Financial planners and hedge fund managers don’t want to see the 1-2 percent of wealth they take annually to be usurped by the public

Higher taxes? Billionaire hedge fund kingpin Leon Cooperman says he could personally afford to pay half his income in taxes. But don’t get Cooperman started on taxes on grand private fortunes. The 76-year-old hates the idea of taxing personal wealth over $50 million at a 2 percent annual rate, as White House hopeful Elizabeth Warren has proposed, and he’s been …

Shifting Subsidies to Renewable Energy Instead of Propping Up Fossil Fuel Giants Would Prompt ‘Clean Energy Revolution’, Study Shows

“What we are doing is using taxpayers’ money to boost hurricanes, to spread droughts, to melt glaciers, to bleach corals. In one word: to destroy the world.” August 01, 2019 in Common Dreams by Julia Conley, staff writer A new report by the International Institute for Sustainable Development (IISD) showed that if just 10 to 30 percent of the annual …

We can’t afford not to decarbonize. Invest 1% of world GDP, the total value of all goods and services in the world = about $85 trillion per year in 2019. 1% of that is $850 billion/yr

From Dr. Scott Denning, Colorado State University, Aug 2019 Economists estimate the total cost of decarbonizing the world economy to be about 1% of global GDP. Academic economists estimate the total cost of saving our descendants from millennia of hellish struggle at 1% of GDP (plus or minus 1% — could actually cost anywhere from nothing to 2%). And yes …

Federal court revives long-fought lawsuit in Colorado challenging TABOR

In a 2-1 decision, the appeals court said the local governments do have a right to sue. The court didn’t rule on the merits of the lawsuit. July 22, 2019 A federal court has revived a lawsuit challenging Colorado’s limits on taxes and spending. The 10th U.S. Circuit Court of Appeals on Monday said a lower court erred when it ruled that …

Household debt is now $869 billion higher than the $12.68 trillion peak it hit in 2008: Raising the minimum wage to $15 an hour, canceling most student loan debts, offering free public higher education, and making child care affordable would help

Excerpt from Common Dreams, July 2019 “Warning Lights Are Flashing” “The country’s economic foundation is fragile. A single shock could bring it all down,” Elizabeth Warren wrote recently. “And the Trump administration’s reckless behavior is increasing the odds of just such a shock.” Among the potential triggers she laid out is the level of household debt. Warren referenced recent data …

Investing in tuition-free college pays has high rates of return for society

By David Deming, Tuition-Free College Could Cost Less Than You Think, NYTimes, July 21, 2019 “The long-term payoff of these policies could be enormous. Considerable research shows that public and private benefits greatly exceed the costs when students are nudged toward obtaining a college degree. Yet at the moment, only 37 percent of Americans between the ages of 25 and 29 …

Closing loopholes and raising taxes on the ultra-wealthy few, starting with estates worth more than $3.5 million and rising to a 77% tax on inherited wealth over $1 billion

Just three white men ‒ Jeff Bezos of Amazon, investor Warren Buffett and Microsoft’s Bill Gates ‒ own as much wealth as the whole bottom half of America. An astonishing $2.9 trillion is in the hands of just 400 people. The top 1%, meanwhile, control 40% of the wealth in our country.2,3 This unequal wealth hoarding starves public services and …

Economic Policy Institute

Any serious policy agenda geared towards combating inequality and raising living standards for the vast majority must look to ultra-high earners in the top 0.1 percent, who wield disproportionate economic and political power. The Economic Policy Institute and the Institute for Policy Studies held a day-long conference on Taxing the (Very) Rich with tax policy experts, activists, advocates, organizers, and …