Glen sed: '*Oligopoly? or oligarchy?"*
I appreciate the distinction implied by opoly vs archy in this case
(market-power vs political power?).
I hope smarter people than I are thinking deep and hard and broad about
this. My knee-jerk suggests that one or both of "consumption tax" with
appropriate exemptions like basic foodstuffs and basic rent/mortage and
basic utilities should be "subsidized" by the rest of us who carry it
beyond basics. Maybe "Luxury Tax" or "Sin Tax" on megayachts or
private jets or hypersports cars?
And/or a power exemption/rebate for low income (Is Federal Poverty level
assumed to be about $16k income today? I sure got a boost while
raising a young family in college, working for myself, paying full
SocSec (14.5%) when my meager head-of-household poverty-level takehome
yielded me an at the time "earned income credit". It meant I didn't
have to cough up money I didn't have at tax time (or not very much) and
I felt properly motivated me to continue to HAVE earned income while
many of my peers were riding their parents wealth or some needs-based
support (not dissing, just glad I was able to not need it). Today it
tastes a bit like a guaranteed basic income... maybe we could ease into
it with a diminishing "matching" income... first $8k income matches 1:1
to yield the (incredibly measely $16k poverty) with the next $8k
yielding additional 1:2 to net a (still measlyish) $24k, capping at
whatever we consider a solid bottom-of-middle-class level... maybe
netting out around $40-$50k which isn't huge (for an individual) but
kinda guarantees anyone playing in the game can probably have a place to
live, buy groceries, own a decent vehicle and mobile device, laptop,
maybe eat out now and then?
I don't know. The devil is in fact details all the way down. I'm
comfortable enough (as a 4 year degreed mostly retired professional who
effectively has managed head-of-household financial roles on what netted
out to be my single income for various reasons all my career) to feel
like I could share some of that comfort with folks who might well not
come close to it. My $10/week cash-back tithe from Trader Joes I
diligently hand out to 2-5 panhandlers and my ?generous? pay and hours
to the few folks I engage in hourly (order $25/hr) labor help of
different kinds and my generous gifting or discounting to folks who
might buy my various no-longer-loved-enough vehicles is a gesture in
that direction, but if I knew higher taxes ON ME helped all those I
recognize as less fortunate (at least a little) I'd grumble and give.
The fact/story of the 1% of the 1% being so gov't-subsidized oligopolic
makes it too easy to point at them and say "if they did more I wouldn't
have to" and if all the facts are as presented, such would seem to be
the case, in the meantime I will just keep enabling the street people to
eke out another day and help those I know how to help and slap my own
hand when I try to find new ways to shave tax liabilities and put a sock
in it when I find myself complaining about *my* taxes/finances and vote
(nearly straight ticket) Democrat in spite of being a lifelong
"Undeclared" voter with (embarrassing Libertarian, Green, Independent
and even Conservative) votes in the past to the contrary.
The beauty of a possible Harris/Waltz win in November for me is it might
be " a good start" toward pounding on things like what is implied in the
article as well as the chimeric Donkey-Elephant in the room known as
the Duopoly party? I felt that way in 08 but only got a taste of it
(which DJT2016 fouled for me).
Carry On,
- Steve
On 10/21/24 4:03 PM, glen wrote:
The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How
the Wealthiest Avoid Income Tax
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax
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