Professor Reich: and even now, with all their benefits, the rich and the corporations don't pay their taxes in full, which is one thing that elizabeth warren has been working on remedying, with some success.
as they say, with trickle-down economics, the only thing that trickles down is misery and shit.
Elizabeth Warren should have been President. It was rotten that she was sidelined by the DNC and the Clinton campaign, but what a reformer and smart "clean-up batter" she is! I heard her interviewed tonight and her intelligence and decency as the interviewer noted various aspects of her history, including as a former Harvard Law School professor, bring to mind the vile ways in which the coward-bully-criminal trump repeatedly tried to belittle her. He is such a little, ugly, mean, worthless criminal and all he can do to try to look big is to put on that disgustingly odd voice and call people who are his betters by miles and miles silly, moronic names.
She was our choice in the primary. She is really a champion of the people and the rich fear her righteous indignation.
But America is still not ready for a woman president. Sadly.
Of course, after Biden wins, it is statistically likely that Harris will inherit the job. I would be very comfortable with her at the helm.
All that being said, in retrospect, I definitely underestimated Biden. He has been the best president in my lifetime. Of course, most of his predecessors set the bar pretty low. Still, I am wicked proud of President Joseph Biden. 👏
How long is your lifetime? I remember LBJ, the Civil Rights Act, the Voting Rights Act, Jimmy Carter and his environmentalism, he even put solar panels on the White House Roof, which Reagan took down on day 1.
Bill, one must have lived through and politically understand the times.
The Democratic party was being called communist, or sympathizers.
It started when JFK nixed the Bay of Pigs support. I was, then, a fervent anti communist. A right winger and proud of it.
I and others on the right accused JFK of being a commie, and the Democratic party as well. LBJ inherited that umbrage.
JFK actually had a plan to remove our troops from Vietnam, his involvement was to use special forces, even let them wear a green beret,for which they adore him to this day, gave them their own command, and they were limited to instructing the locals, government militias, Montegnards and the ARVN, after his death there was a movement to withdraw, but the war hawks, the corporations, like Exxon, then called Chevron, had other plans, but LBJ and the Democratic party were being called commie cowards, so an attack on a navy vessel in the Bay of Tonkin was fabricated.
Now lets consider what would have happened had not the Bay of Tonkin been fabricated and LBJ got us more heavily involved.
We pull out of Vietnam,or try to, and the Republicans and anti communists go ape shit. LBJ and the Democrats are called Commies.
In 1967 between deployments I lived with a Vietnamese Sgt and his family in Strategic Hamlet #5 (Ap Chien Luoc khom nom), I could read and speak, not write (too many accent marks) Vietnamese.
One day chatting with the Hamlet chief, whom I knew to be playing both sides, he told me that America will lose. I asked him why, and he showed me the Saigon Post and pointed to Sen church and the Church committee,saying more communists in America than in Vietnam.
In truth, the Viet Cong were not motivated by communism, but by liberation, first from the French, then from the Americans, because the Americans supported a corrupt Catholic class of overlords, created by the French.
LBJ signing the Civil Rights Act in Jul 1964, lit a firestorm of reaction, and only added fuel to the fire that he was a commie subversive, the Bay of Tonkin Resolution a month later threw water on that fire and enabled him to pass and sign the Voting Rights act of 1965.
The history of the world is more complex than minds looking for simple answers and filled with ideology cling to.
Remember also at the time I was a right wing extremist, and voted for Goldwater in 1964.
As a young lad, I too was obsessed with anti-communism. My high school English teacher brought two of us to a Goldwater rally at Madison Square Garden. I was too young to vote, but I had "Conscience of a Conservative" on my bedside table. AUH2O64!
It must have been Nixon who turned me into a lefty. Meeting a diverse group of guys from all over the country during basic and AIT at Ft Dix was also an eye opener. What a bubble I had grown up in.
My folks were "I like Ike" WASPs. Served in North Africa and Italy. Thought little of JFK. Mom hated him. But our entire family was in tears when he was killed.
At some point I realized that Barry was part of the oligarchal cabal along with Buckley that told lie after lie about those who were the "mudsills" I met in NJ.
William, People I know want to believe the Republican Party went off the rails with Reagan. That is not true. It has been going off the rails since the 1930s, possibly before that with Hoover not wanting to step in to do anything to keep the depression from destroying people's lives. Republicans as a group have stood against nearly everything that would actually help people: the New Deal, preparing for WWII, unions, electrifying rural areas, and on and on. Eisenhower had his positive moments like sending in troops to help the Little Rock 9 and ramping up the space program and science in the schools, but he also got us into Vietnam, permitted Joe McCarthy to go on a rampage against American citizens for no honest reason. Nixon was a part of the anti-Communist thing from before he was tapped to be vice president. The old Communist, Socialist, whatever Republicans can come up with at any moment continue to this day and all Republicans and other uninformed people have no idea what any of those terms mean and think OMG, they must be horrible when they are OK with the terrible things Trump and Kump are saying and plotting. For them, an insurrectionist seems like a patriot. Republicans are deteriorating and working hard to take us all down with them.
William, thank you for sharing your interesting and valuable experience. As to the Golf of Tonking Resolution, LBJ promised the Senate that he would not use it to expand the war. He went back on his word, and the most prominent members of his own party condemned him. Senator Fulbright later wrote The Arrogance of Power, a book all us should read and re-read time and time again.
Bill, my first presidential vote was also for McGovern, another guy who really cared for the American people. He would really be distressed to see what has happened to South Dakota since he left us.
Carter was also very high on human rights, making it a major factor in foreign policy. But he was a bad luck president, facing matters that were mostly out of his control: high inflation he inherited from Nixon/Ford, the boycott by the oil cartel & long waits at gas stations, the hostage taking by Iran & the sabotage by Reagan/Bush of Carter's negotiations with the Iranian president for the release of the hostages... I think his 2nd term would've been outstanding, but we will never know.
According to the Brookings Institute, Carters main failure was that he was a Process President a quick read worth reading.
The 1979 oil crisis was supposedly caused by the Iranian revolution, cutting off oil exports to Europe, Iran is part of OPEC and it was just a way for Saudi Arabia, and the other members of OPEC to increase their profits.
The Kingdom and the Emirates made so much money from the 1973 and 1979 "crisis" that they manufactured that Riyadh, Medina and Mecca were
modernized,
The hostage rescue operation failed at Desert One, Operation Eagle Claw, because a naval supply officer, a Lt Commander, on the aircraft carrier that carried the Sea Stallions, didn't check the length of the four refueling hoses.
They were suppose to be 100 ft long, one was 60 ft long, and couldn't reach the chopper, the chopper thenlifted off and tried to reposition, but kicked up the sand, the blades sliced into the bladder bird (A C-130 carrying a bladder of jet fuel) sliced the bladder a spark and the rest is history.
There was a team in the hills overlooking Tehran, that was providing weather reports and intel. I doubt that the operation wold have succeeded though.
too complicated, too many variables.
I don't believe there was room for landing four Sea stallions around the Embassy, the special operators would have been fast roped, the choppers then moved to the airport, meaning the airport would have to have been secured, a Sea /Stallion can carry: Up to 38 fully-equipped troops or 55 troops with centerline seats installed. The hostages and operators make their way from the Embassy through Tehran to the airport.
There were 52 hostages, two sea stallions could have carried them plus special operator escorts. one or two Sea Scallions would have carried forces needed to secure the airport.
The Question mark is making it through Tehran to the airport., as it was there were 8 casualties in Operation Eagle Claw, there would have been many more, including hostages I'm sure had the insertion succeeded.
It was a hare brained idea cooked up by Zbignew Brzrezinski, Mika's father . Joe Scarborough's wife and co host
The whole charade with Iranian oil as an excuse for the 1979 crisis, is that the west is not using Iranian oil these days, 90% of it is shipped to China.
