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(cc photo: John Morgan)
This week on CounterSpin: Taxes, the concept of taxation, does a lot of work in US public discourse, though the role is not consistent: When reporting on a wished-for social good, like universal healthcare or improved infrastructure, the “cost to taxpayers” is presented as central; “raising taxes” is a synonym for increasing hardship on working people, and unironically offered as the reason those same people can’t have nice things, like healthcare and infrastructure. At the same time, but on a different page, we read that corporations like Zoom, Amazon and Netflix are super-successful, exemplary—what magic do they have to earn themselves such fortune?—and, oh yeah, they pay zero or near zero federal tax on their profits, but that’s complicated, and sort of clever? And anyway legal, so whaddya gonna do? Except, remember that you can’t have nice things because: taxes.
We’ll talk today with two people who, while recognizing that it’s not the sole source of inequality, have thoughts about what we can do about blatant, enduring and powerful unfairness in US tax policy.
Dorothy A. Brown teaches tax policy as Asa Griggs Candler professor of law at Emory University School of Law. She’s author of the new book, The Whiteness of Wealth: How the Tax System Impoverishes Black Americans—and How We Can Fix It.
Transcript: ‘The System for Building Wealth Is Designed for White Wealth’
Amy Hanauer is executive director at the Institute on Taxation and Economic Policy and Citizens for Tax Justice. They’ve been tracking corporate tax avoidance and its societal impact for decades.
Transcript: ‘Some of Our Most Profitable Companies Are Not Contributing to Our Basic Needs’
Plus Janine Jackson takes a quick look at rewriting the history of the January 6 coup attempt.
Wealth tax capped at 1% on assets above $1B for stocks, bonds, bank accounts, precious metals and real estate. I wouldn’t worry about corp taxes after that. Think about Bezos having to sell 1% of his shares of Amazon every year. That is the same as raising income taxes by over 10% without penalizing the dynamic part of our economy. And that is enough pain.
Rule 72 of compound interest means that he’ll lose 50% of Amazon in 36yrs. That is why I’d cap the wealth tax at 1%. Bernie and Warren go way to far with their 8% rate. That’s a WMD. Just fix the problem of raising more revenue in the right place, don’t turn it into a purge.
Rule of 72 says he’ll lose 50% of Amazon in 72 years at a rate of decay of 1%, not 36 years. He’d have 70% of wealth after 36 years.