tax the rich

New York State Assembly Members and Senators headed back to Albany last week for the start of the 2023 legislative session. We caught up with Queens Assembly Member and socialist Zohran Mamdani the night before the session began to learn how he’s feeling about this year's prospects to pass legislation that will help the working class and the addition of two new socialist legislators. We also talked to him about why his office joined as an intervening party to stop Con Edison from raising gas and electric bills and his platform of legislation to fix the MTA. We’re also joined live tonight by Lizzy Oh and Brandon West to talk about one of New York City DSA’s priority campaigns this year - taxing the rich.  

To submit a public comment against ConEd's proposed rate hike visit: bit.ly/NoConEdRateHike

For more information on the Fix the MTA platform, visit: www.fixthemta.org

For more information on the Tax the Rich campaign, visit: www.taxtherichny.com

Despite our best efforts to inform the world about the perils of taxing financial statement income, the Corporate Alternative Minimum Tax based on financial accounting income passed as part of the Inflation Reduction Act. Jeff and Scott discuss the adjustments to financial accounting income that are part of the act, and describe how these adjustments will result in a situation where some firms will report high profits to shareholders and low or no tax, despite the minimum tax.

Scott and Jeff discuss the effects the tax rate has on how much taxes are raised with Professor Arthur Laffer,  for whom the Laffer Curve is named. The Laffer Curve shows the likely relationship between tax rates and tax revenue. We hear the famous story of drawing the curve on a napkin. We ask  Professor Laffer about the Laffer Curve, and we get his opinion on the revenue maximizing tax rate.

Scott and Jeff are joined by Rita de la Feria @delaFeriaR to discuss her new paper (co-authored with Maria Amparo Grau Ruiz) called "Taxing Robots".  The abstract of her paper reads in part: 

"In recent years, the idea of taxing robots has been progressively gaining momentum. The potential impact of automation on employment, and consequently on income tax revenues, has led many to defend the introduction of a tax on robots, or on the use of robots, to either compensate for the potential revenue loss, or to slow down the process of automation. This paper argues that whilst automation presents significant challenges to tax systems, the introduction of a new tax on robots –or on their use– is not an effective mechanism through which to address these challenges."
 
We discuss the idea of taxing robots, whether the tax is different from a tax on other types of capital investment, the behavioral motivations for a desire to tax robots, and other issues.

Scott and Jeff discuss whether the Tax Cuts and Jobs Act (TCJA) was effective. Often referred to as the Trump tax cuts, or the Trump Tax Reform, recent commentators have argued that it was highly effective. For example, Tyler Goodspeed and Kevin Hassett argued in the Wall Street Journal the TCJA "delivered as promised" by increasing investment, wages, and government revenues. Academic research, however, paints a more nuanced picture. Jeff keeps a list of academic studies that evaluate different aspects of the TCJA on the UNC Tax Center website called The TCJA Effects Tracker. We discuss why articles in the popular press that claim victory or defeat are almost always oversimplified.

Scott, Jeff, and Paul Kiel discuss the series of articles published by ProPublica based on a massive leak of private tax return data on the wealthiest individuals in the United States. The series of articles can be found here: https://www.propublica.org/series/the-secret-irs-files.

We ask about privacy, transparency, tone, influence, leaked data, and more.

Scott and Jeff discuss the idea of carryover basis with Kathleen Thomas. Currently, when someone dies with appreciated capital gains, they get a step-up in basis, meaning their estate pays no taxes on their accumulated gains. The downside is they have to die. An alternative would be to carryover the basis the the person who died had, which would make many tax planning strategies more difficult.

Scott and Jeff discuss Biden's proposed Mega Millionaire Minimum Tax with David Gamage, one of the thought-leaders behind the proposal and its variations. We discuss the basics of what the minimum tax might look like. We discuss the strengths and weaknesses of this type of tax. The tax is intended to force very wealthy individuals like Jeff Bezos or Mark Zuckerberg to pay more tax, even if they do not have much income as currently the tax code currently defines income. We also discuss the idea of "notional equity" as a way for the government to strengthen its taxing authority. 

Scott and Jeff welcome Brian Galle, Professor of Law at Georgetown University to discuss the proposed Billionaires' Income Tax, which is a tax on unrealized capital gains. Brian and 218 other law professors and economists recently sent a letter to Congress in favor of the proposal. The letter can be found here. We discuss how the tax is being positioned as being different from a wealth tax. We question whether the tax might eventually be expanded to everyone, not just billionaires. 

Scott discusses how much tax millionaires pay. Millionaires and Billionaires are often used in the same way to describe someone who is rich. But the taxes levied on the typical millionaire are vastly different than the taxes levied on many Billionaires. 

Jeff discusses wealth and income tax rates. We are used to thinking of tax rates on income. How do we think about tax rates on wealth? Luckily, there is an easy way to convert a wealth tax rate into an income tax rate, and, the result may surprise you.

Jeff describes why many billionaires don't pay any tax (or at least pay rates of tax that are far lower than millionaires). He discusses the idea of unrealized gains. 

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Due to our extensive holdings, that of our clients and your host, you should assume that we have a position in all companies discussed and that a conflict of interest exists. By listening, reading, or using this podcast and website in any manner, you understand the information presented is provided for informational purposes only and agree to our Terms of Use and Privacy Policy.  No Professional Advice – the content of articles and other projects is for informational purposes only and does not constitute professional advice. Nothing said, written, or otherwise communicated in any form on this site or otherwise should be construed as an offer, recommendation, or solicitation to buy or sell a security. Neither Paul Truesdell, Truesdell Consulting, Inc., Fixed Cost Financial, Inc., affiliates or subsidiaries provides tax, legal, or psychological advice.   The content in the podcast and on this webpage is not intended to constitute or be a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your doctor or other qualified health care provider with any questions you may have regarding a medical condition. Never disregard professional medical advice or delay in seeking it because of something you have heard on the podcast or on my website.