It is just not OPEC that genefits from a reduction in supply, it is Exxon, Shell, BP, the whole oil cabal, which see profits soar as supply decreases.,and Russia does extremely well.
William, LBJ did make a lot of relaly good moves and had it not been for Vietnam, he might now be considered the "greatest" president if that title means anything. I always regretted that he was not able to finish his plans for affordable housing, better working conditions for employees, and so much more. For me, Biden is a direct descendant of the LBJ efforts toward equity.
Yes Ruth, I agree with you. Too bad Biden can't finish his march towards sanity and equity, instead we are encumbered by idiots who are all wrapped up in a culture war, invented by the ruling class.
Do you realize, Bill, that 5 of the first 10 in line of succession for the Presidency are women? Kamala Harris, Patty Murray, Janet Yellon, Deb Haaland and Gina Raimondo.
Me, too, Bill. He is doing a complicated and difficult job with grace, skill, and quietude. I am so impressed - and so hoping that November sees him still in office and with strong support in the House and the Senate.
America not being ready for a woman is a false assertion that developed just in time to discourage people from voting for Warren, the giant (corporation) slayer. Supposed assumption was that since Hillary Clinton, the DNC/corporatist establishment darling, who was under investigation when it meant something to the American people to be under suspicion of a crime, reopened just a week before the election, waged a terrible campaign & never connected with the American people at a time when 3/4 of the electorate was anti-establishment, & her favorability rating was in the high negative 20s, couldn't win the election against a clearly unfit opponent who had a favorability rating in the high negative 30s, even though she got almost 3 million more votes, then no woman could win. As Dr. Reich would say, "Rubbish!".
All that you said about HRC is true. But even with her multiple flaws, she would have been an extremely competent president. Putin probably would have refrained from invading Ukraine.
If she had been a man she would have walked away with the job. True, her campaign was poor. But she lost because she is a woman. Misogyny is in the DNA of millions of us.
I have no idea why it is, but my ability to enter a "like" with the "heart emoji" does not work anymore, leaving me, it would appear, heartless! Not so. Please imagine that there is one more "like" added because there is, just not a visible one! In other words, great post.
Presidents don't make tax laws. Congress does. Neither Biden or Trump could not implement their tax proposals without Congress voting to have them become laws and policy.
Senator Warren, who happens to be one of the Senator's from the state I live in, lost the primary. If she had won, it's anyones guess if she could have beaten Trump. One thing that would have happened the Republicans would have used the socialist meme and her progressive voting record against her. One thing progressive leaning voters forget is the U.S. is not predominately progressive. A lot of Americans when presented with progressive ideas, such as affordable healthcare and sensible baking regulations, agree that those are good ideas. However there is a disconnect with the idea and the person who wants to make those progressive policies law when running for public office.
That's the problem with the Democrats or I should say the people who vote for Democrats, they don't really hold the people they vote for accountable for what they do in Congress or the White House.
Case in point. After Obama won in 2008 Democrats went home and a vast majority of them went home and thought, great, Obama will solve all our problems. Democrats failed to show up for the elections of 2010 and 2014 and guess what happened. Jin 2010 John Boehner(R) became Speaker of the House and in 2010 Mitch McConnell took control of the Senate. The SCOTUS then became a majority Republican court and lower federal courts gained a lot of extreme right wing judges.
It's happening again as a lot of people who vote for the Democrats are saying they wont be voting in November. From what I've read about this it's about 18% of voters who lean to Democrats in most of the battleground states are planing on not voting or voting for a third party. That's enough of a margin for Trump to win.
This is on the Democrats for not having a cohesive message and I'll add for not having a primary and letting Biden run again.
Jeff , Biden is the only choice at the moment, If Trump was in jail as he should be, Biden would not seek a second term. We are not running on the person per say, but the principles of the Constitution. Biden is still the best chance we have; I hope these unfortunates who wish to throw their vote away will reconsider and open their minds instead of and opening our country to a criminal dictatorship run by murderous thugs Like Russia, China, North Korea Brazil, Turkey, Hungry etc.
The Democrats should have convinced Biden to not run for reelection over a year ago. That said, you're right he's the only choice. The future of what's left of the democratic republic is now left up to an 81 year old man who is obviously having some issues with his memory and other health issues that people of his age are prone to have. That's a problem. How do people who are not Democrats who don't want Trump to win another term in office vote for Biden? It's hard to know but judging on what's been said since the debate Biden is in deep trouble. The other thing that is disturbing about Biden is he allegedly thinks that he alone can beat Trump even though there's enough evidence to suggest just about any other Democrat has about the same chance as Biden.
This is a mess that the Democrats have laid on the nation. That's not good.
Jeff, thanks for your astute summation of the challenges Sen. Warren would have faced is she'd won. On the question of a Democratic presidential primary, I believe primary campaigns would had to at least mention Joe Biden's age and frailty, which have been fuel for opposition PR attacks. I wish there had been a viable alternative but cannot think of anyone with suitable stature to topple a sitting president, much less take on Donald.
I should have added the Democrat's primary would have been held due to Biden not running for a second term. As to someone of a suitable stature winning a primary, well that's what primaries are for. I think it would have been good for the Democratic party.
I think your point about not having a cohesive message is particularly important. And an important part of a cohesive message is Professor Reich's (and other similar data) reporting about how Republicans and most recently the pseudo-Republican Trump cause huge increases in national debt which they then blame on Democrats! Furthermore, discussions about taxation/taxes/paying taxes should be cast in CONTEXT, and the context is at least two-fold: WHY we pay taxes and HOW we want our taxes spent - and I would add that paying our taxes is a kind of patriotism and the avoidance of paying taxes is an anti-American "industry." First "rule" is one of language choice: NEVER refer to Republicans, as we now know them to actually be,
as " conservative." They are anything but."conservative." They are "conservative" with THEIR money, but PROFLIGATE with yours, and to hell with the well-being of the country in any way as long as the personal "hoard" of the "conservative" is not diminished.
It is an eternity between now and November. Undecided folks may, the more they see of Donald J Trump, decide that the perfect is the enemy of the good, and vote for Biden. And just as importantly, for Democrats all down the ballot
Biden's poll numbers are not good. Trump's re not much better if you leave out the Republican party. I don't buy the undecided angle as I think anyone who can't make up their mind at this point as probably not going to vote.
Biden is in trouble with 18 to 30 voters, Black male voters of all ages, Latino voters, and with independents he's not doing well either. There are not many incumbents have won with approval ratings below 50%. Biden's are about 37%. Lower than Trump's (43%) in 2019 going into the 2020 election. Incidentally Obama's were 43% in 2011. He won reelection in 2012 but his poll numbers before the election went up to 53% or so.
Biden needs better approval numbers to win. If Biden is below the mid to high 40's or higher he's not likely to win. Biden needs his approval rating's to go up by 10 to 13%. I don't see that happening in the next 5 months. If Israel gets into a war with Hezbollah this summer we could see Biden's poll numbers could go lower.
Pollsters have been spectacularly wrong in the last couple of cycles. I pay attention to them, but don’t consider them terribly reliable. All that one can do is to vote. If voters are apathetic, then indeed Biden may lose. After that, no one will have to worry about their choices. If voters get energized, Trump goes down to a crushing defeat. His supporters are noisy, but they’re not the majority. We’ll see what happens.
Who's assessments on the Republicans are you on about?
I've not said anything about the Republicans at length due to my focus on Biden and the Democrats not seeming to grasp what's at stake in this election as a party. Which you pointed out in your comment. The Republicans are now a Christian nationalist authoritarian party. There is no doubt. Look at Texas and Louisiana and other red states.
