Sam Seder OBLITERATES Patrick Bet-David in BRUTAL Debate TAKEDOWN Live
Sam proposes a 90% marginal tax rate on income over three million.
https://www.youtube.com/watch?v=cavfvhY7PN4
Lone Candle
Champion of Truth
Sam proposes a 90% marginal tax rate on income over three million.
https://www.youtube.com/watch?v=cavfvhY7PN4
“In 2020, three political scientists studied how location and income affected white voters’ voting decisions. They found that, on a national level, poorer white people were indeed more likely to vote for Trump than richer ones.
But when you factored in local conditions — the fact that your dollar can buy more in Biloxi than Boston — the relationship reverses. “Locally rich” white people, those who had higher incomes than others in their zip codes, were much more likely to support Trump than those who were locally poor. These people might make less money than a wealthy person in a big city, but were doing relatively well when compared to their neighbors.
Put those two results together, and you get a picture that aligns precisely with Hochschild’s observations. Trump’s strongest support comes from people who live in poorer parts of the country, like KY-5, but are still able to live a relatively comfortable life there.
So what does this mean for how we understand the Trump-era right? It cuts through the seemingly interminable debate about Trump’s appeal to “left behind” voters and helps us understand the actual complexity of the right’s appeals to region and class in the United States. America’s divisions are rooted in less income inequality per se than is widely appreciated, and often tied to divisions inside of communities and social groups.
In Stolen Pride, Hochschild locates the heart of Trump’s appeal to rural voters in emotions of pride and shame — including pride in their region’s traditions and shame in what it’s become in an era of declining coal jobs and rising drug addiction.
For Roger Ford, a KY-5 entrepreneur and Republican activist who serves as Hochschild’s exemplar of Trump’s “locally rich” base, Trump helps resolve those emotions by offering someone to blame. Ford may not be suffering personally, but his region is — and Trump’s rage at liberal coastal elites helps him locate a villain outside of his own community.
“He based his deepest sense of pride, it seemed, on his role of defender of his imperiled rural homeland from which so much had been lost — or, as it could feel, ‘stolen,’” she writes.
Ford’s comments to Hochschild shift seamlessly between economic and cultural grievances. In discussing his opposition to transgender rights, he situates it as the latest in a long line of dislocations that people in his region faced.
“With all we’re coping with here, we’re having a hard enough time,” he tells Hochschild. “Then you make it fashionable to choose your gender? Where are we going?”
This comment might make it seem as if economic concerns are somehow prior to cultural ones, and people like Ford are angry at transgender people because of economic deprivation in coal country. But high-quality research tells a different, more complicated story.
In 2022, scholars Kristin Lunz Trujillo and Zack Crowley examined the political consequences of what they call “rural consciousness” for politics. They divide this consciousness into three component parts: “a feeling that ruralites are underrepresented in decision-making (‘Representation’) and that their way of life is disrespected (‘Way of Life’) — both symbolic concerns — and a more materialistic concern that rural areas receive less resources (‘Resources’).”
When they tried to use these different “subdimensions” of rural consciousness to predict Trump support among rural voters, they found something interesting. People who saw the plight of ruralities in cultural and political terms were most likely to support Trump, while those primarily concerned about rural poverty were, if anything, less likely to support him than their neighbors.
Taken together, these findings suggest that the story isn’t simply that economic deprivation breeds cultural resentment. Trump’s strongest supporters in rural areas tend to be angry that their regions don’t set the social terms of American life: that they don’t control the halls of power and that, as a consequence, both political and cultural life is moving away from what they’re comfortable with. Economic decline surely exacerbates this sense of alienation, but it isn’t at the heart of it.”
https://www.vox.com/politics/369797/trump-support-class-local-rich-arlie-hochschild
“if it’s win-win, why just make the minimum $20? Why not $30? Or $100?
Because government requiring higher wages is not a win-win.
Interfering with market prices always creates nasty unintended consequences.”
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“No. 1: Thousands of Californians have already lost jobs because some restaurants closed. Others lost income because their employer cut worker hours. The chain El Pollo Loco cut employees’ hours by 10 percent.
Pizza Hut announced that they will lay off more than a thousand delivery drivers. One such driver, Michael Ojeda, understandably asked, “What’s the point of a raise if you don’t have a job?”
No. 2: Workers who still have jobs will lose them because now their employers have more incentive to automate. Chipotle just created a robot that makes burrito bowls. Even CNN acknowledged, “Some restaurants are replacing [fast food workers] with kiosks.”
No. 3: Prices go up.”
https://reason.com/2024/05/29/californias-20-fast-food-minimum-wage-law-is-already-having-disastrous-unintended-consequences/
Are Children Less Affordable?
https://youtu.be/C2g0PoTMxnw
Millennials & Gen-Z are Poorer Than Ever (Here’s Why) Humphrey Yang. 2023 5 17. Have the Boomers Pinched Their Children’s Futures? – with Lord David Willetts The Royal Institution. 2020 1 23. https://www.youtube.com/watch?v=ZuXzvjBYW8A Some numbers at beginning for UK and Europe. The
“the Massachusetts Institute of Technology (MIT) announced that it would reinstate its SAT/ACT test requirement for applicants. In a departure from the trends set by other elite universities, MIT rolled back its admissions policy, implemented in the 2020–2021 admissions cycle, which made standardized test scores optional. Administrators cited key issues with “holistic” admissions standards, an increasingly popular method of equitably distributing open spots to students regardless of how well they perform on standardized tests.
In a statement explaining the decision, MIT Dean of Admissions and Student Financial Services Stu Schmill noted that MIT’s “research shows standardized tests help us better assess the academic preparedness of all applicants, and also help us identify socioeconomically disadvantaged students who lack access to advanced coursework or other enrichment opportunities that would otherwise demonstrate their readiness for MIT.”
