay delivery parcel is prepared for shipping at an eBay seller warehouse on April 5 in London, England. The original disruptor of the e-commerce world, eBay has come of age but it"s still shaking up traditional retail with a global marketplace that welcomes big brands, empowers entrepreneurs and serves 23.5 million customers a month in the UK alone. (Photo by Ki Price/Getty Images for Ebay)
eBay CEO: P******c brought huge momentum for the site
Photo by: STRF/STAR MAX/IPx 2021 1/8/21 Democrats vow to deliver $2K checks with control of the Senate.
Here's how many struggling Americans are spending their stimulus checks
Construction workers build the "Signature Bridge," replacing and improving a busy highway intersection at I-95 and I-395 on March 17, 2021 in Miami, Florida. The Florida Department of T***sportation is building the project in partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western-de Moya Group Joint Venture. The infrastructure project will ease traffic congestion, connect communities with downtown neighborhoods, and provide an iconic bridge for Miami's skyline. The entire project is scheduled for completion in the fall of 2024 at the cost of $818 million. (Photo by Joe Raedle/Getty Images)
US economy added 916,000 jobs in March
Resturant Yurkevcih Pkg 1
Restaurants are still struggling, but see hope on the horizon
Fed's James Bullard: We'll let inflation run above target for some time
Stimulus package aims to get mothers back to work
Presumptive Democratic p**********l nominee former Vice President Joe Biden delivers a speech at the William Hicks Anderson Community Center, on July 28, 2020 in Wilmington, Delaware. Biden addressed the fourth component of his Build Back Better economic recovery plan for working families, how his plan will address s******c r****m and advance racial economic equity in the United States.
Infrastructure is President Biden's next focus. Here's what that means
The replacement of Line 3 created jobs.
Why an infrastructure bill could help jobs bounce back faster
Atlanta Fed President: There are 'definitely merits' to r********ns
Cecilia Rouse 0326
Biden economist: It's not enough to just build back to where we were
Watch Elizabeth Warren grill Janet Yellen about risks to US financial system
Shopify President: We're giving small businesses the tools they need
Powell: We want to see 'substantial progress' in the labor market
A man walks past counters at the Terminal 1 section at John F. Kennedy International Airport on March 12, 2020 in New York City. - US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over the c****av***s p******c that has sparked unprecedented lockdowns, widespread panic and another financial market meltdown Thursday.The announcement came as China, where the outbreak that first emerged in December, showed a dramatic drop in new cases and claimed "the peak" of the epidemic had passed. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)
Expedia prepares for post-p******c travel surge
NEW YORK, NEW YORK - FEBRUARY 25: People walk by the New York Stock Exchange (NYSE) on February 25, 2021 in New York City. As a rapid rise in Treasury yields has made equity investors nervous, stocks fell on Thursday with the Dow down 500 points in afternoon trading. (Photo by Spencer Platt/Getty Images)
BlackRock exec: Economy can 'definitely' withstand rolling back Trump tax cuts
LONDON, ENGLAND - APRIL 05: An eBay delivery parcel is prepared for shipping at an eBay seller warehouse on April 5 in London, England. The original disruptor of the e-commerce world, eBay has come of age but it"s still shaking up traditional retail with a global marketplace that welcomes big brands, empowers entrepreneurs and serves 23.5 million customers a month in the UK alone. (Photo by Ki Price/Getty Images for Ebay)
eBay CEO: P******c brought huge momentum for the site
Photo by: STRF/STAR MAX/IPx 2021 1/8/21 Democrats vow to deliver $2K checks with control of the Senate.
Here's how many struggling Americans are spending their stimulus checks
Construction workers build the "Signature Bridge," replacing and improving a busy highway intersection at I-95 and I-395 on March 17, 2021 in Miami, Florida. The Florida Department of T***sportation is building the project in partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western-de Moya Group Joint Venture. The infrastructure project will ease traffic congestion, connect communities with downtown neighborhoods, and provide an iconic bridge for Miami's skyline. The entire project is scheduled for completion in the fall of 2024 at the cost of $818 million. (Photo by Joe Raedle/Getty Images)
US economy added 916,000 jobs in March
Resturant Yurkevcih Pkg 1
Restaurants are still struggling, but see hope on the horizon
Fed's James Bullard: We'll let inflation run above target for some time
Stimulus package aims to get mothers back to work
Presumptive Democratic p**********l nominee former Vice President Joe Biden delivers a speech at the William Hicks Anderson Community Center, on July 28, 2020 in Wilmington, Delaware. Biden addressed the fourth component of his Build Back Better economic recovery plan for working families, how his plan will address s******c r****m and advance racial economic equity in the United States.
Infrastructure is President Biden's next focus. Here's what that means
The replacement of Line 3 created jobs.
Why an infrastructure bill could help jobs bounce back faster
Atlanta Fed President: There are 'definitely merits' to r********ns
Chuck Collins is director of the Program on Ine******y at the Institute for Policy Studies where he co-edits Ine******y.org. He is an expert on the estate tax and coauthor with the late Bill Gates Sr. of Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes. His new book is The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions. The opinions expressed in this commentary are his own.
Perspectives chuck collins
Millions of Americans are still dealing with the painful effects of the p******c-induced recession. But one group has done phenomenally well: billionaires. While many Americans have lost their jobs, income and health care, the country's billionaires have seen their collective wealth skyrocket by over $1.3 trillion since March 2020.