As to the Supreme Court, all the Catholics on the court came out of the Federalist Society and the man in charge of getting the court packed with right wing extremist is Leonard Leo, who is a Christian nationalist. What we are seeing is not by accident. It's by design and decades of planing. Something the Democrats have ignored. Which is why there's 6/3 right wing majority on the SCOTUS.
Warren would've crushed Trump in the debates. She's great at standing up to the wealthy & powerful bullies & shaming them. She's extremely sharp & energetic & very strong on the issues, having viable solutions for each one.
I totally agree Jeff. I am trying to think of one thing Obama accomplished in his 8 years besides the ACA which was a gift to and written by the Association of Health Insurance Providers lobbyists., while Rahm Emanuel gave them an open door to the White House while excluding Bernie Sanders and Single Payor advocates.
One other thing, at Joe Biden's insistence, he directed DOJ not to defend the Defense of Marriage act, which led to Obergefell.
Which shows that Biden can and has gotten involved in DOJ, contrary to present claims.
You are correct. There are only five swing states AZ, N V, MI, PA, WI, AZ and NV are basically irrelevant MI had 15 electoral votes, PA 19, WI 11. Those states were won by Biden with around 10,000 votes in 2020. Each of those states have over 100,000 Muslims, and more than that blacks, and black males are threateing to sit out the election or vote third party,.
Cornell West might get their vote in places like NC, but NC is Republican and will go for Trump, however GOP operatives are working overtime to get West on ballots.
Muslims and Blacks, and students may have an orgasm sticking it to Biden, and I hope they enjoy it, because they will not enjoy what Trump is going to do them.
Project 2025, Agenda 47 and Trumps own unregulated mouth tell the story.
BTW in 2020 GA, NC and VA were swing states, but in those states Republican legislatures have enacted voter suppression laws and procedures, and GOP governors are planning, recruiting and training 100,000 Armed poll watchers
"Muslims and Blacks, and students may have an orgasm sticking it to Biden, and I hope they enjoy it, because they will not enjoy what Trump is going to do them. Project 2025, Agenda 47 and Trumps own unregulated mouth tell the story." I think what we can do is try to reach those voting blocs and tell that story, so that Trump & Co. do not have the chance to "do them."
I don't know how I can reach out to Muslims, blacks and students, I don't have a megaphone, but less a microphone. You would think the talking heads on MSNBC, like Symone, Joy, Michael, Al, even Chris, and Rachel would make that connection, but that they don't, maybe they aren't allowed, I've watched them interview blacks and Muslims, even students who said they can't vote for Biden because of Gaza, and not one was challenged with "So then you are in essence voting for Trump". They let the declarations stand without challenge or follow up.
I wish R Hodson, but life's experience has informed me, that people are not far sighted and they make decisions based on grievances and fear.
Biden has been trying to tell people, and the Democratic party as well, what they have gained under Biden, but they don't care, they don't listen, all they see is what is in front of them, the price of a loaf of bread
We are children, just taller. You tell a child what is good for them, what they shouldn't do and they ignore you or do the opposite.
She was my top candidate for President in 2020. Also my pick for VP after Biden won. She had many well-crafted plans ready to go. Big business is deathly afraid of her.
I'm with you, Jaime, all the way. Elizabeth Warren is probably the smartest senator/member of Congress we've got going. I tried to tell my local chapter of the Dem party, back in about late 2014/early 2015, when they were already talking Hillary, that No! they should not support her. Why Elizabeth Warren deferred to Hillary and opted out of running, I would LOVE to have been a fly on the wall during THAT discussion! SO-O-O-O DISAPPOINTING! She was by far the better candidate!
As it was, and I think few people will remember this, Hillary went straight to Goldman Sachs, after winning the nomination, and other Wall Street players, and told them, "Don't worry, everything will still be the same," speeches for which she was paid $7,000,000, and for which the transcripts were never released. Hillary was as crooked as they come, and baggage, baggage, baggage all the way. I can't speak to history, we like to think she would've kicked butt with Putin, but we just don't know. Bill Clinton gave us NAFTA, after all, took down SmithFeingold, did other things that worked against us. The whole debacle over doing State Dept. business over their personal, SECURE, WELL-MAINTAINED HOME SERVER --- the State Department's computer infrastructure was so antiquated, I didn't blame her for that!
Anyway, all that is history, but I truly believe ELIZABETH WARREN would STILL make a great president! And during that time, she also wrote three books, which I read, but the titles elude me now, something about "This Fight Is Our Fight" and "Fighting Chances," maybe, and the third was a book she wrote on personal finance with her daughter, and it . . . was . . . GREAT, I learned a lot from it! (Her daughter told her that she lacked a sense of humor, and so she was able to add the lighter touch to it. Funny! [But Lord knows this country needs the seriousness of Elizabeth Warren!]) At any rate, I wrote in her name on the 2016 ballot, and I am proud of it. I just could not bring myself to vote for Hillary (who got 3 million more votes anyway). I think both Elizabeth Warren and Bernie Sanders are NATIONAL TREASURES, and the idea that "they can't win," according to DNC low-ball "thinking," is just pure bullshit pulled over the eyes of the American people!! It's DNC propaganda and lies, is all it is.
Only one Establishment threatens us with extinction: fossil fuels. Note also that every culture war trope out there ends with a denial of climate change. Should the Republicans win we will have oil-powered Christianity for decades to come.
What concerns me Victor is that I have 30 great grandhildren and on great great grandchild.
I fear for the future because we have passed the tipping point of 350ppm of co2, not to mention methane. And we see the effects as I write, and there is no concern, no alarm, life continues apace as if it were all theoretical. Even as those who call it a hoax suffer the most.
The anthropocene started in the 1950's as the world industrialized big time after WWII. The earth has gone through many epochs, the holocene gave way to the anthropocene and all of the epochs lasted hundreds of thousands if nor millions of years, save the anthropocene the shortest lived of all. a centruy at best if the most optimisitic of scientific forecasts are true.
She is one of only a handful of Senate Dems that can explain policies so regular Americans can understand them. The President NEEDS vocal support that educates voters. Yeah..she's the best!
Annie, you are right about Elizabeth Warren. I voted for her in the primaries because I know she would have been an excellent president. I have to admit Biden has done a really good job and I know that a good part of that is because he has listened to and followed advice from people like Elizabeth Warren. Unfortunately, had she been nominated for president in 2020, she would have been sabotaged just as Hillary Clinton was in 2016. Too many white men are in charge of things in this country along with a few of their female surrogates and people are still raising their girls and boys to believe girls are inferior and can't do anything in the public sphere. We need to start seriously reaching people/parents and teachers to help them see girls as true leaders, not superior, but ultimately of equal value to men and anyone else. It's time! I know there is another bunch of Elizabeth Warrens just getting ready in the wings. We need to get them into Congress and state legislatures and governorships to prepare them for the big move, maybe in 2028, if Trump is not elected this year.
I've used the phrase "Hoovering Up", referring to both vacuuming (Hoover vacuum model of by gone days) = sucking up whatever the 'device' is aimed at &&& President Herbert Hoover (great depression era) for facilitating the "Great Depression".. & IMO expresses what is going on economically in this - day and age~
Progressive taxation is a necessary part of a thriving capitalist economy. 1) It prevents the wealthy from becoming so powerful that they can distort the market upon which capitalism depends , 2) it enables infrastructure spending for the common good (roads, schools, healthcare) that are not otherwise provided by the market, and 3) It puts money in pockets that can be used for consumption, thereby stimulating the entire economy. Everybody wins, including the owners of production. But hey, don't take my word for it, it's all there in "Wealth of Nations,"
What Trump wants is to perpetuate Socialism for the Rich, for what is tax avoidance, other than government welfare? Funny how the Rich applaud this form of socialism, but decry as socialism the loaf of bread given to the common man.
The rich and greedy corporations think it's all an entitlement. No matter who wins in November, it’s highly unlikely the really rich and corporations will lose to paying more tax. They will weasel out of having to pay more. The rich and corporations are all morally corrupt, and if the choice is theirs, they will do whatever it takes to protect that wealth because they don’t care.
