Biden’s tax plan goes after the little fossil fuel subsidies, but not the big ones, which are indirect

A 2017 International Monetary Fund study pegged the global value of direct and indirect fossil fuel subsidies at $5.2 trillion — that’s 6.4 percent of global GDP. David Roberts, Volts, 09 April 2021 President Joe Biden has released the tax plan that is meant to pay for his $2-trillion-plus infrastructure plan. You can read the New York Times for a full breakdown. The bulk of the revenue will …

Global Minimum Tax on Multinationals: If G20 countries agreed to impose a 25% minimum corporate tax on the global income of their multinational firms, more than 90% of worldwide profits would automatically be taxed at 25% or more.

February 26, 2021 For too long, international institutions have failed to address one of the most toxic aspects of globalization: tax avoidance and evasion by multinational corporations. By shifting their profits to tax havens, large companies deprive governments worldwide of at least $240 billion per year in fiscal revenues. This shortfall affects not only the United States, where some 50% of overseas profits …

Inequality: Taxes on the rich are just a sixth of what they used to be

Taxes On The Rich: One-Sixth Of What They Used To Be By Chuck Collins and Bob Lord, Inequality.org. According to a new IPS briefing paper, the richest .01 percent of Americans, about 33,000 lucky souls today, now pay just one-sixth of what they used to pay in tax, when measured as a percentage of their total wealth. The top .01 percent in America …

M4All saves money while covering everyone. Support for Medicare for All reaching 70%, according to Fox. Health insurance companies double profits. Over 90 million Americans uninsured or underinsured and can’t afford to go to a doctor when they get sick

By Matt Bruenig the Congressional Budget Office (CBO) released an estimate of the cost of implementing a single-payer health insurance program in the United States. The CBO’s report is more exhaustive than any other recent study on the subject and concludes that replacing our current system with a single-payer system would insure every American while reducing overall health spending in the country. …

Systematic review of the outcomes and trade-offs of ten types of decarbonization policy instruments

Renewable electricity traded as ‘green certificates’ can redistribute wealth from consumers to energy companies – with 83% of the available evidence suggesting they have a “negative impact”, along with 63% of the evidence for energy taxes, which can disproportionately affect rural areas. A review of ten types of policy used to reduce carbon suggests that some costs fall on those …

America’s hollow middle class. Life as in the Simpson’s is no longer attainable. Plus, the super rich and how to tax them and what we’ve learned during Trump.

The cost of living has risen, wages have not, and debt just keeps on accumulating. By Anne Helen Petersen  Dec 15, 2020, Vox Delia did everything right. She went to college, she got a teaching degree, she found a reliable job, and she got married. She and her husband had two kids. “We followed the traditional path to middle class and economic security,” …

Just recovery policies

Foundations for a Just Recovery Many of the policy solutions we advocate for a just recovery are cross-cutting by nature. They aim to shift mindsets, cultural norms, how people are treated, how our voices are heard, and how bedrock environmental laws are upheld, creating an overarching structure from which to fight for social, environmental, and economic justice. Honor those whose …

651 American billionaires have gained $1 trillion of wealth – they could send a $3,000 check to every person in America and still be as rich as they were before the pandemic. Trickle-Down Economics vs. Build-Up Economics

Oh, and tax rates are historically low. Yet at the same time, more than 20 million Americans are jobless, 8 million have fallen into poverty, 19 million are at risk of eviction and 26 million are going hungry. Mainstream economists are already talking about a “K-shaped” recovery – the better-off reaping most gains while the bottom half continue to slide. …

Creative rebalancing of funding that goes to the source of our problems

By Thom Hartmann, LA Progressive, Dec 2020 excerpt The only way to deal with a death-dealing cult is to end it; thus, we must embark on a campaign to defund the Republican Party. Back in 1981, the Republican Party decided to defund the Democratic Party, and actually pulled it off. While the Republican Party had principally been funded by rich …

Trickle down is false: 50 year study finds strong evidence that cutting taxes on the rich increases income inequality and has no effect on growth or unemployment in the short and long term

Hope and Limberg analyzed major tax cuts for the rich in 18 countries that are part of the Organization for Economic Cooperation and Development, including the US, Japan, and Norway, from 1965 to 2015. Lower taxes for the rich caused high earners to seek pay raises. By Grace Dean, Business Insider, December 16, 2020 | Study Suggests ‘Trickle-Down’ Economics Makes Inequality Worse. “Cutting …