We have a wealth tax! It is called property tax on real estate and almost all states use it.
Often the excuse I read in the financial press is that implementing a wealth tax on securities and other financial instruments would be "too difficult." Really? How do we do it then for real estate?
Every time these executives are interviewed, the politicians stop just short of the big question: if, as they claim, it is simply impossible for them to share their massive wealth...to give predictable hours....to pay a wage such that employees no longer have to depend on government support....then does it not follow that their "success" and wealth and entire business model actually DEPENDS on the exploitation of workers?
The reason people go into business for themselves is to make a living without spending their lives kowtowing to someone else. Risk takers sink or swim according to their ability to compete in the business world. The personal expenses are daunting, throw in the mental strain and it isn't hard to understand why so few succeed. Over the years growth and expansion follow the path of success. Now enters the bind, being finically independent and having a secure future a nurturing mind would turn its attention to the well-being of the employees. Realistically speaking, how many instances can you sight where that scenario played out? When is enough wealth enough? How does a society regulate personal income? Capitalism creates the haves and the have-nots, how do we rewrite the rules to the point where everyone feels life is fair? Too much for this old man, I once told a millionaire relative that I would make a terrible rich person because I would give it all away. If money isn't being used to help others it's being wasted.
Make copies & distribute….the increasingly sociopathic worldview of the rich is actually quite disturbing as they basically make the laws favoring themselves yet have disdain for the poor they create. USA has highest income inequality in industrialized world according to UN Report of 2016(17?).
This country would be in much better shape than it is if Clinton had listened to you, Dr. Reich, rather than Wall Street mobster Robert Rudin, who also (and very unfortunately) captured Obama's ear; the wolf guarding the henhouse.
CEO pay compared to that of the workers (300 to 1) is just what you would expect in a Feudal System. And that is aided and abetted by the government (also what you would expect in a Feudal System).
Yes! We need a wealth tax (worldwide wealth) as well as a very progressive income tax (bastilleamendment.org) unless we like the idea of living under a Feudal System.
That's why America 🇺🇸 is such a screwed up mess now because the rich people and corporations haven't paid their fair share % wise compared to average people since Reagan's trickle down voodoo economics tax cuts 42 years ago estimated $50 trillion in lost tax revenues while today's GOP is trying to cut social security, Medicare, and school lunches for kids over a $32 trillion dollar deficit.
That's the GOP's untouchable sacred cow patty that ensures they'll always have rich donors putting money 💰 🤑 in their "campaign" funds.
That's why I'm riding with Biden and Kamala cuz they actually care about all Americans rights and freedoms and well-being plus Bidenomics work building America's 🇺🇸 economy from the bottom up and the middle out for the sake of all Americans. No more 3% income taxes for million and billionaires.
40% ? Really? That won’t begin to cover the cuts autoworkers took during the recession, and subsequent bailouts!
If I were to un-retire, my (union) steam fitter’s wages would be between $50.00, and $65.00 per hour, plus as much as $30.00 in fringes, location dependent…that money buys 60% of what a steam fitter could buy, during 70’s!
CEOs of publicly owned companies are also ripping off their shareholders who include pensioners when they pay themselves excessive amounts that don't reflect any additional returns on capital employed.There is a self selecting cabal of so called independent executive remuneration committees that tend to rubber stamp board level remuneration in return for holding their sinecures.Shareholder resolutions indeed rarely result in the moderation of executive remuneration and company legislation should tgerefore require that remuneration resolutions are legally binding on a simple majority.Pension companies who hold sway in such votes with large stakes in such companies should also be held accountable for maintaining the link between performance and board level remuneration.Manipulation of equity valuations by buybacks need to be stripped out of any assessment of how well a CEO or board member is doing to achieve returns.There should also be a requirement to align employee pay to overall performance with binding arbitration by independent bodies.
As a small business owner myself, (actually a micro mini) I have a good perspective on this comment. No, CEOs do not deserve 300 to 1 ratio. Mr. Starbucks, you can't serve millions of coffees every day to make your salary. There is a physical finite limit to everyone's day. You're not going to be successful at business as a solo. You do have to expand the work just to make enough for yourself. That said. :) I did all of my start up work as my own free labor : I and I have risked my own capital and credit cards to get it going. (Mr. Chief Justice - NO banker is going to give a lawn service a loan) Do I deserve compensation for my unpaid efforts ? Yes. Do I deserve some reward for my risk? Yes. But I do not deserve 300 to 1 ratio.
