In 2013, just a few years after the 2008 financial crisis, I was part of BlackRock’s Financial Markets Advisory Group working for the Greek Central Bank, assessing the capital requirements of the bailouts of the Greek banks. I was on the top floor of a bank building in Athens with about 20 bank executives taking a lunch break, when I glanced out the window and saw a huge crowd of people on the street.
For a moment I thought it was a parade, and then I realized it was something between a protest and a riot. As I looked out the window to the heated crowd below, and looked behind me to the well–fed bankers at the table, I wondered if I was actually helping anyone beyond the people having lunch with me.
A few months later, I left a 30-year career on Wall Street to work full time as chair of the board of the Patriotic Millionaires. I haven’t looked back since.
There’s a Greek proverb that goes: “A society grows great when old men plant trees whose shade they know they will never sit in.”
Lately, the old men running our country haven’t been planting trees, they’ve been cutting them down to make room for private golf courses.
Right now, millionaires and billionaires are building luxury bomb shelters and private islands, high end sanctuaries for the end of days. They’re willing to pay millions to live through the collapse of society in comfort, but how many of them have spent that same amount – or anything for that matter – to change the dynamics that are creating that threat in the first place?
And while I’d like to believe my fellow millionaires will see the light soon, we can’t rely on them.
In these divided times, with noise and spin coming from every corner of Washington and the media, it’s hard to know whom to trust. Taxes are even worse than most other issues, because not only does everyone have a point they’re trying to sell to you, they present it in what seems like the most dense, complicated way possible. It’s almost like they want you to be confused.
Our elected officials may speak eloquently about the nobility of labor and the value of a hard day’s work, but money talks louder, and our tax code is deliberately designed to reward money over work.
Here’s how: our tax code has two different rates for two distinct types of earnings: “ordinary” income and “capital gains” income.
Most of the ultra–rich make the vast majority of their money through capital gains, not income. They don’t work in the way most Americans work, because they live off of their investments. And it’s a lucrative path, because the top capital gains rate is barely over half of that paid for ordinary income. So what I want to do is give Americans of every political stripe and no political stripe a clear explanation of who actually benefits from our country’s tax code and the most recent GOP tax bill.
That means a billionaire whose investments earn him millions of dollars while he sits around at the beach and goes to fancy cocktail parties pays a lower tax rate on his earnings than almost any working American.
Investing is not inherently more valuable than labor, and it’s simply not true that investing in the stock market creates jobs.
Take it from me: I am an investor. I have not actually worked in years. I let my money make me money. Over the past year, do you know how many jobs I’ve created? Zero. The only thing that does create jobs is consumer demand for products and services that people can make and provide, not my investment dollars.
If we want to create jobs, we should be implementing policies that grow the middle class and help bring people up out of poverty so they can participate in the economy.
Unfortunately, the “Tax Cuts and Jobs Act” will do just the opposite.
In the past few years corporate profits have reached record highs, and two–thirds of Americans agree that corporations pay too little in taxes. The Republican-controlled Congress disagreed.
Instead of closing loopholes and putting in place rules to ensure that corporations pay more, they passed a massive corporate tax cut that financially rewards companies for moving money and jobs overseas.
Now, corporations actually pay lower taxes rate (about half) on income earned overseas. Imagine that I have a business selling computer systems, and I have an 800 number that people call to get help using the systems. That support is a key part of the value of these system, and about half of my company’s costs involve running the telephone support center.
With the new tax system, I can:
1) Open an affiliate in India to provide call center services. 2) Send half of my money to the India affiliate. 3) Pay the workers in India (where middle wages range from the equivalent of about $3,500 to about $13,000). 4) Pay a tax rate of only 10.5% on half of company profits.
The new system put in place by the Republican tax bill is what economists call a modified territorial tax system.
In it, not only is the corporate tax rate on overseas profits just half the normal rate (10.5% versus 21%), companies still receive credits for the foreign taxes they pay. So if a corporation earns its profits in a country where the corporate tax rate is above 13.1% (nearly every other country), then it ends up paying nothing in US taxes.
Not only does the tax bill encourage corporations to move their money and their corporate headquarters overseas, it actually incentivizes them to move plants and manufacturing facilities to other countries as well.
That’s right – rather than help bring back American manufacturing, this bill actually gives companies a tax break for moving their factories to other countries.
Tax jargon aside, this means that the more equipment and factories a company has in other countries, the more tax–free income it can earn.
