Lone Candle
Champion of Truth
In Ohio, data centers spiked electricity costs, provided few jobs other than temporary construction jobs, and thanks to tax deals given to the companies by the Ohio government, the data center companies pay little taxes. They do however, use local services like firefighting when the data centers have fires.
https://youtu.be/iI3tT6CCVH8?is=jz2kfRgVezlyhn42
Congresses and presidents give tax breaks for the wealthy and give the wealthy regulatory protection at the expense of everyone else because congress members and presidents are the wealthy. They are protecting themselves and people like them, screwing over everyone else.
https://www.capitalisnt.com/episodes/why-congress-protects-car-dealers-more-than-elon-musk-ft-eric-zwick
The US loses 100 billion dollars a year due to corporate tax avoidance where corporations pretend like their profits came from low tax areas like the small island country of Malta. This is about equal to the budget of the food stamps program. It’s about equal to how much Medicaid spends on children’s healthcare. The Biden administration was trying to alleviate this, but Trump ended attempts to do so.
https://www.youtube.com/watch?v=Y9vcKFX2V2I
Other than the free 1k for those children born in the right window, Trump accounts will mostly help those who already have money.
https://www.youtube.com/watch?v=p1nyY8e4Zj0
The very wealthiest of Americans are not making money from work. Their wealth grows by capital appreciation, and they pay very little tax on that income. The estate tax is supposed to capture this at death, but it is riddled with loopholes.
It’s extremely unfair and makes the national debt worse.
https://www.youtube.com/watch?v=K06ys5VuGu4
Why Is It So Hard To Tax Billionaires?
There are a hell of a lot of games and loopholes. And, Congress won’t do shit about it.
https://www.youtube.com/watch?v=E308lijSQv0
We’ve got to be able to have fair, reasonable ways to tax the super wealthy without demonizing them.
The wealthy pay a lot, however, due to how incredibly much they have, and inequality, they still don’t pay their fair share. The goal of taxation is to pay for government in the least harmful way possible, not to liquidate the rich. Fair taxation and reasonable welfare policy is good. Class warfare is evil. A society that taxes in order to end billionaires, or that uses rhetoric that endangers the wealthy, will be a violent and repressive society–either because the masses will turn authoritarian and violent, or because the wealthy will out of fear.
https://www.youtube.com/watch?v=gu5wTYUaPs8
Jeff Bezos pays himself an 82k salary even though he is the head of a massive company, Amazon, but he is fabulously wealthy through his stock, which he can use to take out loans tax free. So, he lives a tremendously wealthy lifestyle while paying very little taxes. This is legal. The estate tax is supposed to make up for this, but it is riddled with loopholes.
https://www.youtube.com/watch?v=mX5U5DNUfBc
The Roman Empire fell partially because super-rich land holders selfishly avoided taxes, weakening the empire from within.
https://www.youtube.com/watch?v=_Ke7n-OV33Q
Economist Luigi Zingales was on Fox News for something other than the estate tax, but they asked him about it and he said he was for it. He was never invited on Fox News again.
Frank Luntz was hired by the Republican Party and groups funded by super wealthy people to fight the estate tax. He renamed it the death tax so people wouldn’t think of it as a tax that mostly affected the super wealthy.
The problem with the super wealthy and taxes isn’t tax rates, it’s that much of their income is not taxed at all. It isn’t counted as income. Before the fall of Communism, the American super wealthy actually paid taxes, but without the threat of Communism, there wasn’t the pressure to show that capitalism will work for everyone. Many changes, and a lack of reform to catch up with gaming the system, has resulted in the estate tax being a joke and the super wealthy paying very little tax compared to their lifetime income.
High income people pay taxes, but the super wealthy don’t officially have much income. Of course, they do have income, but it doesn’t count and is often never taxed.
https://www.capitalisnt.com/episodes/how-to-fix-the-american-tax-system-ft-ray-madoff