As we get closer to finally escaping the p******c and look to revitalize our middle class, it's only fair to ask America's multimillionaires and billionaires to help pick up the tab. But we also need to address the underlying ine******y that has let this group's wealth skyrocket while the rest of the country suffers.
Senator Bernie Sanders has introduced a new estate tax reform bill, the For the 99.5% Act, to do just that. The bill would raise billions to rebuild our country — while also saving our democracy from plutocratic overreach and shutting down a destructive hidden wealth system that benefits the super-rich.
Sanders would lower the wealth exemption threshold to $3.5 million for an individual and $7 million for a couple. Even with that lower threshold, 99.5% of Americans would be exempt from the tax. He would also increase protections for family farmers.
Sanders' bill also introduces graduated rates on large fortunes, with billionaires paying a 65% rate compared to a 45% rate on an $8 million estate, for instance.
The original 1916 estate tax was introduced to raise revenue from those with the greatest capacity to pay. But it was also designed to discourage the intergenerational t***sfer of dynastic fortunes. Advocates ranging from rural populists to plutocrats like Andrew Carnegie and President Theodore Roosevelt understood that the great fortunes of the first Gilded Age were a threat to a self-governing democracy. Roosevelt advocated for a "graduated inheritance tax on big fortunes, properly safeguarded against evasion and increasing rapidly in amount with the size of the estate."
We can't suspend evictions and foreclosures forever
We can't suspend evictions and foreclosures forever
But over the last two decades, the estate tax has become weakened and porous, thanks to billionaire dynastic families that spent millions on lobbying. The current estate tax is missing the meaningful "graduated" rates that Roosevelt called for — today, the millionaire with $30 million will pay the same estate tax rate as a billionaire with $30 billion. And Trump's 2017 tax reform raised the wealth exemption from $11 million for a couple to $22 million.
At the same time, certain players in the wealth defense industry — the tax lawyers, accountants and wealth managers whom billionaires pay millions to hide trillions — have been helping their wealthy clients with dynasty trusts, tax loopholes, shell companies and offshore tax havens.
A reformed estate tax would generate hundreds of billions in additional revenue, which could go toward public health and infrastructure, job-boosting investments that expand the middle class. But equally important, it would end tax breaks for dynasty trusts and other loopholes the rich have deployed to hide their money.
The end result: The extremely wealthy would pay their fair share after years of avoiding it. The bill would raise $430 billion over the next decade, according to estimates from the Joint Committee on Taxation.
The Sanders estate tax on multimillionaires and billionaires is the fairest way to reduce extreme wealth ine******y, protect democracy from oligarchic wealth and make investments that revitalize the US middle class.
Raising this tax would make the ultra-rich pay the... (
show quote)
They already pay their fair share. Check who pays the most. There are too many who just want to live off the governments. Besides, the problem is spending and not revenues.
Milosia2 wrote:
Raising this tax would make the ultra-rich pay their fair share
Opinion by Chuck Collins for CNN Business Perspectives
Updated 12:32 PM ET, Wed March 31, 2021
Atlanta Fed President: There are 'definitely merits' to r********ns
Cecilia Rouse 0326
Biden economist: It's not enough to just build back to where we were
Watch Elizabeth Warren grill Janet Yellen about risks to US financial system
Shopify President: We're giving small businesses the tools they need
Powell: We want to see 'substantial progress' in the labor market
A man walks past counters at the Terminal 1 section at John F. Kennedy International Airport on March 12, 2020 in New York City. - US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over the c****av***s p******c that has sparked unprecedented lockdowns, widespread panic and another financial market meltdown Thursday.The announcement came as China, where the outbreak that first emerged in December, showed a dramatic drop in new cases and claimed "the peak" of the epidemic had passed. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)
Expedia prepares for post-p******c travel surge
NEW YORK, NEW YORK - FEBRUARY 25: People walk by the New York Stock Exchange (NYSE) on February 25, 2021 in New York City. As a rapid rise in Treasury yields has made equity investors nervous, stocks fell on Thursday with the Dow down 500 points in afternoon trading. (Photo by Spencer Platt/Getty Images)
BlackRock exec: Economy can 'definitely' withstand rolling back Trump tax cuts
LONDON, ENGLAND - APRIL 05: An eBay delivery parcel is prepared for shipping at an eBay seller warehouse on April 5 in London, England. The original disruptor of the e-commerce world, eBay has come of age but it"s still shaking up traditional retail with a global marketplace that welcomes big brands, empowers entrepreneurs and serves 23.5 million customers a month in the UK alone. (Photo by Ki Price/Getty Images for Ebay)
eBay CEO: P******c brought huge momentum for the site
Photo by: STRF/STAR MAX/IPx 2021 1/8/21 Democrats vow to deliver $2K checks with control of the Senate.
Here's how many struggling Americans are spending their stimulus checks
Construction workers build the "Signature Bridge," replacing and improving a busy highway intersection at I-95 and I-395 on March 17, 2021 in Miami, Florida. The Florida Department of T***sportation is building the project in partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western-de Moya Group Joint Venture. The infrastructure project will ease traffic congestion, connect communities with downtown neighborhoods, and provide an iconic bridge for Miami's skyline. The entire project is scheduled for completion in the fall of 2024 at the cost of $818 million. (Photo by Joe Raedle/Getty Images)
US economy added 916,000 jobs in March
Resturant Yurkevcih Pkg 1
Restaurants are still struggling, but see hope on the horizon
Fed's James Bullard: We'll let inflation run above target for some time
Stimulus package aims to get mothers back to work
Presumptive Democratic p**********l nominee former Vice President Joe Biden delivers a speech at the William Hicks Anderson Community Center, on July 28, 2020 in Wilmington, Delaware. Biden addressed the fourth component of his Build Back Better economic recovery plan for working families, how his plan will address s******c r****m and advance racial economic equity in the United States.