If that isn’t a strong incentive to shut down American factories and move them overseas then I don’t know what is.
So if corporate tax cuts don’t bring back manufacturing, or lead to job or wage growth, who benefits?
The answer is clear: CEOs and stockholders.
This is unsurprising to anyone who’s tracked corporate responses to last year’s bill. While some corporations have given raises or bonuses, the amount given to workers is dwarfed by the hundreds of billions of dollars that have been spent on stock buybacks. It took less than two months in 2018 for companies to announce over $200 billion in share buybacks, more than double the amount from the same period in 2017.
Many millionaires and billionaires want special treatment. They honestly believe that they deserve special treatment. They puff up their chests, call themselves “job creators” and insist the economy will collapse if (god forbid!) they are asked to pay a single penny more in taxes.
Nonsense. Millionaires put their pants on one leg at a time, just like everyone else. Consumer demand is the only real “job creator”. And nothing is going to collapse if millionaires pay their fair share (except for possibly an over–inflated ego or two).
I’m writing this in the hopes that some of my fellow citizens – those who are millionaires and those who are not, people in both parties and no party at all – will read it and be inspired to think differently about taxes. Then I hope they will act.
Together, we can build the next best century for our nation.
>if I give everything to the wealth creators maybe it wont be so bad who needs jews when people believe this
Joseph Cook
Your Ideology is anti white and pro nigger so dont start crying about white wing ideology
Nathan Myers
>posts about Americas economy being rigged by the investor class >this is anti white and pro nigger Are you mentally ill or do you just play one on Jow Forums?
Ian Martinez
>dude weed no borders lmao >what no i'm not anti white
I think that you'd rather shoot yourself in the foot.
Jose Clark
Blame Goldman!
anyway Larry Fink is saving humanity.
Joshua Adams
where were drugs or border policies mentioned? could you try not to project and engage in a proper discussion, please?
Jaxon Rivera
No offense Canada but you really shouldn't be talking about right wing politics. Period. There are nice sub reddits where you can fag about and watch your race vanish from the continent while you wait for your balls to grow back..
>Ignoring the fact that poor white people are killed by poverty all the time. Okay
Robert Bennett
>Anarchist >no no goyim i dont want to end borders and destroy the white ruling class Fuck off.
Levi Turner
further taxation will NOT help!
consumer demand is MET by Capitalists.
They figure out the most efficient way to satisfy consumer demand while at the same time generating profit, they should be rewarded for such efforts!
All those who want more regulation, taxation, labor rights are in fact individuals who fail to meet consumer demand.
Oliver Young
>I'm not racist, rather it is you that is anti-white >this is entirely relevant to the discussion of investors taking over the economy and screwing everyone else
your communist notion of "advisory boards" and shit have already been tested in the public sector...
the fact is government bureaucrats (as well as academics) are unable to precisely determine consumer demands... why?
because people are fickle
cutting taxes may not "trickle down" but it sure will make sure capital is allocated in the most optimal manner.
also it should be noted, that private foundations and charities are superior to the welfare state.
all the excess taxes you seek collect will only fuel a welfare state.
capitalists, as shown in france, have no issue moving their capital from one country to another, they do not need to be subject to an authority that just robs them blind.
the government turns into the oligarchy, you communists so desperately seek to smash.
Thomas Smith
So Monsanto should be allowed to continue using Glyphosate?
Enjoy your literal cancer.
Michael Jones
Do you or do you not want to end borders?
Jack Torres
Well said comrade.
It's hard to have a good discussion regarding economics because everyone tries to racialize the discussion.
I've read the Communist Manifesto. It says nothing about white supremacy. "Cultural Marxism" is a myth.
Parker King
Neocon rhino plz get out It's crazy to realize how rigged the system is, the idea that capital gains pays less than labor is disgusting and something that I had no idea about. One other thing to consider is where the tax money actually y goes, it's usually mismanaged or pocketed by corrupt politicians. How much oversite do we have on tax spending, really?
Aaron Peterson
what are the harmful effects of glyphosate?
obviously, monsato needs consumers so why the fuck would they create a product that would kill paying customers?
Jonathan Morales
I think Monsanto should place a fascist as head of their board, feed you glyphosate then chop off your nose to remind you that it doesn't belong in politics.
>That means a billionaire whose investments earn him millions of dollars while he sits around at the beach and goes to fancy cocktail parties pays a lower tax rate on his earnings than almost any working American. Fuck you nigger, short-term capital gains should be abolished. I got fucked up the ass for my crypto-gains Also fuck you for image attached.