Which is precisely why capitalism requires strong government, as Adam Smith pointed out 248 years ago, and which the demented Reagan stood on its head 44 years ago, resulting in the current mess.
That CAN be corrected by changes to the tax code, it is not written in stone. I would propose a progressive capital gains tax, with a significant exemption that phases out based on income so small investors can cash in certain gains with little or no tax but for incomes over say $5m all gains are taxed as income. Also, I would close the ridiculous loophole that allows billionaires to live off LOANS taken against stock holdings tax free for years until they maybe cash out their stocks or "donate" them to a "charitable" trust where they remain the beneficiary.
Louise - could you explain the mechanism by which billionaires live off loans? where does the money come from to repay the loans? or are they really self-gifting? is this all just a twisted accounting gimmick?
Paul, I will take a swing at answering you. The wealthy own assets which can be used as collateral for loans. They (or any non-billionaire with the means) can set aside an asset as collateral and borrow against it. They will pay interest as a cost of in essence "borrowing from themselves", but that cost would be lower than paying tax on the income gained from those assets.
R Hodson - I get that part, but at some point don't they have to have some income to pay the interest? or do they just "make" enough in income to pay the interest? so if they "borrowed" 12 million (million per month) per year, at 5% simple interest would that be $600,000. where would that money come from? but wait, if I have interest income, what is that taxed at if that were the only income i had? so if i had 24 million, and got 5% interest, that would pay the interest on the borrowed money. right? wrong? thanks!
Louise, I like your suggestion of a progressive capital gains tax. I recommend you write to your congressperson to propose this. I have not read any legislative proposal about changing how we tax capital gains.
I am not sure government has the authority to block a loan a bank is willing to provide with stock as its security. Brokerage firms commonly loan money to investors secured by their stock. When the stock ownership is transferred to a charitable trust the borrower no longer owns it and cannot use it as security for a loan. A detailed analysis of the tax code is required to understand what can be done.
On a related matter, unless we have a new Presidential candidate on the Democratic side, I suspect Trump will win and no progressive tax policy changes will happen for the next 4 years. More likely, tax policy will be changed to benefit those who for many years have spent less than their after tax income.
Louise, I loved this, ". I would propose a progressive capital gains tax, with a significant exemption that phases out based on income so small investors can cash in certain gains with little or no tax but for incomes over say $5m all gains are taxed as income. " I also favor closing the billionaires' loan exemption loophole, possibly also on a progressive taxation basis.
The state of Washington recently imposed a State Capital Gains Tax which, while not actually progressive -- it is a flat 7% -- it has a $262k threshold and exempts certain gains, such as the sale of real estate, IRA & other. Here is a link: https://dor.wa.gov/taxes-rates/other-taxes/capital-gains-tax
Your first proposal is reasonable Louise. Suggest it to your Congressperson. I have suggested my idea to my Congressman. I am not sure about how Congress might change the law that addresses your second proposal.
Straight on Michael. The Wealth of Nations may be archaic reading, but Adam Smith was correct in 1776 and he is still correct today. REGULATED Capitalism is the best and most equal form of economics. It distributes wealth across the entire system. In societies as large as ours, you also need a touch of socialism to assure sustenance for all.
But what we have today is unregulated capitalism at its worst and socialism for the least needy - corporate America and the wealthy.
I just wish that a) Biden could get this message out, and that b) Bernie Sanders would stop call himself a socialist - he's not, he just wants an economy like that of Denmark, where billionaires exist, but they pay their fucking taxes.
I am sick and tired of people saying that Single Payer and Head Start is Socialism! When I got laid off in 2001, I had to work 2 low paying jobs with no insurance benefits! One sprained ankle cost me 2 weeks pay! The Right calls programs for the common good "big government ", but banning books. Contraceptives, IVR, abortion and several horrendous Court decisions ISN'T big government?💩💩💩💩😡😡
All one has to do to get Trumps attention is to say “ the rich will get richer” under this plan and the dufus will sign what you put in front of him - he has no thoughts or concerns about the nation, its people or its overall prosperity- Trump is a hugely flawed human without an empathy or remorse gene. Trump hates dogs, man’s best friend.
Socialism for the Rich, that's a good one! Instead of focusing on 'taxing the rich', I think it's a better argument (as you pointed out) to 'enable infrastructure spending for common goods.' Those projects are easily seen and experienced by everyone. New streets in my town! Thanks, Joe!
I agree Michael. But, our current tax policy is progressive. To make it more progressive Congress, not the POTUS, can raise the marginal rate and/or revisit the lower tax rate on capital gains. Congress proposes, the POTUS disposes according to our Constitution. POTUS can suggest but is not in charge of tax policy.
Not in Iowa; the governor is pushing for a flat income tax. She wants to eliminate the income tax altogether, figuring her low info supporters will blame the local politicians for the major increases in property taxes that will come because the State no longer helps fund localities.
Understood. My point is she's doing the same thing Trump will attempt if he takes office. It seems to me that mainly low information (and income) voters are not thinking about the down side of a flat income tax. In my opinion, a progressive income tax is the best way to keep Capitalism from becoming a form of control. Property taxes are progressive right now. In Iowa, yearly vehicle licensing fees are also.
In 1993 I moved from California to Washington State, my annual after tax income went up $900 the moment I crossed into Oregon, I left behind a state income tax
and a vehicle licensing tax structure that supported things not covered in the state budget.
Washington state funds itself via property and sales tax. Sales tax excludes food, so it doesn't harm low income, but the rich who buy expensive toys pay more,lots more.
I pay about $160 a month in sales tax, which I figure is the cost of living in a progressive, civilized state.(at least Western Washington, Eastern an Central Washington are Alabama)
Washington ranks 24 in Property taxes and the State has property tax rates below the national average of 0.99%.
No income tax, and the people will not stand for one either, tax accountants and lawyers are the biggest lobby for a state income tax (of course).
Professor Reich: and even now, with all their benefits, the rich and the corporations don't pay their taxes in full, which is one thing that elizabeth warren has been working on remedying, with some success.
as they say, with trickle-down economics, the only thing that trickles down is misery and shit.
NOTE: edited to correct a typo. my apologies.
Elizabeth Warren should have been President. It was rotten that she was sidelined by the DNC and the Clinton campaign, but what a reformer and smart "clean-up batter" she is! I heard her interviewed tonight and her intelligence and decency as the interviewer noted various aspects of her history, including as a former Harvard Law School professor, bring to mind the vile ways in which the coward-bully-criminal trump repeatedly tried to belittle her. He is such a little, ugly, mean, worthless criminal and all he can do to try to look big is to put on that disgustingly odd voice and call people who are his betters by miles and miles silly, moronic names.
She was our choice in the primary. She is really a champion of the people and the rich fear her righteous indignation.
But America is still not ready for a woman president. Sadly.
Of course, after Biden wins, it is statistically likely that Harris will inherit the job. I would be very comfortable with her at the helm.
All that being said, in retrospect, I definitely underestimated Biden. He has been the best president in my lifetime. Of course, most of his predecessors set the bar pretty low. Still, I am wicked proud of President Joseph Biden. 👏
Me too. So grateful for President Biden.
How long is your lifetime? I remember LBJ, the Civil Rights Act, the Voting Rights Act, Jimmy Carter and his environmentalism, he even put solar panels on the White House Roof, which Reagan took down on day 1.
LBJ gets high marks for those accomplishments. But his Vietnam horrors can't be forgiven.
I don't believe in heaven. But one should be invented for Jimmy Carter. Not perfect, but pretty close.
I'm 77 and my first vote was proudly for George McGovern.
Bill, one must have lived through and politically understand the times.
The Democratic party was being called communist, or sympathizers.