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In this historic, inter-generational meeting of minds, Laura Flanders brings together New York Congresswoman Alexandria Ocasio-Cortez and MIT professor emeritus Noam Chomsky—for the first time ever—to discuss the way forward for people, politics, and the planet. From labor strikes to racial uprisings to climate action to the Great Resignation, they reflect on the renewed power of collective organizing and the changing tide in economic thinking and electoral politics. Their insights demand that we think differently about everything from our nation’s history and its place in the world, to who can run for office in America and win. In their first face-to-face conversation, the mutual admiration is palpable. Laura closes with some thoughts on thinking the unthinkable. 

“We’re now having one of the major strikes in American history when workers are simply saying, ‘We're not gonna go back to the rotten, oppressive jobs, or precarious circumstances, with no health[care].’ The one-sided class war of the last 40 years is becoming two-sided…” —Noam Chomsky

“There are already communities actively experimenting and developing solutions… What I work on is not how we find solutions but how we scale [them] to transform our society.” —AOC
 

Guests

Noam Chomsky, Professor Emeritus, Massachusetts Institute of Technology

Alexandria Ocasio-Cortez, U.S. Representative, NY-14th District, Socialist Democrat, Progressive Caucus

The Laura Flanders Show Crew:  Laura Flanders, Sabrina Artel, David Neuman, Nat Needham, Rory O'Conner, Janet Hernandez, Sarah Miller and Jeannie Hopper

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ACCESSIBILITY - The broadcast edition of this episode is available with closed captioned by clicking here for our YouTube Channel

Dan and Corey open with a discussion on the Pandora Papers. Which is a collaboration of 100s of journalists from dozens of countries exposing some of the worlds richest and most powerful people for hiding their money to avoid taxes. A luxury that 99.999999% of the world's population does not possess. But none of the U.S's top 10 richest people appear in the 12 million documents. What does that mean? The world's richest country is already a tax haven for the filthy rich?

Andrew Yang is leaving the Democratic Party. Branching off to start his own Party known as "The Forward Party". Could it work? It could. But it's going to need a few things.

The deadline is quickly approaching to raise the debt ceiling before the U.S goes into default. A scary nightmare scenario? Or a bunch of toddlers playing with an unloaded gun? Let's hear from the Boomers in the back. 

Not only were the #EmmysSoWhite, they were also extremely hetero. Awkward conversations happen in The L Word, but Gigi still prevails. Montero brings us black, queer joy. Cargo shorts are the stud uniform and the argument continues over whether every strap is equal.

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Shana:  Swish - Chicago’s first queer woman/trans/enby basketball meetup for the casual player. What they don’t know, is that they gave my girlfriend one of the biggest welcomes when she got to Chicago and I couldn’t be more grateful. Follow them @queerbasketballclub 

Kris: Who Made The Potato Salad Show on IG (@whomadethepotatosaladshow)- More than a sketch comedy show. We’re building community, creating opportunities, & achieving access 4 black folx & POCs one event at a time.

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The opinions expressed during this podcast are conversational in nature and expressed only for comedic purposes. Not all of the facts will be correct but we attempt to be as accurate as possible. BQ Media LLC, the hosts, nor any guest host(s) hold no liability over the conversations on this podcast and by using this podcast you understand that it is solely for entertainment purposes.

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Were you ever told to be a good listener?
Such innocent idea is instilled in us from a young age, but we seldom hear anything substantial about the specific actions required to become a better listener.

Leopold Ajami and Ricardo Pinto couldn't stay still with this idea in front of them, so in this new episode of {In-Focus} mini-series,  they set up a broad conversation about what state of mind and practical steps are involved in engaging your senses (and intellect) in conversation.

And don't forget to enroll in Supersonic Creativity (online course and mentorship):
https://learn.novelphilosophy.academy/courses/supersonic-creativity

Use the code upon checkout to get 50%OFF:   IOT50

Enjoy

Back at it for another round of deep thoughts and wild talks with Mariaelena.

The second Monday of the month is inspired by the book, Espiritualidad y Politica, which was published 10 years ago, of which Mariaelena was a contributor. She is also the Executive Director of Humanamente — a diversity and inclusion consulting organization, Chair of the Athena Network New York — a psychosocial support network in the area of social services, health, and specifically in mental health, for immigrants experiencing psychological challenges related to the migratory process, a board member of the Family of Woodstock, a member of the Arts Mid-Hudson Advisory Board, and Kingston's City Arts Commission.

Today, we veer ever so slightly away from the book and into the realm of taxes and billionaires, inspired by the recent Propublica Article revealing how little they pay in proportion to their wealth. In addition to the article, our conversation is also inspired by the documentary film Saving Capitalism based on the book by Robert Reich.

Send us any and all thoughts, we love to hear them. Thank you to Anthony for sharing his thoughts from our May conversation!

Today's show was engineered by Ian Seda of Radio Kingston.

Our show music is from Shana Falana !!!

Feel free to email me, say hello: she@iwantwhatshehas.org

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This episode has been long awaited by me really, The Brand has an official name Las Vibras Coffee Roasters. We speak on why i changed the name, taxing US citizens who are fleeing to Puerto RIco for tax incentives, Almost setting the apartment on fire and more.

www.instagram.com/lasvibrascoffeeroasters