>the facts don't matter >I must argue for what tickles my autism
Luis King
>the great depression is bad >around the great depression wealth was unequal >wealth is unequal now >therefore that's bad Nice non sequitur garbage you have there OP.
Juan White
You're not interested in the topic or facts either You're interested only in SLIDING this thread Now who is it that demands threads be slid and SHUT DOWN lest the goyim see and learn too much?
Luis Campbell
Its not radicalised Its abandoned for some easy memes and slogans and trolling
Logan Jackson
Everyone knows that Americans are the dumbest and fattest people on the planet.
Gavin Howard
> the idea that capital gains pays less than labor is disgusting and something that I had no idea about Fuck you socialist faggots Capital gains tax should be abolished, income tax too. It's no surprise wealthy people push socialism, they want to prevent any more new money from rising to the top while they become the new aristocrats who decide who gets what.
You are unable to answer a simple question. I will not support any attacks on the ruling class by people that want to destroy borders and flood the country with black animals from Africa.
These are the same billionaires that finance and support antifa and other open borders shits like you, my dear. Don't bite the hand that feeds you, capitalist lapdog
John Lee
It goes back to subsidising the rich - look at the military budget 90% of Boeings profits come from the Pentagon This enriches its investors, creates cushy white collar manufacturing jobs in sensitive districts, etc Newt Gingrich while he was railing against welfare and putting out a contract on America, was also making sure the F22 was built in his district
Brandon Wilson
Not America thats why my banter is so strong and you are just a faggoty Canadian that needs to be stomped out by a fascist boot.
the rich create opportunities for people who otherwise don't deserve it or would live in utter chaos
Adrian Collins
You are unable to discuss the topic and insist on changing it because... you're PMSing? I dunno Lets argue about pie instead, that's equally relevant right?
Sebastian Bailey
Case in point a smug liberal millionaire that made his millions and now wants to make it harder for everyone Go fuck yourself
Julian Barnes
allowing a meritocracy based on either talent or capital is the only sensible way to optimally allocate capital.
Caleb Turner
1) off topic, I guess that's easier than thinking about your wealth creators screwing you and the country 2) that's a rightwing myth designed to distract from their own sugar daddies and smear the antifa as a conspiracy
Christopher Roberts
I don't know why they are killing their customers, but they are.
Glyphosate is carcinogenic. Monsanto tried to keep this a secret until recently.
Isaiah Cruz
Well yeah because like, how would his millionaire status impress everyone if it wasn't hard to attain?
Thomas Richardson
yea, probably inadverdent.
Juan Parker
I answered you directly that fact you cannot do the same throws shade on your facade of altruism.
Colton James
>the government invests in needless military expenditure in order to subsidise high-tech R&D and transfer public wealth to private hands >see that, that's the rich creating opportunities are you retarded?
Carter Baker
the supply chains create world peace.
Bentley Rivera
But that's not what happens, the lowering of taxes reduces competition as business consolidate
Jason Parker
>Thinks that that ordinary people shouldn't meddle in politics >Thinks that corporations should act like dictators. Okay
Henry Lewis
Your tears are delicious you rich cunt.
Nathaniel Garcia
> the lowering of taxes reduces competition as business consolidate False, making the first million is the hardest and Payroll tax is a regressive tax. It should be abolished. Social security is a ponzi scheme that fucks over everyone except the rich
that sounds like it was lifted from some party's platform page from 1993
>we should be implementing policies that grow the middle class and help bring people up out of poverty so they can participate in the economy.
Stock rhetoric that has no meaning.
>uuhhhh. . .we should be implementing uuhhhh, like policies and stuff.
Nicholas Sanders
international trade as defined by the rich allow for people in the third world to plug into the capitalist system.
all people want status symbols, recognition, things far beyond that which is necessary... capitalism provides the great equalizing system such that competing interests are taken into account.
making everyone "equal" financially only breeds laziness and lack of motivation.
most poverty on earth is caused by poor family planning.
the tragedy of the commons is real.
Noah Jones
>changing the topic is answering you directly If I had known that the topic would be totally ignored as the 13 year olds here had an autistic tantrum over a teeny tiny little flag I would have changed it But who is at fault here? Me for selecting it? Or you lot for having not abitilty to focus, being easily distracted, unable to consider complex ideas that run counter to your autistic ideals?
Bentley Clark
The world peace as seen in Afghanistan, Iraq, Yemen, Libya, Somalia, Syria, etc?