Infrastructure is President Biden's next focus. Here's what that means
The replacement of Line 3 created jobs.
Why an infrastructure bill could help jobs bounce back faster
Atlanta Fed President: There are 'definitely merits' to r********ns
Cecilia Rouse 0326
Biden economist: It's not enough to just build back to where we were
Watch Elizabeth Warren grill Janet Yellen about risks to US financial system
Shopify President: We're giving small businesses the tools they need
Powell: We want to see 'substantial progress' in the labor market
A man walks past counters at the Terminal 1 section at John F. Kennedy International Airport on March 12, 2020 in New York City. - US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over the c****av***s p******c that has sparked unprecedented lockdowns, widespread panic and another financial market meltdown Thursday.The announcement came as China, where the outbreak that first emerged in December, showed a dramatic drop in new cases and claimed "the peak" of the epidemic had passed. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)
Expedia prepares for post-p******c travel surge
NEW YORK, NEW YORK - FEBRUARY 25: People walk by the New York Stock Exchange (NYSE) on February 25, 2021 in New York City. As a rapid rise in Treasury yields has made equity investors nervous, stocks fell on Thursday with the Dow down 500 points in afternoon trading. (Photo by Spencer Platt/Getty Images)
BlackRock exec: Economy can 'definitely' withstand rolling back Trump tax cuts
LONDON, ENGLAND - APRIL 05: An eBay delivery parcel is prepared for shipping at an eBay seller warehouse on April 5 in London, England. The original disruptor of the e-commerce world, eBay has come of age but it"s still shaking up traditional retail with a global marketplace that welcomes big brands, empowers entrepreneurs and serves 23.5 million customers a month in the UK alone. (Photo by Ki Price/Getty Images for Ebay)
eBay CEO: P******c brought huge momentum for the site
Photo by: STRF/STAR MAX/IPx 2021 1/8/21 Democrats vow to deliver $2K checks with control of the Senate.
Here's how many struggling Americans are spending their stimulus checks
Construction workers build the "Signature Bridge," replacing and improving a busy highway intersection at I-95 and I-395 on March 17, 2021 in Miami, Florida. The Florida Department of T***sportation is building the project in partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western-de Moya Group Joint Venture. The infrastructure project will ease traffic congestion, connect communities with downtown neighborhoods, and provide an iconic bridge for Miami's skyline. The entire project is scheduled for completion in the fall of 2024 at the cost of $818 million. (Photo by Joe Raedle/Getty Images)
US economy added 916,000 jobs in March
Resturant Yurkevcih Pkg 1
Restaurants are still struggling, but see hope on the horizon
Fed's James Bullard: We'll let inflation run above target for some time
Stimulus package aims to get mothers back to work
Presumptive Democratic p**********l nominee former Vice President Joe Biden delivers a speech at the William Hicks Anderson Community Center, on July 28, 2020 in Wilmington, Delaware. Biden addressed the fourth component of his Build Back Better economic recovery plan for working families, how his plan will address s******c r****m and advance racial economic equity in the United States.
Infrastructure is President Biden's next focus. Here's what that means
The replacement of Line 3 created jobs.
Why an infrastructure bill could help jobs bounce back faster
Atlanta Fed President: There are 'definitely merits' to r********ns
Chuck Collins is director of the Program on Ine******y at the Institute for Policy Studies where he co-edits Ine******y.org. He is an expert on the estate tax and coauthor with the late Bill Gates Sr. of Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes. His new book is The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions. The opinions expressed in this commentary are his own.
Perspectives chuck collins
Millions of Americans are still dealing with the painful effects of the p******c-induced recession. But one group has done phenomenally well: billionaires. While many Americans have lost their jobs, income and health care, the country's billionaires have seen their collective wealth skyrocket by over $1.3 trillion since March 2020.
As we get closer to finally escaping the p******c and look to revitalize our middle class, it's only fair to ask America's multimillionaires and billionaires to help pick up the tab. But we also need to address the underlying ine******y that has let this group's wealth skyrocket while the rest of the country suffers.
Senator Bernie Sanders has introduced a new estate tax reform bill, the For the 99.5% Act, to do just that. The bill would raise billions to rebuild our country — while also saving our democracy from plutocratic overreach and shutting down a destructive hidden wealth system that benefits the super-rich.
Sanders would lower the wealth exemption threshold to $3.5 million for an individual and $7 million for a couple. Even with that lower threshold, 99.5% of Americans would be exempt from the tax. He would also increase protections for family farmers.
Sanders' bill also introduces graduated rates on large fortunes, with billionaires paying a 65% rate compared to a 45% rate on an $8 million estate, for instance.
The original 1916 estate tax was introduced to raise revenue from those with the greatest capacity to pay. But it was also designed to discourage the intergenerational t***sfer of dynastic fortunes. Advocates ranging from rural populists to plutocrats like Andrew Carnegie and President Theodore Roosevelt understood that the great fortunes of the first Gilded Age were a threat to a self-governing democracy. Roosevelt advocated for a "graduated inheritance tax on big fortunes, properly safeguarded against evasion and increasing rapidly in amount with the size of the estate."