Without an objective measure like a standardized test, low-income students—who may not have equal access to other pieces of the holistic pie, such as a plethora of Advanced Placement (A.P.) classes or numerous extracurriculars—have a harder time proving that they are academically prepared for an MIT education. A move that was intended to increase diversity and help low-income students, as it turns out, mostly helps low-scoring wealthy students—and makes it harder to identify talented yet underprivileged applicants.
MIT now distinguishes itself from other elite universities, a spate of which have removed their SAT and ACT requirements in recent years, primarily citing COVID-19 and diversity-related justifications for the policy change.
The original logic of such policies is based on the idea that SAT and ACT scores correlate strongly with income, which suggests that students from poorer households are denied admission to competitive schools solely because they can’t afford to ace the SATs.
However, omitting standardized test scores makes all applicants reliant on application materials that correlate even more highly with income, such as admissions essays. A 2021 Stanford study found that essays are actually more strongly correlated with household income than SAT scores. Thus, by omitting one income-correlated metric, one that is even more closely related to income takes prominence.
While wealthy parents can pay for test prep, they can’t take a standardized test for their children (well, almost never). However, with essay coaches and college counselors at their disposal, many wealthy students’ college essays can be manicured to fit exactly what schools are looking for.”
“”I asked Wharton students what they thought the average American worker makes per year and 25% of them thought it was over six figures,” she tweeted…”One of them thought it was $800k.”
As she estimates the real answer is around $45,000 a year, Strohminger has a hard time wrapping her head around what some Wharton students believed was an average wage.
“Really not sure what to make of this,” she wrote.
Neither did the Internet.
Strohminger’s tweet set off a range of reactions from experts and observers wondering if this classroom interaction accurately reflected what future business leaders think about the state of wages in the United States.
“People tend to believe that the typical person is closer to themselves financially than what it is in reality,” Ken Jacobs, the chair of the University of California at Berkeley’s Center for Labor Research and Education, told The Washington Post. “It is an odd notion in America that people think of $200,000 or $100,000 as a typical wage when it is quite a bit above.”
…
According to the Social Security Administration, the average U.S. annual wage last year actually was $53,383, with the median wage at $34,612. The Labor Department reported that median weekly earnings in the fourth quarter of last year were $1,010, which comes out to an annual wage of $52,520, according to MarketWatch.”
“Despite ProPublica’s best efforts to make the information enclosed within seem damning, the data tell us little we didn’t already know. For the 2018 tax year, the last year for which we have data, the top 1 percent paid over 40 percent of federal income taxes, despite earning just under 21 percent of total adjusted gross income (AGI). The bottom 50 percent of taxpayers earned 11.6 percent of total AGI, but paid less than 3 percent of income taxes. The same story holds when looking at all revenue sources too, so it’s not just the income tax that is progressive.
ProPublica, however, tries to make the case that the wealthy are getting away with murder through the tax code, so they “do a calculation that has never been done before,” comparing growth in wealth over the course of a year to taxable income. They use this to calculate an individual’s “true tax rate,” which is sort of like handing out wins in a baseball game in the middle of the early innings and calling it the “true outcome” of the contest.
It’s hard to overstate how nonsensical this comparison is (which is perhaps why it’s never been done before). Our tax system rightly does not tax growth in one’s wealth until it is realized as income. After all, the alternative is a monstrously complex and unfair system of wealth taxation that developed countries have avoided.
The reason that wealth isn’t taxable is fairly straightforward: You aren’t directly benefiting from it until it’s turned into income (at which point it is taxable). Wealthy Americans may not pay taxes on the growth that their net worth sees, but should they wish to sell assets that have appreciated in value, they would be liable for capital gains taxes on that growth.”
“The median Black household has a net worth of only $24,100, a fraction of the $188,200 in net worth the median white household has, 2019 Federal Reserve data shows.
And these numbers don’t always show the nuance of financial instability for many Black families. A quarter of Black households have zero or negative net worth, compared with a tenth of white families, according to the Economic Policy Institute.
The reasons for the wealth gap are complicated and multi-layered, with racism, historical injustices, structural inequality, and educational disparities all playing a huge role. So do career choices, marriage status, and inheritance levels for Black people, which are starkly lower than for white people. The practice of redlining, for example, under which the government would not guarantee loans for Black Americans who were trying to purchase homes, as well as the effect of mass incarceration on Black representation in the workforce, are just a couple of examples of how African Americans are systematically prevented from building wealth.
Consequently, here’s the harsh reality about being Black in America: The deck is often so stacked against you that the weight of it all can feel overwhelming — no matter your income, your net worth, or how much you’ve achieved. For African Americans like me, systemic inequities and generations of poverty can make it seem like whatever you’ve done is never enough, especially when you know you’ll have to help support relatives or make contingency plans for any number of scenarios out of your control.
The reality is that for those of us able to generate wealth and reach a level of comfort, we are often also financially supporting family members or paying down debt. We simply don’t have that generational wealth that so many white families have to fall back on and start out their adult lives with. Even two people earning the same income can be looking at totally different financial situations based on their race and class: One could be putting money into savings or investing, while the other might be using that same income to pay a family member’s rent or help support an aging parent’s retirement.
I know that people like my mother don’t have any real safety net other than relatives. There’s no inheritance coming. As a result, for far too many Black people, low income and low wealth translate into a lifetime of scraping by.”
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“Among Black Americans, it’s not uncommon for those who can to help family members financially: Some call it the “Black tax,” a term commonly used in South Africa that refers to the obligations of first-in-the-family college graduates, professionals, or others who “make it” to assist their family members.
I’m happy to help out my mother by covering her needs when she’s short on cash. But it can be an emotional experience for her to even ask”