Biden Can Go Bigger and Not ‘Pay for It’ the Old Way

Excerpt: https://www.nytimes.com/2021/04/07/opinion/biden-infrastructure-taxes.html A Biden-led plan that is overly protectionist is a much greater inflation threat than a plan that isn’t paid for in the traditional deficit-neutral budgetary sense. This framework — based on the principles of Modern Monetary Theory — redefines fiscal responsibility by flipping the age-old question “How will you pay for it?” The real challenge is “How will you resource …

State level efforts to end tax breaks for the wealthy

In February, lawmakers, unions, and community groups from New Jersey, New York, Connecticut, Pennsylvania, Rhode Island, and Massachusetts convened for a “legislative teach-in” to strategize on how to wage the most successful campaigns. More recently, dozens of legislators from those states signed on to a letter calling to end tax breaks for the wealthy and push more progressive state tax …

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. …