It started when JFK nixed the Bay of Pigs support. I was, then, a fervent anti communist. A right winger and proud of it.
I and others on the right accused JFK of being a commie, and the Democratic party as well. LBJ inherited that umbrage.
JFK actually had a plan to remove our troops from Vietnam, his involvement was to use special forces, even let them wear a green beret,for which they adore him to this day, gave them their own command, and they were limited to instructing the locals, government militias, Montegnards and the ARVN, after his death there was a movement to withdraw, but the war hawks, the corporations, like Exxon, then called Chevron, had other plans, but LBJ and the Democratic party were being called commie cowards, so an attack on a navy vessel in the Bay of Tonkin was fabricated.
Now lets consider what would have happened had not the Bay of Tonkin been fabricated and LBJ got us more heavily involved.
We pull out of Vietnam,or try to, and the Republicans and anti communists go ape shit. LBJ and the Democrats are called Commies.
In 1967 between deployments I lived with a Vietnamese Sgt and his family in Strategic Hamlet #5 (Ap Chien Luoc khom nom), I could read and speak, not write (too many accent marks) Vietnamese.
One day chatting with the Hamlet chief, whom I knew to be playing both sides, he told me that America will lose. I asked him why, and he showed me the Saigon Post and pointed to Sen church and the Church committee,saying more communists in America than in Vietnam.
In truth, the Viet Cong were not motivated by communism, but by liberation, first from the French, then from the Americans, because the Americans supported a corrupt Catholic class of overlords, created by the French.
LBJ signing the Civil Rights Act in Jul 1964, lit a firestorm of reaction, and only added fuel to the fire that he was a commie subversive, the Bay of Tonkin Resolution a month later threw water on that fire and enabled him to pass and sign the Voting Rights act of 1965.
The history of the world is more complex than minds looking for simple answers and filled with ideology cling to.
Remember also at the time I was a right wing extremist, and voted for Goldwater in 1964.
As a young lad, I too was obsessed with anti-communism. My high school English teacher brought two of us to a Goldwater rally at Madison Square Garden. I was too young to vote, but I had "Conscience of a Conservative" on my bedside table. AUH2O64!
It must have been Nixon who turned me into a lefty. Meeting a diverse group of guys from all over the country during basic and AIT at Ft Dix was also an eye opener. What a bubble I had grown up in.
My folks were "I like Ike" WASPs. Served in North Africa and Italy. Thought little of JFK. Mom hated him. But our entire family was in tears when he was killed.
At some point I realized that Barry was part of the oligarchal cabal along with Buckley that told lie after lie about those who were the "mudsills" I met in NJ.
Thank you for your story.
How few of us break away from our bubbles, eh?
William, People I know want to believe the Republican Party went off the rails with Reagan. That is not true. It has been going off the rails since the 1930s, possibly before that with Hoover not wanting to step in to do anything to keep the depression from destroying people's lives. Republicans as a group have stood against nearly everything that would actually help people: the New Deal, preparing for WWII, unions, electrifying rural areas, and on and on. Eisenhower had his positive moments like sending in troops to help the Little Rock 9 and ramping up the space program and science in the schools, but he also got us into Vietnam, permitted Joe McCarthy to go on a rampage against American citizens for no honest reason. Nixon was a part of the anti-Communist thing from before he was tapped to be vice president. The old Communist, Socialist, whatever Republicans can come up with at any moment continue to this day and all Republicans and other uninformed people have no idea what any of those terms mean and think OMG, they must be horrible when they are OK with the terrible things Trump and Kump are saying and plotting. For them, an insurrectionist seems like a patriot. Republicans are deteriorating and working hard to take us all down with them.
William, thank you for sharing your interesting and valuable experience. As to the Golf of Tonking Resolution, LBJ promised the Senate that he would not use it to expand the war. He went back on his word, and the most prominent members of his own party condemned him. Senator Fulbright later wrote The Arrogance of Power, a book all us should read and re-read time and time again.
Bill, my first presidential vote was also for McGovern, another guy who really cared for the American people. He would really be distressed to see what has happened to South Dakota since he left us.
My 2nd presidential vote was for George McGovern. I voted for Shirley Chisholm in the primary.
Carter was also very high on human rights, making it a major factor in foreign policy. But he was a bad luck president, facing matters that were mostly out of his control: high inflation he inherited from Nixon/Ford, the boycott by the oil cartel & long waits at gas stations, the hostage taking by Iran & the sabotage by Reagan/Bush of Carter's negotiations with the Iranian president for the release of the hostages... I think his 2nd term would've been outstanding, but we will never know.
According to the Brookings Institute, Carters main failure was that he was a Process President a quick read worth reading.
The 1979 oil crisis was supposedly caused by the Iranian revolution, cutting off oil exports to Europe, Iran is part of OPEC and it was just a way for Saudi Arabia, and the other members of OPEC to increase their profits.
The Kingdom and the Emirates made so much money from the 1973 and 1979 "crisis" that they manufactured that Riyadh, Medina and Mecca were
modernized,
The hostage rescue operation failed at Desert One, Operation Eagle Claw, because a naval supply officer, a Lt Commander, on the aircraft carrier that carried the Sea Stallions, didn't check the length of the four refueling hoses.
They were suppose to be 100 ft long, one was 60 ft long, and couldn't reach the chopper, the chopper thenlifted off and tried to reposition, but kicked up the sand, the blades sliced into the bladder bird (A C-130 carrying a bladder of jet fuel) sliced the bladder a spark and the rest is history.
There was a team in the hills overlooking Tehran, that was providing weather reports and intel. I doubt that the operation wold have succeeded though.
too complicated, too many variables.
I don't believe there was room for landing four Sea stallions around the Embassy, the special operators would have been fast roped, the choppers then moved to the airport, meaning the airport would have to have been secured, a Sea /Stallion can carry: Up to 38 fully-equipped troops or 55 troops with centerline seats installed. The hostages and operators make their way from the Embassy through Tehran to the airport.
There were 52 hostages, two sea stallions could have carried them plus special operator escorts. one or two Sea Scallions would have carried forces needed to secure the airport.
The Question mark is making it through Tehran to the airport., as it was there were 8 casualties in Operation Eagle Claw, there would have been many more, including hostages I'm sure had the insertion succeeded.
It was a hare brained idea cooked up by Zbignew Brzrezinski, Mika's father . Joe Scarborough's wife and co host
The whole charade with Iranian oil as an excuse for the 1979 crisis, is that the west is not using Iranian oil these days, 90% of it is shipped to China.
It is just not OPEC that genefits from a reduction in supply, it is Exxon, Shell, BP, the whole oil cabal, which see profits soar as supply decreases.,and Russia does extremely well.
William, LBJ did make a lot of relaly good moves and had it not been for Vietnam, he might now be considered the "greatest" president if that title means anything. I always regretted that he was not able to finish his plans for affordable housing, better working conditions for employees, and so much more. For me, Biden is a direct descendant of the LBJ efforts toward equity.
Yes Ruth, I agree with you. Too bad Biden can't finish his march towards sanity and equity, instead we are encumbered by idiots who are all wrapped up in a culture war, invented by the ruling class.
Yep.
Do you realize, Bill, that 5 of the first 10 in line of succession for the Presidency are women? Kamala Harris, Patty Murray, Janet Yellon, Deb Haaland and Gina Raimondo.
Me, too, Bill. He is doing a complicated and difficult job with grace, skill, and quietude. I am so impressed - and so hoping that November sees him still in office and with strong support in the House and the Senate.
