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Tuesday Night time Owls: Billionaires’ achieve$ since March may fund Biden’s reduction for working households

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Night time Owls is a themed open thread showing at Each day Kos seven days every week.

Chuck Collins on the Institute for Coverage Research studies—U.S. Billionaire Wealth Surpasses $1.1 Trillion Gain Since Mid-March:

The $1.1 trillion wealth achieve by 660 U.S. billionaires since March 2020 may pay for:

  • The entire reduction for working households contained in President Biden’s proposed $1.9 trillion pandemic rescue bundle, which incorporates $1,400 in direct funds to people, $400-a-week dietary supplements to unemployment advantages, and an expanded little one tax credit score. (See desk beneath)
  • A stimulus examine of greater than $3,400 for each one of many roughly 331 million people in the United States. A household of 4 would obtain over $13,000. Republicans in Congress resisted sending households stimulus checks most of final yr, claiming we couldn’t afford them.

[…] Tax reform that ensures the rich pay their fair proportion—the precept the Biden tax plan is constructed on—would rework a very good chunk of these enormous billionaire good points into public income to assist heal a hurting nation. However getting at that massive enhance in billionaire fortunes just isn’t so simple as elevating tax charges: tax guidelines let the wealthy delay, diminish and even in the end keep away from any tax on the expansion of their wealth. What’s wanted is structural change to how wealth is taxed.

Essentially the most direct method is an annual wealth tax on the largest fortunes, proposed by Senators Elizabeth Warren and Bernie Sanders, amongst others. An alternative choice is the annual taxation of funding good points on shares and different tradable property, an concept superior by the new Senate Finance Committee chair, Ron Wyden. Even beneath the present discounted tax charges for funding revenue, if Wyden’s plan had been in impact in 2020, America’s billionaires could be paying a whole lot of billions of {dollars} in further taxes this spring due to their gargantuan pandemic income final yr.

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TOP COMMENTS • RESCUED DIARIESTHE BRIEF

TWEET OF THE DAY

Some Republicans in Congress appear confused about what “unity” means. They appear to assume that should you don’t give them what they need, you’re not for unity. ⁰That’s not unity, that’s my method or the freeway. We’re in a disaster and Individuals need assistance.   Let’s unite round that.

— Adam Schiff (@RepAdamSchiff) January 27, 2021

QUOTATION

“The identical rule of self-destructive monetary calculation governs each stroll of life. We destroy the great thing about the countryside as a result of the un-appropriated splendors of nature haven’t any financial worth. We’re able to shutting off the solar and the celebs as a result of they don’t pay a dividend.”
          ~~ John Maynard Keynes, “Nationwide Self-Sufficiency,” 1933

BLAST FROM THE PAST

On this date at Each day Kos in 2020—John Bolton: Trump explicitly mentioned Ukraine support freeze was tied to investigations into Democrats:

Former nationwide safety adviser John Bolton has refused Home calls for that he testify on the occasions surrounding the freezing of navy support to Ukraine and the efforts by Donald Trump’s allies and administration officers to strain the Ukrainian authorities into asserting an investigation into potential Trump election opponent Joe Biden. Bolton is as a substitute writing a guide on his tenure.

Within the now-circulating manuscript for that unreleased guide, reports The New York Times, Bolton writes that Donald Trump personally instructed him he would proceed to freeze the almost $400 million in support till Ukrainian officers aided his desired investigations into “Democrats” and “the Bidens.”

Bolton’s manuscript alleges direct involvement within the scheme to falsely smear and take away U.S. Ambassador to Ukraine Marie Yovanovitch by Secretary of State Mike Pompeo and performing White Home chief of employees Mick Mulvaney, studies The Instances, and Pompeo each knew the claims to be false and suspected Giuliani was “performing on behalf of different shoppers.” Bolton additionally says he personally spoke with Trump Legal professional Common William Barr to tell Barr that Trump had recognized him as a part of Rudy Giuliani’s efforts on his now-infamous name with Ukrainian President Volodymyr Zelensky: Barr’s workplace had beforehand denied that he knew about that decision till a lot later.

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