We can't suspend evictions and foreclosures forever
We can't suspend evictions and foreclosures forever
But over the last two decades, the estate tax has become weakened and porous, thanks to billionaire dynastic families that spent millions on lobbying. The current estate tax is missing the meaningful "graduated" rates that Roosevelt called for — today, the millionaire with $30 million will pay the same estate tax rate as a billionaire with $30 billion. And Trump's 2017 tax reform raised the wealth exemption from $11 million for a couple to $22 million.
At the same time, certain players in the wealth defense industry — the tax lawyers, accountants and wealth managers whom billionaires pay millions to hide trillions — have been helping their wealthy clients with dynasty trusts, tax loopholes, shell companies and offshore tax havens.
A reformed estate tax would generate hundreds of billions in additional revenue, which could go toward public health and infrastructure, job-boosting investments that expand the middle class. But equally important, it would end tax breaks for dynasty trusts and other loopholes the rich have deployed to hide their money.
The end result: The extremely wealthy would pay their fair share after years of avoiding it. The bill would raise $430 billion over the next decade, according to estimates from the Joint Committee on Taxation.
The Sanders estate tax on multimillionaires and billionaires is the fairest way to reduce extreme wealth ine******y, protect democracy from oligarchic wealth and make investments that revitalize the US middle class.
Raising this tax would make the ultra-rich pay the... (
show quote)
Buncha crap. It'll never happen. It all sounds rosy, and good, but the fact is that the oligarchs are the politicians, and the people who control them.
Revitalize the middle class?
The middle class was created by robust jobs, and hard work. Not government.
You people who seem to think that EVERYTHING should flow to, and from government baffle me.
Are you, like many others jealous of people who don't suck at life, and want Uncle Sugar to make it "fair" for you?
I know you've commented on my wealth, and yes, compared to others, I have vast wealth.
Thing is......I WORK for it.
I EARN it.
Try d**gging your ass out of bed at 4:00am, and getting home at 9:00pm for a while and you might have something too.
Eh, it's easier to have your wealthy politicians steal it from me, and give it to you, isn't it?
After all, we gotta take care of the poor, starving obese wimmen out there, don't we?
Milosia2 wrote:
Raising this tax would make the ultra-rich pay their fair share
Opinion by Chuck Collins for CNN Business Perspectives
Updated 12:32 PM ET, Wed March 31, 2021
Atlanta Fed President: There are 'definitely merits' to r********ns
Cecilia Rouse 0326
Biden economist: It's not enough to just build back to where we were
Watch Elizabeth Warren grill Janet Yellen about risks to US financial system
Shopify President: We're giving small businesses the tools they need
Powell: We want to see 'substantial progress' in the labor market
A man walks past counters at the Terminal 1 section at John F. Kennedy International Airport on March 12, 2020 in New York City. - US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over the c****av***s p******c that has sparked unprecedented lockdowns, widespread panic and another financial market meltdown Thursday.The announcement came as China, where the outbreak that first emerged in December, showed a dramatic drop in new cases and claimed "the peak" of the epidemic had passed. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)
Expedia prepares for post-p******c travel surge
NEW YORK, NEW YORK - FEBRUARY 25: People walk by the New York Stock Exchange (NYSE) on February 25, 2021 in New York City. As a rapid rise in Treasury yields has made equity investors nervous, stocks fell on Thursday with the Dow down 500 points in afternoon trading. (Photo by Spencer Platt/Getty Images)
BlackRock exec: Economy can 'definitely' withstand rolling back Trump tax cuts
LONDON, ENGLAND - APRIL 05: An eBay delivery parcel is prepared for shipping at an eBay seller warehouse on April 5 in London, England. The original disruptor of the e-commerce world, eBay has come of age but it"s still shaking up traditional retail with a global marketplace that welcomes big brands, empowers entrepreneurs and serves 23.5 million customers a month in the UK alone. (Photo by Ki Price/Getty Images for Ebay)
eBay CEO: P******c brought huge momentum for the site
Photo by: STRF/STAR MAX/IPx 2021 1/8/21 Democrats vow to deliver $2K checks with control of the Senate.
Here's how many struggling Americans are spending their stimulus checks
Construction workers build the "Signature Bridge," replacing and improving a busy highway intersection at I-95 and I-395 on March 17, 2021 in Miami, Florida. The Florida Department of T***sportation is building the project in partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western-de Moya Group Joint Venture. The infrastructure project will ease traffic congestion, connect communities with downtown neighborhoods, and provide an iconic bridge for Miami's skyline. The entire project is scheduled for completion in the fall of 2024 at the cost of $818 million. (Photo by Joe Raedle/Getty Images)
US economy added 916,000 jobs in March
Resturant Yurkevcih Pkg 1
Restaurants are still struggling, but see hope on the horizon
Fed's James Bullard: We'll let inflation run above target for some time
Stimulus package aims to get mothers back to work
Presumptive Democratic p**********l nominee former Vice President Joe Biden delivers a speech at the William Hicks Anderson Community Center, on July 28, 2020 in Wilmington, Delaware. Biden addressed the fourth component of his Build Back Better economic recovery plan for working families, how his plan will address s******c r****m and advance racial economic equity in the United States.
Infrastructure is President Biden's next focus. Here's what that means
The replacement of Line 3 created jobs.
