Politics Gen XYZ

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Wealthy people promoting a wealth tax for themselves -

 

 

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They’re an eclectic bunch -- some of the nation’s most privileged heirs alongside entrepreneurs who have made spectacular fortunes in real estate, finance and Silicon Valley. But collectively they’re united on the need to tax more of the richest Americans’ assets.

George Soros, heiresses to the Pritzker fortune, Abigail Disney and Facebook Inc. co-founder Chris Hughes are among those calling for a wealth tax to help address income inequality and provide funding for climate change and public health initiatives.

“We are writing to call on all candidates for President, whether they are Republicans or Democrats, to support a moderate wealth tax on the fortunes of the richest one-tenth of the richest 1% of Americans -- on us,” according to a letter signed by 19 individuals -- one anonymously -- and posted online Monday. “The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans.”

One of the youngest signers, 35-year-old Liesel Pritzker Simmons, whose extended family is worth more than $33 billion, framed the situation simply: “We are part of the problem, so tax us.”

The signers “thought it was important for people who would be affected by a wealth tax to come out publicly and say we want this, this is OK, this leads toward the America we want to see,” she said in a phone interview.

In the short term, the group hopes the letter “sparks a debate with the 2020 candidates" and that a wealth tax, or alternatives to one, are discussed during the upcoming Presidential debates, said Pritzker Simmons, who supports Elizabeth Warren for the Democratic nomination. “These are conversations that have been had in the past, but now the time is right,” she said.

Warren, a senator from Massachusetts, as well as fellow Democratic presidential hopefuls Pete Buttigieg and Beto O’Rourke support the idea, according to the letter. Warren has proposed a 2% tax on assets of $50 million or more, and a further 1% on assets over $1 billion. It is estimated to generate nearly $3 trillion in tax revenue over 10 years.

Read more: Sanders to propose taxing Wall Street to pay off student debts

The wealth tax isn’t embraced by all Democrats, though, with some arguing it would be difficult to objectively assess the value of wealth like artwork and jewels or illiquid assets. There are also concerns that such a tax is unconstitutional because the federal government is prohibited from taxing property, only income.

“If your main argument is that it’s going to be hard, that’s a lazy argument,” Pritzker Simmons said. “We can figure it out.”

European countries have experienced mixed results with a wealth tax. Of 15 nations in the Organization for Economic Cooperation and Development that had them in 1995, only four -- Switzerland, Belgium, Norway and Spain -- still do. France, Sweden and Germany are among those that backed away from the levy because of the difficulties implementing them.

Some of those signing the letter have already expressed concerns about rising inequality. Hughes has evangelized for higher taxes on the rich in his book “Fair Shot.” Disney, whose grandfather and great-uncle founded Walt Disney Co., recently called Chief Executive Officer Bob Iger’s $65.6 million compensation package “insane.”

The New York Times reported on the letter earlier Monday.

Another signatory, entrepreneur Nick Hanauer, first warned his “fellow zillionaires” about the country’s growing wealth divide in 2014, writing that “there is no example in human history where wealth accumulated like this and the pitchforks didn’t eventually come out.”

Such inequality has only deepened. Last week, Bernard Arnault joined Jeff Bezos and Bill Gates as the third person with a fortune of at least $100 billion on the Bloomberg Billionaires Index, whose 500 members have a total net worth of $5.5 trillion, up from $4.9 trillion two years ago.

“If we don’t do something like this, what are we doing, just hoarding this wealth in a country that’s falling apart at the seams?” Pritzker Simmons said. “That’s not the America we want to live in.”

 

 

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The whole world thinks I'm a unbalanced, narcissistic maniac.  Please be my friend.

 

https://pbs.twimg.com/media/D-Xzm9NWsAELXg6.png

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16 minutes ago, hooperski said:

The whole world thinks I'm a unbalanced, narcissistic maniac.  Please be my friend.

 

donald_youre_loved.jpg.63e9b3971406d7d91

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Haaaa!
 

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Pride in the U.S. has hit its lowest point since Gallup started asking about it in 2001, according to a poll released Tuesday, with less half of adults surveyed now saying they’re “extremely” proud to be Americans.

Seventy percent of U.S. adults said in the new poll that they were proud of be Americans, but 2019 marks the second consecutive year that fewer than half — 45 percent — identified as “extremely proud.”

The highest readings — roughly 70 percent — came in 2003 after the 9/11 terrorist attacks, when the American public expressed high levels of patriotism, Gallup noted.

Extreme pride amongst Democrats dipped to its lowest measure in the new survey.

Only 22 percent of Democrats responded with extreme pride, half of what it was before President Trump’s 2016 election.

Republicans’ latest reading — 76 percent — is 10 points below the record high in 2003, according to Gallup. Republicans' extreme pride has never fallen below 68 percent, even when former President Obama was in office, the survey giant noted. 

 

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A priceless case of the pot calling the kettle black:

 

"Trump administration is 'inept and insecure', says UK ambassador"

 

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The Trump administration has been labelled "inept", insecure and incompetent in leaked emails from the UK ambassador to Washington.

 

Sir Kim Darroch said that the White House was "uniquely dysfunctional" and "divided" under Donald Trump.

But he also warned that the US president should not be written off.

 

The Foreign Office said the leak of the memos to the Mail on Sunday was "mischievous" but did not deny their accuracy.

The White House has not yet responded to the revelation of the contents of the memos, but it could test the so-called "special relationship" between the US and UK.

 

In the messages, Sir Kim said: "We don't really believe this administration is going to become substantially more normal; less dysfunctional; less unpredictable; less faction-riven; less diplomatically clumsy and inept."

He questioned whether this White House "will ever look competent".

 

 

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