What is fair? I think at least 3 to 1 is fair. Founders always work much longer hours and there is much more stress. Is 6 to 1 fair. Probably. I think a number between these two can work for both employees and business founders. I want my employees to be happy and have a public health option. It makes great business sense for me.
I don't appreciate the bankers not going to jail for fraud loans and then ditching my communities with over priced houses. I want a good cop on the beat to keep the level playing field.
Unless these facts make headline news it doesn’t get the light of day - mainstream media needs to do a better job and also stop profiteering on wall to wall Trump clickbait .
First, we need to go back to the Eisenhower-era marginal tax rates. This was the time that the U.S. experienced the largest growth in the middle class which is the engine of a strong economy and growth. Second, we need to tax wealth (especially that held overseas by U.S. citizens) also and at a high marginal rate. Third, take into government coffers at least half of every deceased person's estate. Fourth, establish a fderal sales tax for sales (including structures, but not land) over $1 million.
Thank you for this, and more importantly, for your work on behalf of my chosen family all your life.
I am from Detroit, I knew people who worked in the factories that made cars. I knew UAW members and and organizers.
I am 68 years old, a little younger than you and much less successful.
I am not sure that the UAW is asking the right question. Although it is an important question.
I think even if all UAW workers got a raise of 40%, Detroit still would not be able to provide services to every neighborhood.
The factories these days, as I think you have taught me, do not use many people. Nor do the factories that make the parts that go in cars.
The important question is "why in the USA, are so many people poor?" and more importantly, "what can be done about it?"
I am in favor of wealth tax, and enforcing tax laws against the rich and powerful.
As I said, I am old and almost completely powerless. I am a stranger in a strange land. I think the rich and powerful have always hurt the poor and powerless. I think they always will.
However, you told me, not to be cynical. To act as though what I did, and thought made a difference. So what do you suggest I do?
We have a wealth tax! It is called property tax on real estate and almost all states use it.
Often the excuse I read in the financial press is that implementing a wealth tax on securities and other financial instruments would be "too difficult." Really? How do we do it then for real estate?
And how has a country like Switzerland done it for decades? https://taxsummaries.pwc.com/switzerland/individual/other-taxes#:~:text=All%20cantons%20levy%20a%20net,shares%2C%20funds%20and%20other%20equities.
Yes, it's time for a wealth tax with some carve outs for the middle class!
Every time these executives are interviewed, the politicians stop just short of the big question: if, as they claim, it is simply impossible for them to share their massive wealth...to give predictable hours....to pay a wage such that employees no longer have to depend on government support....then does it not follow that their "success" and wealth and entire business model actually DEPENDS on the exploitation of workers?
The reason people go into business for themselves is to make a living without spending their lives kowtowing to someone else. Risk takers sink or swim according to their ability to compete in the business world. The personal expenses are daunting, throw in the mental strain and it isn't hard to understand why so few succeed. Over the years growth and expansion follow the path of success. Now enters the bind, being finically independent and having a secure future a nurturing mind would turn its attention to the well-being of the employees. Realistically speaking, how many instances can you sight where that scenario played out? When is enough wealth enough? How does a society regulate personal income? Capitalism creates the haves and the have-nots, how do we rewrite the rules to the point where everyone feels life is fair? Too much for this old man, I once told a millionaire relative that I would make a terrible rich person because I would give it all away. If money isn't being used to help others it's being wasted.
Make copies & distribute….the increasingly sociopathic worldview of the rich is actually quite disturbing as they basically make the laws favoring themselves yet have disdain for the poor they create. USA has highest income inequality in industrialized world according to UN Report of 2016(17?).
Share the wealth and it improves the economy. Simple science.
This country would be in much better shape than it is if Clinton had listened to you, Dr. Reich, rather than Wall Street mobster Robert Rudin, who also (and very unfortunately) captured Obama's ear; the wolf guarding the henhouse.
Go, UAW!
CEO pay compared to that of the workers (300 to 1) is just what you would expect in a Feudal System. And that is aided and abetted by the government (also what you would expect in a Feudal System).
Yes! We need a wealth tax (worldwide wealth) as well as a very progressive income tax (bastilleamendment.org) unless we like the idea of living under a Feudal System.
That's why America 🇺🇸 is such a screwed up mess now because the rich people and corporations haven't paid their fair share % wise compared to average people since Reagan's trickle down voodoo economics tax cuts 42 years ago estimated $50 trillion in lost tax revenues while today's GOP is trying to cut social security, Medicare, and school lunches for kids over a $32 trillion dollar deficit.