Why an infrastructure bill could help jobs bounce back faster
Atlanta Fed President: There are 'definitely merits' to r********ns
Cecilia Rouse 0326
Biden economist: It's not enough to just build back to where we were
Watch Elizabeth Warren grill Janet Yellen about risks to US financial system
Shopify President: We're giving small businesses the tools they need
Powell: We want to see 'substantial progress' in the labor market
A man walks past counters at the Terminal 1 section at John F. Kennedy International Airport on March 12, 2020 in New York City. - US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over the c****av***s p******c that has sparked unprecedented lockdowns, widespread panic and another financial market meltdown Thursday.The announcement came as China, where the outbreak that first emerged in December, showed a dramatic drop in new cases and claimed "the peak" of the epidemic had passed. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)
Expedia prepares for post-p******c travel surge
NEW YORK, NEW YORK - FEBRUARY 25: People walk by the New York Stock Exchange (NYSE) on February 25, 2021 in New York City. As a rapid rise in Treasury yields has made equity investors nervous, stocks fell on Thursday with the Dow down 500 points in afternoon trading. (Photo by Spencer Platt/Getty Images)
BlackRock exec: Economy can 'definitely' withstand rolling back Trump tax cuts
LONDON, ENGLAND - APRIL 05: An eBay delivery parcel is prepared for shipping at an eBay seller warehouse on April 5 in London, England. The original disruptor of the e-commerce world, eBay has come of age but it"s still shaking up traditional retail with a global marketplace that welcomes big brands, empowers entrepreneurs and serves 23.5 million customers a month in the UK alone. (Photo by Ki Price/Getty Images for Ebay)
eBay CEO: P******c brought huge momentum for the site
Photo by: STRF/STAR MAX/IPx 2021 1/8/21 Democrats vow to deliver $2K checks with control of the Senate.
Here's how many struggling Americans are spending their stimulus checks
Construction workers build the "Signature Bridge," replacing and improving a busy highway intersection at I-95 and I-395 on March 17, 2021 in Miami, Florida. The Florida Department of T***sportation is building the project in partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western-de Moya Group Joint Venture. The infrastructure project will ease traffic congestion, connect communities with downtown neighborhoods, and provide an iconic bridge for Miami's skyline. The entire project is scheduled for completion in the fall of 2024 at the cost of $818 million. (Photo by Joe Raedle/Getty Images)
US economy added 916,000 jobs in March
Resturant Yurkevcih Pkg 1
Restaurants are still struggling, but see hope on the horizon
Fed's James Bullard: We'll let inflation run above target for some time
Stimulus package aims to get mothers back to work
Presumptive Democratic p**********l nominee former Vice President Joe Biden delivers a speech at the William Hicks Anderson Community Center, on July 28, 2020 in Wilmington, Delaware. Biden addressed the fourth component of his Build Back Better economic recovery plan for working families, how his plan will address s******c r****m and advance racial economic equity in the United States.
Infrastructure is President Biden's next focus. Here's what that means
The replacement of Line 3 created jobs.
Why an infrastructure bill could help jobs bounce back faster
Atlanta Fed President: There are 'definitely merits' to r********ns
Chuck Collins is director of the Program on Ine******y at the Institute for Policy Studies where he co-edits Ine******y.org. He is an expert on the estate tax and coauthor with the late Bill Gates Sr. of Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes. His new book is The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions. The opinions expressed in this commentary are his own.
Perspectives chuck collins
Millions of Americans are still dealing with the painful effects of the p******c-induced recession. But one group has done phenomenally well: billionaires. While many Americans have lost their jobs, income and health care, the country's billionaires have seen their collective wealth skyrocket by over $1.3 trillion since March 2020.
As we get closer to finally escaping the p******c and look to revitalize our middle class, it's only fair to ask America's multimillionaires and billionaires to help pick up the tab. But we also need to address the underlying ine******y that has let this group's wealth skyrocket while the rest of the country suffers.
Senator Bernie Sanders has introduced a new estate tax reform bill, the For the 99.5% Act, to do just that. The bill would raise billions to rebuild our country — while also saving our democracy from plutocratic overreach and shutting down a destructive hidden wealth system that benefits the super-rich.
Sanders would lower the wealth exemption threshold to $3.5 million for an individual and $7 million for a couple. Even with that lower threshold, 99.5% of Americans would be exempt from the tax. He would also increase protections for family farmers.
Sanders' bill also introduces graduated rates on large fortunes, with billionaires paying a 65% rate compared to a 45% rate on an $8 million estate, for instance.
The original 1916 estate tax was introduced to raise revenue from those with the greatest capacity to pay. But it was also designed to discourage the intergenerational t***sfer of dynastic fortunes. Advocates ranging from rural populists to plutocrats like Andrew Carnegie and President Theodore Roosevelt understood that the great fortunes of the first Gilded Age were a threat to a self-governing democracy. Roosevelt advocated for a "graduated inheritance tax on big fortunes, properly safeguarded against evasion and increasing rapidly in amount with the size of the estate."
We can't suspend evictions and foreclosures forever
We can't suspend evictions and foreclosures forever
But over the last two decades, the estate tax has become weakened and porous, thanks to billionaire dynastic families that spent millions on lobbying. The current estate tax is missing the meaningful "graduated" rates that Roosevelt called for — today, the millionaire with $30 million will pay the same estate tax rate as a billionaire with $30 billion. And Trump's 2017 tax reform raised the wealth exemption from $11 million for a couple to $22 million.
At the same time, certain players in the wealth defense industry — the tax lawyers, accountants and wealth managers whom billionaires pay millions to hide trillions — have been helping their wealthy clients with dynasty trusts, tax loopholes, shell companies and offshore tax havens.
A reformed estate tax would generate hundreds of billions in additional revenue, which could go toward public health and infrastructure, job-boosting investments that expand the middle class. But equally important, it would end tax breaks for dynasty trusts and other loopholes the rich have deployed to hide their money.