America not being ready for a woman is a false assertion that developed just in time to discourage people from voting for Warren, the giant (corporation) slayer. Supposed assumption was that since Hillary Clinton, the DNC/corporatist establishment darling, who was under investigation when it meant something to the American people to be under suspicion of a crime, reopened just a week before the election, waged a terrible campaign & never connected with the American people at a time when 3/4 of the electorate was anti-establishment, & her favorability rating was in the high negative 20s, couldn't win the election against a clearly unfit opponent who had a favorability rating in the high negative 30s, even though she got almost 3 million more votes, then no woman could win. As Dr. Reich would say, "Rubbish!".
All that you said about HRC is true. But even with her multiple flaws, she would have been an extremely competent president. Putin probably would have refrained from invading Ukraine.
If she had been a man she would have walked away with the job. True, her campaign was poor. But she lost because she is a woman. Misogyny is in the DNA of millions of us.
BTW, Warren was my first choice.
I have no idea why it is, but my ability to enter a "like" with the "heart emoji" does not work anymore, leaving me, it would appear, heartless! Not so. Please imagine that there is one more "like" added because there is, just not a visible one! In other words, great post.
Thank-you, Annie!
That seems to be happening to a lot of people, and to me now & then. Often my likes at first take then disappear.
Presidents don't make tax laws. Congress does. Neither Biden or Trump could not implement their tax proposals without Congress voting to have them become laws and policy.
Senator Warren, who happens to be one of the Senator's from the state I live in, lost the primary. If she had won, it's anyones guess if she could have beaten Trump. One thing that would have happened the Republicans would have used the socialist meme and her progressive voting record against her. One thing progressive leaning voters forget is the U.S. is not predominately progressive. A lot of Americans when presented with progressive ideas, such as affordable healthcare and sensible baking regulations, agree that those are good ideas. However there is a disconnect with the idea and the person who wants to make those progressive policies law when running for public office.
That's the problem with the Democrats or I should say the people who vote for Democrats, they don't really hold the people they vote for accountable for what they do in Congress or the White House.
Case in point. After Obama won in 2008 Democrats went home and a vast majority of them went home and thought, great, Obama will solve all our problems. Democrats failed to show up for the elections of 2010 and 2014 and guess what happened. Jin 2010 John Boehner(R) became Speaker of the House and in 2010 Mitch McConnell took control of the Senate. The SCOTUS then became a majority Republican court and lower federal courts gained a lot of extreme right wing judges.
It's happening again as a lot of people who vote for the Democrats are saying they wont be voting in November. From what I've read about this it's about 18% of voters who lean to Democrats in most of the battleground states are planing on not voting or voting for a third party. That's enough of a margin for Trump to win.
This is on the Democrats for not having a cohesive message and I'll add for not having a primary and letting Biden run again.
Jeff , Biden is the only choice at the moment, If Trump was in jail as he should be, Biden would not seek a second term. We are not running on the person per say, but the principles of the Constitution. Biden is still the best chance we have; I hope these unfortunates who wish to throw their vote away will reconsider and open their minds instead of and opening our country to a criminal dictatorship run by murderous thugs Like Russia, China, North Korea Brazil, Turkey, Hungry etc.
The Democrats should have convinced Biden to not run for reelection over a year ago. That said, you're right he's the only choice. The future of what's left of the democratic republic is now left up to an 81 year old man who is obviously having some issues with his memory and other health issues that people of his age are prone to have. That's a problem. How do people who are not Democrats who don't want Trump to win another term in office vote for Biden? It's hard to know but judging on what's been said since the debate Biden is in deep trouble. The other thing that is disturbing about Biden is he allegedly thinks that he alone can beat Trump even though there's enough evidence to suggest just about any other Democrat has about the same chance as Biden.
This is a mess that the Democrats have laid on the nation. That's not good.
Jeff, thanks for your astute summation of the challenges Sen. Warren would have faced is she'd won. On the question of a Democratic presidential primary, I believe primary campaigns would had to at least mention Joe Biden's age and frailty, which have been fuel for opposition PR attacks. I wish there had been a viable alternative but cannot think of anyone with suitable stature to topple a sitting president, much less take on Donald.
I should have added the Democrat's primary would have been held due to Biden not running for a second term. As to someone of a suitable stature winning a primary, well that's what primaries are for. I think it would have been good for the Democratic party.
I completely agree
I think your point about not having a cohesive message is particularly important. And an important part of a cohesive message is Professor Reich's (and other similar data) reporting about how Republicans and most recently the pseudo-Republican Trump cause huge increases in national debt which they then blame on Democrats! Furthermore, discussions about taxation/taxes/paying taxes should be cast in CONTEXT, and the context is at least two-fold: WHY we pay taxes and HOW we want our taxes spent - and I would add that paying our taxes is a kind of patriotism and the avoidance of paying taxes is an anti-American "industry." First "rule" is one of language choice: NEVER refer to Republicans, as we now know them to actually be,
as " conservative." They are anything but."conservative." They are "conservative" with THEIR money, but PROFLIGATE with yours, and to hell with the well-being of the country in any way as long as the personal "hoard" of the "conservative" is not diminished.
It is an eternity between now and November. Undecided folks may, the more they see of Donald J Trump, decide that the perfect is the enemy of the good, and vote for Biden. And just as importantly, for Democrats all down the ballot
🦈⚡️🦈⚡️
Jeff, you are right, and this is why women are our last hope.
Biden's poll numbers are not good. Trump's re not much better if you leave out the Republican party. I don't buy the undecided angle as I think anyone who can't make up their mind at this point as probably not going to vote.
Biden is in trouble with 18 to 30 voters, Black male voters of all ages, Latino voters, and with independents he's not doing well either. There are not many incumbents have won with approval ratings below 50%. Biden's are about 37%. Lower than Trump's (43%) in 2019 going into the 2020 election. Incidentally Obama's were 43% in 2011. He won reelection in 2012 but his poll numbers before the election went up to 53% or so.
Biden needs better approval numbers to win. If Biden is below the mid to high 40's or higher he's not likely to win. Biden needs his approval rating's to go up by 10 to 13%. I don't see that happening in the next 5 months. If Israel gets into a war with Hezbollah this summer we could see Biden's poll numbers could go lower.
Pollsters have been spectacularly wrong in the last couple of cycles. I pay attention to them, but don’t consider them terribly reliable. All that one can do is to vote. If voters are apathetic, then indeed Biden may lose. After that, no one will have to worry about their choices. If voters get energized, Trump goes down to a crushing defeat. His supporters are noisy, but they’re not the majority. We’ll see what happens.
Who's assessments on the Republicans are you on about?
I've not said anything about the Republicans at length due to my focus on Biden and the Democrats not seeming to grasp what's at stake in this election as a party. Which you pointed out in your comment. The Republicans are now a Christian nationalist authoritarian party. There is no doubt. Look at Texas and Louisiana and other red states.
As to the Supreme Court, all the Catholics on the court came out of the Federalist Society and the man in charge of getting the court packed with right wing extremist is Leonard Leo, who is a Christian nationalist. What we are seeing is not by accident. It's by design and decades of planing. Something the Democrats have ignored. Which is why there's 6/3 right wing majority on the SCOTUS.
https://www.propublica.org/article/we-dont-talk-about-leonard-leo-supreme-court-supermajority
https://jacobin.com/2023/07/leonard-leo-dark-money-abortion-lgbtq-maine-church
Warren would've crushed Trump in the debates. She's great at standing up to the wealthy & powerful bullies & shaming them. She's extremely sharp & energetic & very strong on the issues, having viable solutions for each one.
Senator Warren would have had to win a primary first. She was unable to get enough support from the Democrats to run in 2020.
I totally agree Jeff. I am trying to think of one thing Obama accomplished in his 8 years besides the ACA which was a gift to and written by the Association of Health Insurance Providers lobbyists., while Rahm Emanuel gave them an open door to the White House while excluding Bernie Sanders and Single Payor advocates.
One other thing, at Joe Biden's insistence, he directed DOJ not to defend the Defense of Marriage act, which led to Obergefell.