Cameron Nguyen
>hahaha look at this middle-class vermin trying to reach the top let's raise his taxes
Brandon Robinson
companies have to compete to be acquired by the larger company.
If they don't get their needs met, they will have nothing left to lose and then they will start beating your capitalist ass.
Alexander Jenkins
that chaos is caused by goverments that need to be replaced with capitalist ones.
Leo Edwards
>his money isn't being productive because he isn't paying taxes >see he wants to raise taxes so they cant advance like him wut
Eli Fisher
Although your ideas are intelligent, I doubt you worked for BlackRock. Prove it.
Brody Gonzalez
>Many millionaires and billionaires want special treatment. They honestly believe that they deserve special treatment. I do and I do. But not because I'm a millionaire. Because I'm better.
And despite being better a single beaner in college destroyed my chosen career path because she was the gatekeeper.
Well now we're adults and I'm the multimillionaire. My money is going to be spent screwing her people at every turn, and they just happen to be in lower classes than me.
Brown people are evil and only want what's not theirs. My country is not theirs. My ancestors fought for George Washington himself and I'll be damned if the mongrels of this earth destroy what they built.
Everything is turned into a race thing ... even when it has nothing to do with race.
Sebastian Russell
>Stock rhetoric that has no meaning. because thats what libertarians and ancaps say? when they're not having babboon meltdowns as seen in this thread
Luke Russell
I have told you why i would not support your restructuring of human capital the fact you cannot say >I do not support the abolition of borders tells me you are just another left wing cunt who has no concern for my welfare and just wants to kill rich white people. Well guess what fuck face i am pro white, i am pro poor whites i am pro rich whites and i am anti nigger which puts me at odds with the likes of you.
anarchy and communism will never overcome the inherent conflict-prone nature of human beings.
the only way to stabilize the world is through the market ergo, free trade.
the rich supply the capital for such a system to occur.
they get a percentage of the profit for taking the risk of investing it in untested people/companies.
Zachary Mitchell
they're not better, though they think it >I'm a psychopath and this is good no its really not
Lucas Williams
have you seen what the countries borders looked like before 1845?
John Cooper
You already support the current tax rates, you've made that clear. The current tax rates are rigged in favor of the rich, yet you advocate raising them every further which means it becomes harder to become rich. What you suggest doesn't equalize anything it creates a caste system between those who are already rich and those who are not.
Dominic Baker
If the super-rich paid more in taxes, that would still be capitalism.
If the means of production are still privately owned, the system is still capitalist. It's a different sort of capitalism but it's still capitalism nonetheless.
If there were no taxes, who would build the roads?
Wealthy people are pushing socialism? Bullshit. Not happening.
Elijah Diaz
This thread is toxic
Unable to discuss the subject, a bunch of you decided to slide it screaming anti-white and open borders and council communism
Unable to debate it others just parrot the very same lolbertarian myths that it addresses and dismantles Demonstrating either you didn't read it or have a religious/autistic like adherence that will not tolerate disagreement
And finally theres the paranoia, the writer wants to prevent others from achieving his wealth with taxes
Considering that this is what posts here should we really be surprised Jow Forums cant understand a serious discussion or tolerate disagreement and has to chimp out?
Has anyone figured out why a guy like Trump would run for president? I mean he's obviously an ego fueled vulgarian and imbecilic troll and whatnot but being president is a FUCKING AGGRAVATION.
Abolition of the estate tax. That's it, nothing else. I doubt he can find Syria on a map.
Hudson Gomez
Well ... I'm a social democrat.
I still think that the anarchist in this thread is smarter than you though.
Jaxon Jenkins
Yeah. We won a war and then paid the beaner fucks for it anyway. Fuck those entitled goblins.
One day we'll cleanse them all. Castas go home.
t. Criollo
William Mitchell
Answer my question also lol @ thinking there's good discussion on Jow Forums those times are long gone
Ayden Martinez
btw the saying goes as always it takes wealth to create wealth unless any of us find 10 million dollars we can use to invest, most of this advice is pointless
Luke Smith
"smartness" is worthless theory if it fails to materialize or reach its objectives in a practical manner that can be sufficiently reproduced.
Bentley Lee
Poor white people in England were acting "like animals" before the introduction of the social safety net.
Africa is in a similar situation. Africa is full of right-wing politicians who think that "social safety nets are for pussies".
We're all just human beings at the end of the day.
By the way, black chicks are animals in bed. Just ask Thomas Jefferson.
