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Joined 1 year ago
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Cake day: July 18th, 2023

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  • Great article. Nice to see an economist doing such important work. I don’t really understand finances. I snipped the parts of the article that helped me understand the finding/headling. There’s a great chart in the article of taxation differences since the 1960s too - staggering! Plutocracy in action!

    Published in The New York Times with the headline “It’s Time to Tax the Billionaires,” Zucman’s analysis notes that billionaires pay so little in taxes relative to their vast fortunes because they “live off their wealth”—mostly in the form of stock holdings—rather than wages and salaries.

    Stock gains aren’t currently taxed in the U.S. until the underlying asset is sold, leaving billionaires like Amazon founder Jeff Bezos and Tesla CEO Elon Musk—a pair frequently competing to be the single richest man on the planet—with very little taxable income.

    “But they can still make eye-popping purchases by borrowing against their assets,” Zucman noted. “Mr. Musk, for example, used his shares in Tesla as collateral to rustle up around $13 billion in tax-free loans to put toward his acquisition of Twitter.”







  • It really is nuts that there is a poor occupied land half full of children that has lacked access to adequate potable water, sufficient food, hygiene, healthcare, etc for over half a year.

    Then there is a rich country next to them committing colonial genocide with AI-powered weapons that we know are designed to accept about 20 civilian deaths for 1 rank and file member of Hamas death and 100 civilian deaths for a higher up.

    And then you have one of the richest countries in the world giving $26 billion dollars in “aid” to top up Israel’s genocide fund.

    It seems clear to me that the genocide in Palestine is largely being used as testing and funding grounds for US, Israel, and their other cronies (like google perhaps) to accelerate development of more advanced weaponry. They’re not just indifferent to the suffering of the Palestinian people/children. They’re (deliberately) profiting off that suffering.

    For a related editorial: https://www.commondreams.org/opinion/us-house-26-billion-to-israel