Which shows that Biden can and has gotten involved in DOJ, contrary to present claims.
You are correct. There are only five swing states AZ, N V, MI, PA, WI, AZ and NV are basically irrelevant MI had 15 electoral votes, PA 19, WI 11. Those states were won by Biden with around 10,000 votes in 2020. Each of those states have over 100,000 Muslims, and more than that blacks, and black males are threateing to sit out the election or vote third party,.
Cornell West might get their vote in places like NC, but NC is Republican and will go for Trump, however GOP operatives are working overtime to get West on ballots.
Muslims and Blacks, and students may have an orgasm sticking it to Biden, and I hope they enjoy it, because they will not enjoy what Trump is going to do them.
Project 2025, Agenda 47 and Trumps own unregulated mouth tell the story.
BTW in 2020 GA, NC and VA were swing states, but in those states Republican legislatures have enacted voter suppression laws and procedures, and GOP governors are planning, recruiting and training 100,000 Armed poll watchers
Add Florida. Abortion on the ballot. Marijuana. Trump won in 2020 by 3.2%. Only 2% will flip. We expect abortion will increase the vote by 20%.
William , I like what you said here.
"Muslims and Blacks, and students may have an orgasm sticking it to Biden, and I hope they enjoy it, because they will not enjoy what Trump is going to do them. Project 2025, Agenda 47 and Trumps own unregulated mouth tell the story." I think what we can do is try to reach those voting blocs and tell that story, so that Trump & Co. do not have the chance to "do them."
I don't know how I can reach out to Muslims, blacks and students, I don't have a megaphone, but less a microphone. You would think the talking heads on MSNBC, like Symone, Joy, Michael, Al, even Chris, and Rachel would make that connection, but that they don't, maybe they aren't allowed, I've watched them interview blacks and Muslims, even students who said they can't vote for Biden because of Gaza, and not one was challenged with "So then you are in essence voting for Trump". They let the declarations stand without challenge or follow up.
I wish R Hodson, but life's experience has informed me, that people are not far sighted and they make decisions based on grievances and fear.
Biden has been trying to tell people, and the Democratic party as well, what they have gained under Biden, but they don't care, they don't listen, all they see is what is in front of them, the price of a loaf of bread
We are children, just taller. You tell a child what is good for them, what they shouldn't do and they ignore you or do the opposite.
Anyone who votes third party is giving their vote to Trump
She was my top candidate for President in 2020. Also my pick for VP after Biden won. She had many well-crafted plans ready to go. Big business is deathly afraid of her.
I'm with you, Jaime, all the way. Elizabeth Warren is probably the smartest senator/member of Congress we've got going. I tried to tell my local chapter of the Dem party, back in about late 2014/early 2015, when they were already talking Hillary, that No! they should not support her. Why Elizabeth Warren deferred to Hillary and opted out of running, I would LOVE to have been a fly on the wall during THAT discussion! SO-O-O-O DISAPPOINTING! She was by far the better candidate!
As it was, and I think few people will remember this, Hillary went straight to Goldman Sachs, after winning the nomination, and other Wall Street players, and told them, "Don't worry, everything will still be the same," speeches for which she was paid $7,000,000, and for which the transcripts were never released. Hillary was as crooked as they come, and baggage, baggage, baggage all the way. I can't speak to history, we like to think she would've kicked butt with Putin, but we just don't know. Bill Clinton gave us NAFTA, after all, took down SmithFeingold, did other things that worked against us. The whole debacle over doing State Dept. business over their personal, SECURE, WELL-MAINTAINED HOME SERVER --- the State Department's computer infrastructure was so antiquated, I didn't blame her for that!
Anyway, all that is history, but I truly believe ELIZABETH WARREN would STILL make a great president! And during that time, she also wrote three books, which I read, but the titles elude me now, something about "This Fight Is Our Fight" and "Fighting Chances," maybe, and the third was a book she wrote on personal finance with her daughter, and it . . . was . . . GREAT, I learned a lot from it! (Her daughter told her that she lacked a sense of humor, and so she was able to add the lighter touch to it. Funny! [But Lord knows this country needs the seriousness of Elizabeth Warren!]) At any rate, I wrote in her name on the 2016 ballot, and I am proud of it. I just could not bring myself to vote for Hillary (who got 3 million more votes anyway). I think both Elizabeth Warren and Bernie Sanders are NATIONAL TREASURES, and the idea that "they can't win," according to DNC low-ball "thinking," is just pure bullshit pulled over the eyes of the American people!! It's DNC propaganda and lies, is all it is.
I agree Annie:. Warren scared the establishment Hillary represented the establishment.
The establishment: Financial institutions, Chamber of Commerce, Business Round table, Billionaires... in a word deep pockets
Only one Establishment threatens us with extinction: fossil fuels. Note also that every culture war trope out there ends with a denial of climate change. Should the Republicans win we will have oil-powered Christianity for decades to come.
No argument here.
What concerns me Victor is that I have 30 great grandhildren and on great great grandchild.
I fear for the future because we have passed the tipping point of 350ppm of co2, not to mention methane. And we see the effects as I write, and there is no concern, no alarm, life continues apace as if it were all theoretical. Even as those who call it a hoax suffer the most.
The anthropocene started in the 1950's as the world industrialized big time after WWII. The earth has gone through many epochs, the holocene gave way to the anthropocene and all of the epochs lasted hundreds of thousands if nor millions of years, save the anthropocene the shortest lived of all. a centruy at best if the most optimisitic of scientific forecasts are true.
Do you recall the song "Enjoy yourself it is later than you think" https://www.youtube.com/watch?v=kisr3daNRx0&ab_channel=LouisPrima-Topic
You are optimistic Victor. Current scientific estimates for the end of the anthropocene range from 2034 to 2100.
Well, however many decades we have left, which won't be many if they're in charge.
She is one of only a handful of Senate Dems that can explain policies so regular Americans can understand them. The President NEEDS vocal support that educates voters. Yeah..she's the best!
Annie, you are right about Elizabeth Warren. I voted for her in the primaries because I know she would have been an excellent president. I have to admit Biden has done a really good job and I know that a good part of that is because he has listened to and followed advice from people like Elizabeth Warren. Unfortunately, had she been nominated for president in 2020, she would have been sabotaged just as Hillary Clinton was in 2016. Too many white men are in charge of things in this country along with a few of their female surrogates and people are still raising their girls and boys to believe girls are inferior and can't do anything in the public sphere. We need to start seriously reaching people/parents and teachers to help them see girls as true leaders, not superior, but ultimately of equal value to men and anyone else. It's time! I know there is another bunch of Elizabeth Warrens just getting ready in the wings. We need to get them into Congress and state legislatures and governorships to prepare them for the big move, maybe in 2028, if Trump is not elected this year.
Well, We live in a world that belongs to the “Chosen People, Elizabeth Warren is not a Chosen one”. Perhaps, she needs a Dual Citizenship ?
The phrase "trickles down" should be changed to "gushes down". Trickle doesn't describe what actually happens.
Gushes UP! is more factual
I was thinking "trickles down" is a bad concept but what actually happens is worse, therefore "gush down" is worse than "trickle down".
In any case, maybe you are right. Did I get my trickles and gushes backwards?
I'm not sure. Thanks for your thought-provoking comment.
Yes, Todd, especially when jobs get offshored.
Actually I prefer "gushes up" that's what it does - it gushes from the bottom 70% of us to the top 10%
I've used the phrase "Hoovering Up", referring to both vacuuming (Hoover vacuum model of by gone days) = sucking up whatever the 'device' is aimed at &&& President Herbert Hoover (great depression era) for facilitating the "Great Depression".. & IMO expresses what is going on economically in this - day and age~
When businesses offshored jobs their incomes gushed UP.
And everyone else's went down!!!