The end result: The extremely wealthy would pay their fair share after years of avoiding it. The bill would raise $430 billion over the next decade, according to estimates from the Joint Committee on Taxation.
The Sanders estate tax on multimillionaires and billionaires is the fairest way to reduce extreme wealth ine******y, protect democracy from oligarchic wealth and make investments that revitalize the US middle class.
Raising this tax would make the ultra-rich pay the... (
show quote)
wow , what are you talking about ? IF the "ultra rich" have to pay more taxes or / corpurations have to pay more taxes . WHERE DO YOU THINK THEY WILL GET THE EXTRA MONEY TO PAY THOSE TAXES ?
they will get that extra money from you , me and every one who purcheses the produdt they sell .
them "loop - holes " that you mentioned are as available to you as they are to them . the only difference is that you and i and the people we know don't have their kind of money .
ban on European travel DID NOT CREATE MASSIVE LOCK DOWNS . THE BIMBOCRATIC NATIOALIST C*******T PARTY DID THAT . they "CRAVE POWER" to be able to control every thing every body does .
i think that i have read enough of your trash .
IF THAT THING IN THE WHITE HOUSE WAS FOR THE WORKING PEOPLE , THEN WHY DID HE K**L 11,000 JODS HIS FIRST WEEK IN OFFICE ? and DARN GOOD PAYING JOBS .
why is he FLOODING THE NATION WITH ILLIGAL IMIGRANTS ?
why does he have "teachers teaching illegal's face to face and not American children ? every one of them teacher unions should be CANCELLED and EVERY TEACHER WHO DOES NOT GET THEIR BEHIND BACK INTO THE CLASS ROOM SHOULD BE FIRED FOR REFUSAL TO WORK SO THEY CAN NOT COLLECT UNIMPLOYMENT .
OH by the way how much should the wealthy pay in taxes ? 40% 50% 60% ? how much ? what is the percentage that you pay ?
if some one makes , lets say $4million a year . should they pay $2million in taxes ? $3 mil. how about $3.5 mil in taxes ?
i would , will agree that investment income should be taxed as income at the regular rate as regular income . that's how they make their money , at least a bunch of it .
why , if i work to prosper and leave my belongings to my children should they be taxed on things which were already taxed in the past ? insurance companies would say that , that's double dipping .
SO WHY do you think it is ok to rob my kids for the things i leave them when i already paid the taxes to purchase those things ? OR the taxes on the property i own and you think they should pay even more taxes to inherit it .
what do you do for a living ? do you break 6 digits ? well i don't and i don't want the things that i have acquired to be taken by the government to give it to some one NOT WILLING TO WORK FOR THEIR OWN THINGS .
jeff smith wrote:
wow , what are you talking about ? IF the "ultra rich" have to pay more taxes or / corpurations have to pay more taxes . WHERE DO YOU THINK THEY WILL GET THE EXTRA MONEY TO PAY THOSE TAXES ?
they will get that extra money from you , me and every one who purcheses the produdt they sell .
them "loop - holes " that you mentioned are as available to you as they are to them . the only difference is that you and i and the people we know don't have their kind of money .
ban on European travel DID NOT CREATE MASSIVE LOCK DOWNS . THE BIMBOCRATIC NATIOALIST C*******T PARTY DID THAT . they "CRAVE POWER" to be able to control every thing every body does .
i think that i have read enough of your trash .
IF THAT THING IN THE WHITE HOUSE WAS FOR THE WORKING PEOPLE , THEN WHY DID HE K**L 11,000 JODS HIS FIRST WEEK IN OFFICE ? and DARN GOOD PAYING JOBS .
why is he FLOODING THE NATION WITH ILLIGAL IMIGRANTS ?
why does he have "teachers teaching illegal's face to face and not American children ? every one of them teacher unions should be CANCELLED and EVERY TEACHER WHO DOES NOT GET THEIR BEHIND BACK INTO THE CLASS ROOM SHOULD BE FIRED FOR REFUSAL TO WORK SO THEY CAN NOT COLLECT UNIMPLOYMENT .
OH by the way how much should the wealthy pay in taxes ? 40% 50% 60% ? how much ? what is the percentage that you pay ?
if some one makes , lets say $4million a year . should they pay $2million in taxes ? $3 mil. how about $3.5 mil in taxes ?
i would , will agree that investment income should be taxed as income at the regular rate as regular income . that's how they make their money , at least a bunch of it .
why , if i work to prosper and leave my belongings to my children should they be taxed on things which were already taxed in the past ? insurance companies would say that , that's double dipping .
SO WHY do you think it is ok to rob my kids for the things i leave them when i already paid the taxes to purchase those things ? OR the taxes on the property i own and you think they should pay even more taxes to inherit it .
what do you do for a living ? do you break 6 digits ? well i don't and i don't want the things that i have acquired to be taken by the government to give it to some one NOT WILLING TO WORK FOR THEIR OWN THINGS .
wow , what are you talking about ? IF the "ul... (
show quote)
Settle down there! Our rotund friend is talking about extreme taxes on folks like Bezos, Zuckerburg, Soros, Pelosi, Obama, Schumer, Feinstein. You know, the oligarchs in control of everything.
It'll never happen!!
They say this crap to make people think they are working for them.
Fact is that none of them, including mastoastia give a squirt about you, or your quality of life. It's all meaningless words.