That's the GOP's untouchable sacred cow patty that ensures they'll always have rich donors putting money 💰 🤑 in their "campaign" funds.
That's why I'm riding with Biden and Kamala cuz they actually care about all Americans rights and freedoms and well-being plus Bidenomics work building America's 🇺🇸 economy from the bottom up and the middle out for the sake of all Americans. No more 3% income taxes for million and billionaires.
Hear, Hear!
Wealth tax I believe would be found unconstitutional. Income tax was hotly debated once upon a time.
Corporate taxes are the real loophole that need to be readjusted to pre-Reagan, pre-Clinton and stop offshore loopholes was a good start.
But those are layman observations and I will defer to tax experts in this audience.
40% ? Really? That won’t begin to cover the cuts autoworkers took during the recession, and subsequent bailouts!
If I were to un-retire, my (union) steam fitter’s wages would be between $50.00, and $65.00 per hour, plus as much as $30.00 in fringes, location dependent…that money buys 60% of what a steam fitter could buy, during 70’s!
CEOs of publicly owned companies are also ripping off their shareholders who include pensioners when they pay themselves excessive amounts that don't reflect any additional returns on capital employed.There is a self selecting cabal of so called independent executive remuneration committees that tend to rubber stamp board level remuneration in return for holding their sinecures.Shareholder resolutions indeed rarely result in the moderation of executive remuneration and company legislation should tgerefore require that remuneration resolutions are legally binding on a simple majority.Pension companies who hold sway in such votes with large stakes in such companies should also be held accountable for maintaining the link between performance and board level remuneration.Manipulation of equity valuations by buybacks need to be stripped out of any assessment of how well a CEO or board member is doing to achieve returns.There should also be a requirement to align employee pay to overall performance with binding arbitration by independent bodies.
As a small business owner myself, (actually a micro mini) I have a good perspective on this comment. No, CEOs do not deserve 300 to 1 ratio. Mr. Starbucks, you can't serve millions of coffees every day to make your salary. There is a physical finite limit to everyone's day. You're not going to be successful at business as a solo. You do have to expand the work just to make enough for yourself. That said. :) I did all of my start up work as my own free labor : I and I have risked my own capital and credit cards to get it going. (Mr. Chief Justice - NO banker is going to give a lawn service a loan) Do I deserve compensation for my unpaid efforts ? Yes. Do I deserve some reward for my risk? Yes. But I do not deserve 300 to 1 ratio.
What is fair? I think at least 3 to 1 is fair. Founders always work much longer hours and there is much more stress. Is 6 to 1 fair. Probably. I think a number between these two can work for both employees and business founders. I want my employees to be happy and have a public health option. It makes great business sense for me.
I don't appreciate the bankers not going to jail for fraud loans and then ditching my communities with over priced houses. I want a good cop on the beat to keep the level playing field.
Just a few thoughts :)
Thanks for your work !
Unless these facts make headline news it doesn’t get the light of day - mainstream media needs to do a better job and also stop profiteering on wall to wall Trump clickbait .
First, we need to go back to the Eisenhower-era marginal tax rates. This was the time that the U.S. experienced the largest growth in the middle class which is the engine of a strong economy and growth. Second, we need to tax wealth (especially that held overseas by U.S. citizens) also and at a high marginal rate. Third, take into government coffers at least half of every deceased person's estate. Fourth, establish a fderal sales tax for sales (including structures, but not land) over $1 million.
Professor,
Thank you for this, and more importantly, for your work on behalf of my chosen family all your life.
I am from Detroit, I knew people who worked in the factories that made cars. I knew UAW members and and organizers.
I am 68 years old, a little younger than you and much less successful.
I am not sure that the UAW is asking the right question. Although it is an important question.
I think even if all UAW workers got a raise of 40%, Detroit still would not be able to provide services to every neighborhood.
The factories these days, as I think you have taught me, do not use many people. Nor do the factories that make the parts that go in cars.
The important question is "why in the USA, are so many people poor?" and more importantly, "what can be done about it?"
I am in favor of wealth tax, and enforcing tax laws against the rich and powerful.
As I said, I am old and almost completely powerless. I am a stranger in a strange land. I think the rich and powerful have always hurt the poor and powerless. I think they always will.
However, you told me, not to be cynical. To act as though what I did, and thought made a difference. So what do you suggest I do?
Much love
Fred