Please see my above note/
Progressive taxation is a necessary part of a thriving capitalist economy. 1) It prevents the wealthy from becoming so powerful that they can distort the market upon which capitalism depends , 2) it enables infrastructure spending for the common good (roads, schools, healthcare) that are not otherwise provided by the market, and 3) It puts money in pockets that can be used for consumption, thereby stimulating the entire economy. Everybody wins, including the owners of production. But hey, don't take my word for it, it's all there in "Wealth of Nations,"
What Trump wants is to perpetuate Socialism for the Rich, for what is tax avoidance, other than government welfare? Funny how the Rich applaud this form of socialism, but decry as socialism the loaf of bread given to the common man.
The rich and greedy corporations think it's all an entitlement. No matter who wins in November, it’s highly unlikely the really rich and corporations will lose to paying more tax. They will weasel out of having to pay more. The rich and corporations are all morally corrupt, and if the choice is theirs, they will do whatever it takes to protect that wealth because they don’t care.
Which is precisely why capitalism requires strong government, as Adam Smith pointed out 248 years ago, and which the demented Reagan stood on its head 44 years ago, resulting in the current mess.
Register Democrats to stop trickle down oblivion.
https://www.fieldteam6.org/
Yes! And it’s all laid out in the book, Evil Geniuses.
To weasel out, CEOs are compensated with stock options, the gains from which, when realized, are taxed at a lower rate than ordinary income.
That CAN be corrected by changes to the tax code, it is not written in stone. I would propose a progressive capital gains tax, with a significant exemption that phases out based on income so small investors can cash in certain gains with little or no tax but for incomes over say $5m all gains are taxed as income. Also, I would close the ridiculous loophole that allows billionaires to live off LOANS taken against stock holdings tax free for years until they maybe cash out their stocks or "donate" them to a "charitable" trust where they remain the beneficiary.
Louise - could you explain the mechanism by which billionaires live off loans? where does the money come from to repay the loans? or are they really self-gifting? is this all just a twisted accounting gimmick?
Paul, I will take a swing at answering you. The wealthy own assets which can be used as collateral for loans. They (or any non-billionaire with the means) can set aside an asset as collateral and borrow against it. They will pay interest as a cost of in essence "borrowing from themselves", but that cost would be lower than paying tax on the income gained from those assets.
R Hodson - I get that part, but at some point don't they have to have some income to pay the interest? or do they just "make" enough in income to pay the interest? so if they "borrowed" 12 million (million per month) per year, at 5% simple interest would that be $600,000. where would that money come from? but wait, if I have interest income, what is that taxed at if that were the only income i had? so if i had 24 million, and got 5% interest, that would pay the interest on the borrowed money. right? wrong? thanks!
Great ideas
Louise, I like your suggestion of a progressive capital gains tax. I recommend you write to your congressperson to propose this. I have not read any legislative proposal about changing how we tax capital gains.
I am not sure government has the authority to block a loan a bank is willing to provide with stock as its security. Brokerage firms commonly loan money to investors secured by their stock. When the stock ownership is transferred to a charitable trust the borrower no longer owns it and cannot use it as security for a loan. A detailed analysis of the tax code is required to understand what can be done.
On a related matter, unless we have a new Presidential candidate on the Democratic side, I suspect Trump will win and no progressive tax policy changes will happen for the next 4 years. More likely, tax policy will be changed to benefit those who for many years have spent less than their after tax income.
Louise, I loved this, ". I would propose a progressive capital gains tax, with a significant exemption that phases out based on income so small investors can cash in certain gains with little or no tax but for incomes over say $5m all gains are taxed as income. " I also favor closing the billionaires' loan exemption loophole, possibly also on a progressive taxation basis.
The state of Washington recently imposed a State Capital Gains Tax which, while not actually progressive -- it is a flat 7% -- it has a $262k threshold and exempts certain gains, such as the sale of real estate, IRA & other. Here is a link: https://dor.wa.gov/taxes-rates/other-taxes/capital-gains-tax
Your first proposal is reasonable Louise. Suggest it to your Congressperson. I have suggested my idea to my Congressman. I am not sure about how Congress might change the law that addresses your second proposal.
My congressperson is a Trump sycophant- and I live in a BLUE state.
The irony has to hurt as much as the sting of paying them to legislate against your best interests.
thank you for that information!
Straight on Michael. The Wealth of Nations may be archaic reading, but Adam Smith was correct in 1776 and he is still correct today. REGULATED Capitalism is the best and most equal form of economics. It distributes wealth across the entire system. In societies as large as ours, you also need a touch of socialism to assure sustenance for all.
But what we have today is unregulated capitalism at its worst and socialism for the least needy - corporate America and the wealthy.
I just wish that a) Biden could get this message out, and that b) Bernie Sanders would stop call himself a socialist - he's not, he just wants an economy like that of Denmark, where billionaires exist, but they pay their fucking taxes.
I am sick and tired of people saying that Single Payer and Head Start is Socialism! When I got laid off in 2001, I had to work 2 low paying jobs with no insurance benefits! One sprained ankle cost me 2 weeks pay! The Right calls programs for the common good "big government ", but banning books. Contraceptives, IVR, abortion and several horrendous Court decisions ISN'T big government?💩💩💩💩😡😡
Yes! Perfectly said!
All one has to do to get Trumps attention is to say “ the rich will get richer” under this plan and the dufus will sign what you put in front of him - he has no thoughts or concerns about the nation, its people or its overall prosperity- Trump is a hugely flawed human without an empathy or remorse gene. Trump hates dogs, man’s best friend.
I can’t imagine that any dog could love Trump. Dogs are smarter than that. The man exudes evil and would bite them if he could.
Get visceral.
Every time you see a pet ad, a pet or animal charity on Facebook or other social media, say the magic words, "Trump hates dogs."
On military and history sites "Not suckers or losers."
On charity sites: "Trump stole from kids with cancer.
Socialism for the Rich, that's a good one! Instead of focusing on 'taxing the rich', I think it's a better argument (as you pointed out) to 'enable infrastructure spending for common goods.' Those projects are easily seen and experienced by everyone. New streets in my town! Thanks, Joe!
Mine, too! Streets we can actually drive down safely, with sidewalks, something this town has largely not had, since its incorporation back in 1799!!
I agree Michael. But, our current tax policy is progressive. To make it more progressive Congress, not the POTUS, can raise the marginal rate and/or revisit the lower tax rate on capital gains. Congress proposes, the POTUS disposes according to our Constitution. POTUS can suggest but is not in charge of tax policy.
That's why it's important to expect Biden AND a Democratic House.
Not in Iowa; the governor is pushing for a flat income tax. She wants to eliminate the income tax altogether, figuring her low info supporters will blame the local politicians for the major increases in property taxes that will come because the State no longer helps fund localities.
Urge her to support a carbon tax. We desperately need this.
State tax issues are not federal
Understood. My point is she's doing the same thing Trump will attempt if he takes office. It seems to me that mainly low information (and income) voters are not thinking about the down side of a flat income tax. In my opinion, a progressive income tax is the best way to keep Capitalism from becoming a form of control. Property taxes are progressive right now. In Iowa, yearly vehicle licensing fees are also.
Understood.
In 1993 I moved from California to Washington State, my annual after tax income went up $900 the moment I crossed into Oregon, I left behind a state income tax
and a vehicle licensing tax structure that supported things not covered in the state budget.
Washington state funds itself via property and sales tax. Sales tax excludes food, so it doesn't harm low income, but the rich who buy expensive toys pay more,lots more.
I pay about $160 a month in sales tax, which I figure is the cost of living in a progressive, civilized state.(at least Western Washington, Eastern an Central Washington are Alabama)
Washington ranks 24 in Property taxes and the State has property tax rates below the national average of 0.99%.
No income tax, and the people will not stand for one either, tax accountants and lawyers are the biggest lobby for a state income tax (of course).