Connor: BloombergTrump has received at least $24.4 million from 13 people on the Billionaire Index, while Harris has received $12.8 million from 20. So maybe Kamala is already embracing billionaires?
I think it’s safer to assume that US politicians work for rich politicians unless proven otherwise. Has Kamala done anything to show that this is not the case?
Did she promise to keep FTC Chair Lina Khan in her position? AOC I felt embarrassed. Recently, Green Party presidential candidate Jill Stein and her supporters attacked Kamala for not supporting her, yet she still defends Khan.
Senator AOC kicks off town hall meetings translation: Breaking down monopolies in groceries, housing, and healthcare. She presents herself as a leader who is creative and takes corporate power seriously. I’ve never seen an FTC leader like her. 🔥💯 pic.twitter.com/zW2mwaGLLg
— Nidhi Hegde (@nhegde) September 13, 2024
Sonali Kolhatkar is an award-winning multimedia journalist. She isStanding up with SonaliHer weekly television and radio show is broadcast on Free Speech TV and Pacifica. Her latest book is Standing Up: The Power of Stories in Pursuit of Racial Justice (City Lights Books, 2023). She An economy for all Editor of the Independent Media Institute Project on Racial Justice and Civil Rights Yes! MagazineShe is a non-profit solidarity organization. Afghanistan Women’s Mission He is also a co-author Bloody AfghanistanShe also Justice Action CenterImmigrant rights group. This article is An economy for alla project of the Independent Media Institute.
The majority of Americans believe that the U.S. economy is Unfairly Cheating In the past few weeks, Democratic presidential candidate Kamala Harris has proved this assessment correct. She Initially supported Her own administration had worked to raise the overall tax rate, including capital gains, on high-income earners to nearly 45%, a plan that was included in President Joe Biden’s 2025 plan. Budget proposalBut soon after billionaire donors made it clear they didn’t want to give up some of their fortunes, she reversed course and announced in September that she supported a sharp cut in capital gains tax rates to 33%.
Vermont Senator Bernie Sanders said,Illicit EconomyHis signature phrase is, explanation On Harris’ change of tack: “I think she’s trying to be pragmatic and do what she thinks is right to win the election.”
Consider how hard climate justice activists had to get Harris to stand her ground. Original ideas for 2019 In a recent debate with Donald Trump, just days after the scientist said he was against fracking. Summer 2024 It’s the hottest record ever, she promised.I would not ban fracking.”—ostensibly to garner support from undecided voters in Pennsylvania.
For anti-genocide activists, Harris Arms embargo against Israel In the face of large-scale ethnic cleansing of Palestinians in the Gaza Strip.
Whether it’s the long-term fate of humanity or the short-term existence of people, Harris seems adamant, at least during the presidential campaign. But what about taxing billionaires? They say, “Absolutely not,” but she asks, “How low?”
Capital gains taxes on the increase in value of stocks sold are currently capped at 20%. But what about the value of unsold stocks and other assets? Biden’s proposal would Tax billionaires All of their assets would be taxed at 25%, including “unrealized capital gains.” And on that point, thankfully, Harris has so far supported Biden’s ideas.
group Americans for Tax Fairness The American Taxation Fund (ATF) estimates that “America’s billionaires and centenarians (people with assets of at least $100 million) collectively held at least $8.5 trillion in ‘unrealized capital gains’ in 2022.” The lives of these ultra-rich are quite different from the rest of us. The ATF points out that “while most Americans live primarily on income earned from work (income that is taxed year-round, year-round), the wealthiest households live lavish lifestyles on capital gains that may go untaxed.”
Predictably, right-wing ideologues attacked Harris, Commentator He denounced the 25% wealth tax rate as “truly historically stupid.”
New York Times critic Peter Coy was less blunt: September 6, 2024 Column He began by calling unrealized capital gains “paper wealth” and “profits that exist only on paper.” He revived the well-worn adage that higher taxes on the ultra-rich “could have a potentially negative impact on entrepreneurship” and “could strongly discourage investors from putting money into start-ups.”
but, Center for Budget and Policy Priorities He dispelled the myth that money isn’t real money, saying, “Wealthy families use “They use (the unrealized gains) to fund their (lavish) lifestyles… They are able to do so without generating taxable income by borrowing heavily against their unrealized capital gains.” By borrowing money from this so-called paper wealth, they do not owe traditional income taxes because it is not considered traditional income.
For years, the wealthiest Americans have been holding onto money that should have been taken from them in the form of taxes. What could they have spent this money on? Senator Ron Wyden“The ultra-rich are dodging about $2 trillion in taxes every decade,” Senate Finance Committee Chairman George W. Bush explained at a Budget Committee hearing. “That’s enough to keep Social Security going through the end of the century,” he said.
Political commentators and economists repeatedly push the illusion that taxing billionaires stifles innovation. The real connection is that taxing billionaires funds government programs that we all benefit from. Conversely, allowing them to remain wealthy stifles our well-being.
And it could help Harris win the election: Economic inequality is, not surprisingly, a top concern for voters. Data for progress The poll found that more than 70% of voters favor raising taxes on the wealthy, including a majority of Republicans, and nearly two-thirds of those surveyed support the 25% tax rate that Biden and Harris would impose on all assets of billionaires, including unrealized capital gains.
Harris faces the harsh reality that voters are tired of their hard-earned money not being spent enough. Four years of inflation, in which the prices of food, rent and other necessities have risen faster than wages, are enough to create the illusion that someone else, especially Donald Trump, might do better.
Trump supports billionaire policies,Make life betterFor Musk and other wealthy people, he I promised the oil company executives He was willing to follow their orders in exchange for campaign contributions. The number of millionaires will increase I support Trump more than I support Harris. However, Financially unstable People are more likely to support Trump than Harris.
So why doesn’t Harris go all-in on raising taxes? Even taking into account the Electoral College, which forces presidential candidates to lean to the center to win over a handful of undecided voters in a few “battleground” states, Harris could still win by leaning to raise taxes on billionaires. Data for progress Expanding the federally funded Medicare program to cover dental, vision and hearing proved to be Harris’ biggest advantage in battleground states. The second most important position voters supported was raising taxes on the wealthy. What better way to expand Medicare than to pay for it by taxing the wealthy?
Harris will have to work hard to overcome the false populism that Trump exudes, and it would be a bad look for her to give in to him in that situation. Any Senator Sanders claims it’s a campaign ploy, but pressure from billionaire donors continues. Money is the best way for billionaires to protect their wealth, so it’s not surprising they’re using it for defense. That doesn’t mean Harris should cave in if she wants to win.