Man did you hit the nail on the head. The middle class was built on manufacturing and American made. It’s government policies such as NAFTA that has led to the shrinking of the Middle Class. Someday I’d love for one of these i***t progressives to tell me how they determine someone’s or some entities fair share. I believe Milosia 2 is just a foreign troll. Spouts c*******m. Maybe just clueless. .
archie bunker wrote:
Buncha crap. It'll never happen. It all sounds rosy, and good, but the fact is that the oligarchs are the politicians, and the people who control them.
Revitalize the middle class?
The middle class was created by robust jobs, and hard work. Not government.
You people who seem to think that EVERYTHING should flow to, and from government baffle me.
Are you, like many others jealous of people who don't suck at life, and want Uncle Sugar to make it "fair" for you?
I know you've commented on my wealth, and yes, compared to others, I have vast wealth.
Thing is......I WORK for it.
I EARN it.
Try d**gging your ass out of bed at 4:00am, and getting home at 9:00pm for a while and you might have something too.
Eh, it's easier to have your wealthy politicians steal it from me, and give it to you, isn't it?
After all, we gotta take care of the poor, starving obese wimmen out there, don't we?
Buncha crap. It'll never happen. It all sounds ros... (
show quote)
Nothing like mixing billionaires with politicians. Then, v****g for the politicians directly benefiting those billionaires, creating an oligarch society. After they have v**ed for it, then progressives b***h about the results. Full on r****d.
archie bunker wrote:
Settle down there! Our rotund friend is talking about extreme taxes on folks like Bezos, Zuckerburg, Soros, Pelosi, Obama, Schumer, Feinstein. You know, the oligarchs in control of everything.
It'll never happen!!
They say this crap to make people think they are working for them.
Fact is that none of them, including mastoastia give a squirt about you, or your quality of life. It's all meaningless words.
Milosia2 wrote:
Raising this tax would make the ultra-rich pay their fair share
Opinion by Chuck Collins for CNN Business Perspectives
Updated 12:32 PM ET, Wed March 31, 2021
Atlanta Fed President: There are 'definitely merits' to r********ns
Cecilia Rouse 0326
Biden economist: It's not enough to just build back to where we were
Watch Elizabeth Warren grill Janet Yellen about risks to US financial system
Shopify President: We're giving small businesses the tools they need
Powell: We want to see 'substantial progress' in the labor market
A man walks past counters at the Terminal 1 section at John F. Kennedy International Airport on March 12, 2020 in New York City. - US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over the c****av***s p******c that has sparked unprecedented lockdowns, widespread panic and another financial market meltdown Thursday.The announcement came as China, where the outbreak that first emerged in December, showed a dramatic drop in new cases and claimed "the peak" of the epidemic had passed. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)
Expedia prepares for post-p******c travel surge
NEW YORK, NEW YORK - FEBRUARY 25: People walk by the New York Stock Exchange (NYSE) on February 25, 2021 in New York City. As a rapid rise in Treasury yields has made equity investors nervous, stocks fell on Thursday with the Dow down 500 points in afternoon trading. (Photo by Spencer Platt/Getty Images)
BlackRock exec: Economy can 'definitely' withstand rolling back Trump tax cuts
LONDON, ENGLAND - APRIL 05: An eBay delivery parcel is prepared for shipping at an eBay seller warehouse on April 5 in London, England. The original disruptor of the e-commerce world, eBay has come of age but it"s still shaking up traditional retail with a global marketplace that welcomes big brands, empowers entrepreneurs and serves 23.5 million customers a month in the UK alone. (Photo by Ki Price/Getty Images for Ebay)
eBay CEO: P******c brought huge momentum for the site
Photo by: STRF/STAR MAX/IPx 2021 1/8/21 Democrats vow to deliver $2K checks with control of the Senate.
Here's how many struggling Americans are spending their stimulus checks
Construction workers build the "Signature Bridge," replacing and improving a busy highway intersection at I-95 and I-395 on March 17, 2021 in Miami, Florida. The Florida Department of T***sportation is building the project in partnership with the Miami-Dade Expressway Authority and its contractor, the Archer Western-de Moya Group Joint Venture. The infrastructure project will ease traffic congestion, connect communities with downtown neighborhoods, and provide an iconic bridge for Miami's skyline. The entire project is scheduled for completion in the fall of 2024 at the cost of $818 million. (Photo by Joe Raedle/Getty Images)
US economy added 916,000 jobs in March
Resturant Yurkevcih Pkg 1
Restaurants are still struggling, but see hope on the horizon
Fed's James Bullard: We'll let inflation run above target for some time
Stimulus package aims to get mothers back to work
Presumptive Democratic p**********l nominee former Vice President Joe Biden delivers a speech at the William Hicks Anderson Community Center, on July 28, 2020 in Wilmington, Delaware. Biden addressed the fourth component of his Build Back Better economic recovery plan for working families, how his plan will address s******c r****m and advance racial economic equity in the United States.
Infrastructure is President Biden's next focus. Here's what that means
The replacement of Line 3 created jobs.
