While often presented in the media as a puzzling thing without any root cause, both the income and wealth gaps are the direct result of Federal Reserve policies and actions Helped, of course, by lobbyists for the elites influencing Congressional tax legislation.
So it’s no accident that over time, tax rates on the rich have been substantially cut:
In less than three-and-a-half years in office, Trump oversaw the Great GOP 2017 tax cut heist.
It handed corporate America and high-net-worth individuals a multi-billion dollar bonanza of enhanced wealth — followed this year by what I call 9/11 2.0, economic collapse triggered by COVID-19 lockdowns.
Along with letting dominant US corporate giants consolidate to greater size and market power, it includes an escalated great wealth transfer from ordinary Americans to privileged ones.
The scheme has been ongoing in the US (and West) for decades, notably since the neoliberal 90s — war on social justice, a plot to eliminate it altogether over time.
It aims to free up US wealth for escalated militarism, endless wars, corporate handouts, and greater enrichment of America’s super-rich.
The grand scheme is transforming the US (and other Western states) into ruler-serf societies — thirdworldized and controlled by police state power, unsafe and unfit to live in, privileged interests served exclusively at the expense of ordinary people.
Since US economic collapse began in February, millions of Americans applied for unemployment benefits — ongoing for 12 consecutive weeks in unprecedented numbers, greater than during the Great Depression, US unemployment today much higher than then.
Overall conditions today for ordinary Americans are far worse than in the 1930s.
The U.S. will issue over $3 trillion in debt between April and June of this year. The Federal deficit is already on pace to surpass $4 trillion in 2020 and that’s before the next round of stimulus programs are introduced (some members of Congress want bailouts for states as well as pension funds).
The U.S. funds its budget with tax revenues. However, tax revenues are dropping due to the economic shutdown. Moreover, the U.S. has already introduced one tax deferment to July for 2019 and 2020 taxes… and the Trump administration is now floating a proposal to extend this deferment to September or even December.
Put simply, tax revenues are collapsing right as the U.S. issues record amounts of debt…
Elites knew well in advance that another crisis was coming, and they put in place legislation that would allow them to:
1) Freeze bank accounts and use them to “bail-in” financial institutions/ banks.
2) Close the “gates” on investment funds/ money market funds to stop you from getting your money out.
3) Impose wealth taxes and seize unused assets.
New York Gov. Andrew Cuomo confirmed on Tuesday that healthcare workers who traveled to New York to help fight the pandemic will have to pay
state income taxes
“We’re not in a position to provide any subsidies right now because we have a $13 billion deficit,” Cuomo said….
His comments appear to refer to remarks made by President Donald Trump on Monday, when the president sought to draw a distinction between virus relief and bailouts, saying “it’s not fair” for Republican-led states to provide funds to Democrat-controlled ones that he said have been “mismanaged over a long period of time.”
Ken Isaacs, vice president of Samaritan’s Purse, a nonprofit that built a temporary hospital in Central Park to help with relief efforts, told Pix11 he found the idea of out-of-state volunteers having to pay the state’s income tax shocking.
“Our financial comptroller called me, and he said, ‘Do you know that all of you are going to be liable for New York state income tax?’ I said, ‘What?’ [The comptroller] said, ‘Yeah, there’s a law. If you work in New York State for more than 14 days, you have to pay state income tax,’” Isaacs said.
Of 2,214 entities covered by the Australian Taxation Office (ATO) data for 2017-18, 710 did not pay any tax.
Many companies have claimed tax losses and concessions that often go back several years.
… ATO deputy commissioner Rebecca Saint said groups that consistently reported losses or unusually low taxable incomes were more
likely to attract the ATO’s attention.
She told ABC News there
were still instances of outright tax avoidance, in which multinationals
attempted to shift profits outside of Australia to reduce their local taxable income, and these often resulted in the ATO’s Tax Avoidance
Taskforce specialist teams undertaking audits.
“The positive trend we are now observing is that many companies have ceased generating accounting losses, and are now offsetting profits by utilising losses
from prior years,” Ms Saint said.