Tootfinder

Wealth Taxes Will Barely Slow Inequality.
So Why Do the Super-Rich Resist Them?
A 2 percent wealth tax is like shaving off a fraction of a spire from a large cathedral,
says economist Nancy Folbre
https://truthout.org/articles/wealth-t

Wealth Taxes Will Barely Slow Inequality. So Why Do the Super-Rich Resist Them?
A 2 percent wealth tax is like shaving off a fraction of a spire from a large cathedral, says economist Nancy Folbre.

"The report said 83% of all countries, accounting for 90% of the world’s population, met the World Bank’s definition of high inequality. It added that countries with high inequality were seven times more likely to experience democratic decline than more equal countries."
Good lord, you don't say. Who would have thought it?
#Kleptocracy

The problem with greed
Our economic system benefits only those at the very top – but it’s not too late for change
TIM WU
THE GLOBE AND MAIL
https://www.theglobeandmail.com/opinion/article-extraction-economy-wealth-inequality-solu…

Can we go back to the optimism of the 1990s, before the extraction economy took over?
Our economic system benefits only those at the very top – but it’s not too late for change

Did California lose Larry Page?
The Google and Alphabet cofounder, who left day-to-day operations in 2019,
has seen his net worth soar in the years since
—from around $50 billion at the time of his departure to somewhere approximating $260 billion today.
(Leaving his job clearly didn’t hurt his wallet.)
Last year, a proposed ballot initiative in California threatened billionaires like Page with a one-time 5 percent wealth tax
—prompting some of them to con…

Silicon Valley Billionaires Panic Over California’s Proposed Wealth Tax
Larry Page’s apparent Florida move highlights how seriously the ultra-rich are taking a one-time tax aimed at extreme wealth inequality.

Why are all photos beginning to look like AI slopp?

Richest 0.001% Now Own Three Times More Wealth Than Poorest Half of Humanity Combined | Common Dreams
https://www.commondreams.org/news/world-in

🤑 Seeing rich people increases support for wealth redistribution, study finds
#inequality

Seeing rich people increases support for wealth redistribution, study finds
If people do not observe inequality, they are less likely to favor policies that redistribute wealth, such as taxation—but they are also more satisfied with their lot, according to online experiments involving 1,440 US-based participants.

From The Tyee
BC Green Leader Emily Lowan says the party needs to work ‘on building power’
BC Green Leader Emily Lowan says the party needs to work ‘on building power with working people, renters and young people across BC and focusing in on this message of wealth, inequality and driving forward long-term solutions.’
Photo via BC Greens.

When it's observable that the very rich are steadily growing richer while the vast majority of people are growing poorer, it's obvious that the tax system is not neutral: it is actively redistributing wealth upwards. For the tax system to be neutral, it MUST tax the very rich much more. To do so is not redistributive, at least until it actively causes a net movement of wealth towards the poor: rather it is simply neutral.

How Has Inequality Changed? - Equality Trust
Levels of inequality changed dramatically over the course of the 20th century. Overall income inequality fell from a high point in the 1930s, remained fairly static until 1979, and then increased dramatically from 1979 to 1991. Since 1991, the trend has been more volatile, affected by Great Recession of the late 2000s and the Covid-19 […]

Some billionaire is probably feeling empty right now, proof that no amount of wealth can fill the void created by a system built on inequality.
#Capitalism #AntiCapitalism

While I would want an immediate withdrawal from NATO, this seems a politically persuasive line.
"He told the BBC he did not support withdrawing from Nato "immediately" as "the world is in political turmoil, and we need to make sure our country is defended".
"Once we've created an alternative alliance with our European neighbours, we should absolutely be looking at a different way that is focused on peace and diplomacy, rather than on nuclear weapon…

Green Party leader Zack Polanski defends wealth tax proposals
Zack Polanski says a new tax on the rich would tackle "the deep inequality in our society".

An investor has calculated a poverty line of $137k/y "for a family of four to afford housing, health care, child care and other necessities", which is four times the current line. While I think location matters here, this national figure is still a good reminder of American wealth inequality.
https://wapo.st/44ymv6f

An investor called $140,000 the new poverty line. Experts disagreed but said he had a point.
Michael Green’s tally of the costs of raising a family in the U.S. today is going viral, even if some economists scoff at his math.

"Three billionaires surprised diners when they walked into a popular fried chicken restaurant on Thursday – and picked up everyone’s bill."
That's nice but call me when billionaires pick up the tab for everyone's food for at least a year. 🫤
#sarcasm #food #inequality #wealth

Chicago Mayor Brandon Johnson’s proposal to
reenact the corporate head tax has been hotly debated,
But whether corporations should pay more taxes should not be contentious. 
Highly concentrated corporate wealth and economic inequality is a scourge on our city and society.
Corporations should pay their fair share to support the public good.
We’ve seen why this is necessary throughout history — over and over again. 
I had the privilege of working with lat…

There Should Be No Debate. Corporations Should Pay More Taxes.
As Chicago's budget standoff continues, the issue of whether corporations should pay more taxes to support the public good should not be contentious.