Why an infrastructure bill could help jobs bounce back faster
Atlanta Fed President: There are 'definitely merits' to r********ns
Cecilia Rouse 0326
Biden economist: It's not enough to just build back to where we were
Watch Elizabeth Warren grill Janet Yellen about risks to US financial system
Shopify President: We're giving small businesses the tools they need
Powell: We want to see 'substantial progress' in the labor market
A man walks past counters at the Terminal 1 section at John F. Kennedy International Airport on March 12, 2020 in New York City. - US President Donald Trump announced a shock 30-day ban on travel from mainland Europe over the c****av***s p******c that has sparked unprecedented lockdowns, widespread panic and another financial market meltdown Thursday.The announcement came as China, where the outbreak that first emerged in December, showed a dramatic drop in new cases and claimed "the peak" of the epidemic had passed. (Photo by Kena Betancur / AFP) (Photo by KENA BETANCUR/AFP via Getty Images)
Expedia prepares for post-p******c travel surge
NEW YORK, NEW YORK - FEBRUARY 25: People walk by the New York Stock Exchange (NYSE) on February 25, 2021 in New York City. As a rapid rise in Treasury yields has made equity investors nervous, stocks fell on Thursday with the Dow down 500 points in afternoon trading. (Photo by Spencer Platt/Getty Images)
BlackRock exec: Economy can 'definitely' withstand rolling back Trump tax cuts
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Chuck Collins is director of the Program on Ine******y at the Institute for Policy Studies where he co-edits Ine******y.org. He is an expert on the estate tax and coauthor with the late Bill Gates Sr. of Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes. His new book is The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions. The opinions expressed in this commentary are his own.
Perspectives chuck collins
Millions of Americans are still dealing with the painful effects of the p******c-induced recession. But one group has done phenomenally well: billionaires. While many Americans have lost their jobs, income and health care, the country's billionaires have seen their collective wealth skyrocket by over $1.3 trillion since March 2020.
As we get closer to finally escaping the p******c and look to revitalize our middle class, it's only fair to ask America's multimillionaires and billionaires to help pick up the tab. But we also need to address the underlying ine******y that has let this group's wealth skyrocket while the rest of the country suffers.
Senator Bernie Sanders has introduced a new estate tax reform bill, the For the 99.5% Act, to do just that. The bill would raise billions to rebuild our country — while also saving our democracy from plutocratic overreach and shutting down a destructive hidden wealth system that benefits the super-rich.
Sanders would lower the wealth exemption threshold to $3.5 million for an individual and $7 million for a couple. Even with that lower threshold, 99.5% of Americans would be exempt from the tax. He would also increase protections for family farmers.
Sanders' bill also introduces graduated rates on large fortunes, with billionaires paying a 65% rate compared to a 45% rate on an $8 million estate, for instance.
The original 1916 estate tax was introduced to raise revenue from those with the greatest capacity to pay. But it was also designed to discourage the intergenerational t***sfer of dynastic fortunes. Advocates ranging from rural populists to plutocrats like Andrew Carnegie and President Theodore Roosevelt understood that the great fortunes of the first Gilded Age were a threat to a self-governing democracy. Roosevelt advocated for a "graduated inheritance tax on big fortunes, properly safeguarded against evasion and increasing rapidly in amount with the size of the estate."
We can't suspend evictions and foreclosures forever
We can't suspend evictions and foreclosures forever
But over the last two decades, the estate tax has become weakened and porous, thanks to billionaire dynastic families that spent millions on lobbying. The current estate tax is missing the meaningful "graduated" rates that Roosevelt called for — today, the millionaire with $30 million will pay the same estate tax rate as a billionaire with $30 billion. And Trump's 2017 tax reform raised the wealth exemption from $11 million for a couple to $22 million.
At the same time, certain players in the wealth defense industry — the tax lawyers, accountants and wealth managers whom billionaires pay millions to hide trillions — have been helping their wealthy clients with dynasty trusts, tax loopholes, shell companies and offshore tax havens.
A reformed estate tax would generate hundreds of billions in additional revenue, which could go toward public health and infrastructure, job-boosting investments that expand the middle class. But equally important, it would end tax breaks for dynasty trusts and other loopholes the rich have deployed to hide their money.
The end result: The extremely wealthy would pay their fair share after years of avoiding it. The bill would raise $430 billion over the next decade, according to estimates from the Joint Committee on Taxation.
The Sanders estate tax on multimillionaires and billionaires is the fairest way to reduce extreme wealth ine******y, protect democracy from oligarchic wealth and make investments that revitalize the US middle class.
Raising this tax would make the ultra-rich pay the... (
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The uber-rich are untouchable by your "tax".
They move a little here and there and charge US more.
It would be nice if it would work but it won't. Who do you think approves these "taxes" anyway?
The people with money being "taxed".
archie bunker wrote:
Settle down there! Our rotund friend is talking about extreme taxes on folks like Bezos, Zuckerburg, Soros, Pelosi, Obama, Schumer, Feinstein. You know, the oligarchs in control of everything.
It'll never happen!!
They say this crap to make people think they are working for them.
Fact is that none of them, including mastoastia give a squirt about you, or your quality of life. It's all meaningless words.
Smoke and mirrors to fool the rubes.
The global elite are feeling some heat and they want us to imagine this "tax" is going to hurt them.
Tax with one hand and give enact favorable policies on the other to mitigate.
Carol Kelly wrote:
Their fare share? Never!
what would be "their fair share ?"
if you think that congress will pass some sort of tax hike on the wealthiest , well i haven't had any drugs in many years now but i don't think i ever had some thing that strong . but the day that congress hikes their own taxes , without a bunch of deductibles and loop- holes is the day hell freezes over . and that aint gona happen .
jeff smith wrote:
what would be "their fair share ?"
if you think that congress will pass some sort of tax hike on the wealthiest , well i haven't had any drugs in many years now but i don't think i ever had some thing that strong . but the day that congress hikes their own taxes , without a bunch of deductibles and loop- holes is the day hell freezes over . and that aint gona happen .
Oh they may raise the corporate tax with a wink and a nod. Telling the corporations we don't care if you offshore your headquarters as long as the people think we socked it to the rich guy.
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