General Discussion

onecaliberal

(33,089 posts) Fri May 10, 2024, 06:14 PM May 10

258

Houston, we have a problem. [View all]

https://masto.ai/@rbreich/112418964402378951

rbreich
Robert Reich
@rbreich@masto.ai
813 US billionaires control a record $5.7 trillion in wealth.

The bottom 50% of Americans control $3.7 trillion in wealth.

When ~800 people control more wealth than half a country’s population, we have a very serious problem.

90 replies

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Houston, we have a problem. [View all] onecaliberal May 10 OP

I guess I wonder what the "problem" is TexasDem69 May 10 #1

HMMM, what could be corrected to allievate this situation? FHRRK May 10 #3

Educate me TexasDem69 May 10 #7

End corporate welfare in the form MadameButterfly May 10 #8

Awesome post. Thank you! dmr May 10 #19

Thanks! MadameButterfly May 10 #21

Super excellent list. Problem is... Justice matters. May 10 #46

Almost impossible and almost true MadameButterfly May 10 #54

I admire your measured optimism. It's what we need more than anything these days . . . Journeyman May 11 #63

a perfect brilliant common sense quote for a time of fake news, cult worship, and pessimism MadameButterfly May 11 #75

Excellent post. Thanks. c-rational May 10 #51

Just so you know. Brenda May 11 #64

Yes, agreed MadameButterfly May 11 #79

How does net neutrality fit into this? onenote May 11 #66

If service is faster or better for the rich or other priveledged people MadameButterfly May 11 #77

Compliments 90-percent May 11 #68

The problem isn't that we have "tax breaks and loopholes." jmowreader May 11 #69

Some deductions are good and created for the good of society MadameButterfly May 11 #76

Progressive taxation, which we had until Reagan. mjvpi May 10 #10

But the wealth is generally not taxable under current code. erronis May 10 #12

So we need to restructure the tax code so they can't do that MadameButterfly May 10 #16

Warren's wealth tax would barely cover a months worth of our annual Deficit, much less do anything about Debt or Silent Type May 10 #31

The solution is a Financial Transaction Tax - read Ellen Browns article below to understand it. airplaneman May 10 #57

Fascinating MadameButterfly May 10 #59

Would love for us to find a tax that would pay for everything. But Brookings says a 0.1% FTT would raise $80 B Silent Type May 12 #85

You need to read Ellen Brown article I cited she is very clear airplaneman May 12 #87

I'll trust Brookings and the Congressional Budget Office. Silent Type May 12 #88

I'm just trying to share information here. The Brookings article is talking about FTT on Stock Trades only airplaneman May 12 #89

Info and other viewpoints are fine. If there is some relatively painless magical way to fund our needs, I'm all for it. Silent Type May 12 #90

And until they sell their assets (and pay capital gains tax) that wealth is paper value. brooklynite May 10 #47

Not really so for assets with quite liquid markets. unblock May 10 #53

Majority rule would also help MadameButterfly May 10 #17

Great posts bdamomma May 10 #49

All either impossible TexasDem69 May 11 #73

Beware minority rule MadameButterfly May 11 #78

Income tax policy to at least stop the flow, keeping the imbalance from getting worse. paleotn May 10 #20

We need to win the presidency and reform the Supreme Court MadameButterfly May 10 #34

Thanks for being willing to accept higher taxes MadameButterfly May 10 #35

With all due respect, that's your job. Joinfortmill May 11 #72

Really? Anyway, Piketty recommends ... Dave says May 10 #30

The solution is, they need to pay the same taxes Meadowoak May 10 #45

With that kind of money, they can control the message by buying ... aggiesal May 10 #50

We've needed trustbusting for a long time, especially in media MadameButterfly May 10 #55

They already did that. live love laugh May 11 #61

Did you forget your sarcasm emoticon? happy feet May 11 #62

The problem is the bottom 50% clearly control too much wealth.... getagrip_already May 11 #82

Starts with a T. Ends with an S kcr May 11 #83

Kickin' Faux pas May 10 #2

Obvious, nocoincidences May 10 #4

Only if you are on a high fat, low fiber diet. erronis May 10 #13

California rich people. They're the lean and free of nasty chemicals. paleotn May 10 #22

CA has money woes. SleeplessinSoCal May 10 #25

Just you wait.. Permanut May 10 #5

Sure it will; second Tuesday of next week. onecaliberal May 10 #6

Is that anything like getting pissed on? paleotn May 10 #23

I've been saying serious for years and it's gotten worse. It's unsustainable. It won't last. . . . nt Bernardo de La Paz May 10 #9

It could easily last under a Drumph election Evolve Dammit May 10 #15

100% Wealth Tax on Estate Amounts Over $10 million. DJ Synikus Makisimus May 10 #11

But that is the rule, surely? Aussie105 May 10 #14

There are several changes we could make in this country slightlv May 10 #18

We want a baseline of survival out of humanity but MadameButterfly May 10 #36

I agree with you Madame... slightlv May 10 #52

Yes, I've had fantasies of the country splitting into two so we could MadameButterfly May 10 #56

Yes on all points:. The problem is republicans. onecaliberal May 12 #84

This was the goal for Constitutional Originalists. SleeplessinSoCal May 10 #24

alito and roberts are determined to take us back to the 1800s onecaliberal May 10 #26

next generation won't know we once had a healthy middle class. SleeplessinSoCal May 10 #27

I never voted for a recon. My dad was a WWII Veteran. onecaliberal May 10 #33

If we cut rich people's taxes more Johonny May 10 #28

What percentage of the 800 are REPUBLICANS? live love laugh May 10 #29

My guess MadameButterfly May 10 #37

If that's true, people would see that as a political advantage for them. Renew Deal May 10 #41

They do. onecaliberal May 10 #44

Mine too. At least 90%. live love laugh May 11 #60

The dangers of Oligarchy MadameButterfly May 11 #74

I wonder the very same things. live love laugh May 11 #80

This might be a stretch but, Mr. Evil May 10 #32

That's the short plot line of "Don't Look Up" and also of the "Left Behind" series. erronis May 10 #39

the problem is capitalism Be The Light May 10 #38

Unfettered and unregulated capitalism. erronis May 10 #40

K&R onecaliberal May 10 #43

The American Dream....Capitalist version. Ping Tung May 10 #42

Rutger Bregman, Dutch historian said it at Davos 2019: PAY YOUR TAXES appalachiablue May 10 #48

So true. And I've talked with people that object to higher-end tax rates with the same logic as lower-end tax rates. byronius May 10 #58

Also check out this series in Propublica that outline how the wealthy hide money and avoid taxes erronis May 11 #65

Post ww2 90-percent May 11 #67

My horrifying hope 90-percent May 11 #70

Yup, tax these M*fuckers. Joinfortmill May 11 #71

Organized - Billionaires gather yearly at a finance conference SupportSanity May 11 #81

Frankly and honestly, I thought the proportions would be worse. BobTheSubgenius May 12 #86