A few of our stories and columns are now in front of the paywall. We at The Chief remain committed to independent reporting on labor and civil service. It's been our mission since 1897. You can have a hand in ensuring that our reporting remains relevant in the decades to come. Consider supporting The Chief, which you can do for as little as $3.20 a month.
To the editor:
Speaking with CNBC, Jeff Bezos addressed calls to tax the rich by Democrats like Mayor Zohran Mamdani. Bezos, worth $280 billion, proposed eliminating federal income taxes for the bottom half of earners, noting the wealthiest 1 percent comprise 38 percent of tax revenue, while the bottom half only contribute 3 percent. Bezos said “I don’t think it should be 3 percent. I think it should be zero … I want to eliminate it." However, Bezos balked at increased taxation at the top claiming “You could double the taxes I pay, and it’s not gonna help that teacher in Queens." Mamdani quickly responded “I know a few teachers in Queens who would beg to differ."
Yet, Bezos may be correct considering that ProPublica found that he paid no income taxes in recent years and his effective tax rate is 0.98 percent thanks to loopholes. ProPublica found that Elon Musk, Mike Bloomberg, Carl Icahn and George Soros also paid zero income taxes some years. The last time I checked, double zero equals zero.
Bezos neglected to mention that the top 1 percent are collectively worth $43 trillion, over 10 times the bottom half’s net worth. And, he grossly overestimated the value of his proposal saying it would save that Queens teacher $12,000 per year; IRS data shows that the bottom 50 percent pay $822 per year on average.
What Bezos is trying to distract from are wealth tax proposals like California’s ballot measure to impose a one-time 5 percent tax on fortunes of $1 billion and Elizabeth Warren’s Ultra-Millionaire Tax proposal to impose a 2 percent tax on net worths over $50 million, another 1 percent tax on billionaires plus a 40 percent “exit tax” on individuals worth over $50 million who renounce their American citizenship. That’s how to lower debt, balance budgets and create a fairer tax system.
Joseph Cannisi
8 comments on this item Please log in to comment by clicking here
Valete
Jeff Bezos’s proposal to eliminate federal income taxes for the lower half of earners is both logical and economically sound. Critics who argue that this proposal diverts attention from wealth tax proposals, which allegedly could more effectively address income inequality and generate revenue, are unrealistic, misguided, and lack sound accounting principles.
Wednesday, June 17 Report this
Valete
Quiz:
True or False
Who funds the U.S. safety net?
!) The federal government
2) The state
3) The wealthy
4) Corporations
5) All of the above
Ways not to balance the U.S. federal budget.
1) increase income taxes
2) Impose a wealth tax
3) All of the above
Ways to balance the U.S. federal budget
1) Eliminate fraud and waste from state social services
2) Eliminate fraud and waste from federal social services
3) All of the above
Thursday, June 18 Report this
reenjoe
Numerous studies have found that the wealthiest Americans pay lower tax rates than wage earners because the U.S. taxes income NOT wealth. A recent study by UC Berkeley economists found that, even when corporate taxes are attributed to wealthy shareholders (like Bezos getting credit for taxes that Amazon pays), the wealthy pay a lower rate than ordinary workers. The Forbes 400 richest Americans have an effective tax rate of 24%, while the rest of all Americans paid 30% on average.
With capital gains taxed at 20%, corporate profits taxed at 21% and "unrealized" gains on stock not taxed at all, the wealthy have numerous legal ways to dodge paying. A direct wealth tax on an individual's net worth is far fairer and less susceptible to evasion. That is why local governments assess taxes on property and not just income. Stocks, bonds and financial interests in businesses are property and those should also be taxed.
Additionally, ordinary workers are taxed on virtually every purchase they make, i.e. sales tax. Why aren't stock and bond sales taxed???? Anyone who hates debt, injustice and a shrinking middle class should be supporting a wealth tax.
Monday, June 22 Report this
reenjoe
Waste and fraud- like $15 million to poorly repair the reflecting pool, $100 billion for a ballroom that no one needs, who-knows how much for an arch, or hundreds of billions on a senseless war?Trump pisses away taxpayer dollars on vanity projects faster than Paris Hilton spends her inheritance.
Let Trump's buddies Musk, Besos, Thiel, Ellison, etc. pick up the tab. They can afford it, we can't.
Monday, June 22 Report this
Valete
Wake up and smell the roses; the Nordic countries are dismantling their wealth tax policies.
Tuesday, June 23 Report this
Valete
Reen’ ro
Liberals employ an identical approach to problems. First, they propagandize, and then they resort to using fuzzy mathematical concepts. Instead of propagandizing the readership, give it your all as to answering the straightforward multiple-choice questions. Maybe you could answer the questions if you try hard enough; if the questions are too difficult for you to answer, I could, if I so desire, give you the answers to the multiple-choice questions, but don’t hold your breath; it could be fatal.
Wednesday, June 24 Report this
reenjoe
A direct quote from a Swede regarding the elimination of the wealth tax:
"Us pensioners can see the destruction of what we built, what was started when we were small children,” Kjerstin, 74, explained. “I was born after the end of the war and built this society through my life, together with my fellow citizens. [But] with taxes being lowered and the taking away of our social security … we’re not building anything together now.”
For the first time since WWII, Sweden is experiencing wealth inequality. Maybe that concept is too difficult for Word Man to understand, even IF he tried very, very hard. As a philosopher once noted " you can't fix stupid".
Wednesday, June 24 Report this
reenjoe
Word Man here's a question for you - what do the rich call working class conservatives?
USEFUL IDIOTS!
Wednesday, June 24 Report this