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Economics and Inequality

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Sorry, try Obama's house: Secret Service barred from using Ivanka Trump's bathrooms. The Morning: Inside the stimulus bill - clareluxor - Gmail. 1% Won't Owe Social Security Tax After 2019 click 2x. Without question, Social Security is this country's most important social program.

1% Won't Owe Social Security Tax After 2019 click 2x

It can rightly be called a financial rock for millions of elderly Americans, with the benefits provided accounting for more than half of all monthly income for 62% of retired workers and the program single-handedly keeping 15.3 million of those aged beneficiaries above the federal poverty line. Amazon will pay $0 in taxes on $11,000,000,000 in profit for 2018. While some people have received some surprise tax bills when filing their returns, corporations continue to avoid paying tax — thanks to a cocktail of tax credits, loopholes, and exemptions.

Amazon will pay $0 in taxes on $11,000,000,000 in profit for 2018

According to a report from the Institute on Taxation and Economic Policy (ITEP), Amazon (AMZN) will pay nothing in federal income taxes for the second year in a row. Thanks to the new Tax Cuts and Jobs Act (TCJA), Amazon’s federal tax responsibility is 21% (down from 35% in previous years). But with the help of tax breaks, Amazon won’t be paying a dime to Uncle Sam despite posting more than $11 billion in profits in 2018.

Haves & Have Nots

These 10 Billionaires Have Gained The Most Money Since Trump’s 2016 Election. America’s first billionaire president has been great for the nation’s billionaires, especially these top 10 gainers.

These 10 Billionaires Have Gained The Most Money Since Trump’s 2016 Election

Donald Trump’s stint in the White House has been a smashing success for America’s billionaires, who were collectively worth $2.9 trillion the day Trump was elected and are now worth nearly $1 trillion more, thanks to a 60% rise in the U.S. stock market. An even more elite group of billionaires has had it especially good. The ten tycoons who have gotten the richest since Trump won the presidency are $490 billion wealthier today than they were on election night 2016—a sum worth more than all of the billionaires in Russia combined.

Many of these moguls have been building their fortunes for decades, under both Republican and Democratic presidents and congresses, and they were already enormously wealthy before Trump won the election. Here are the 10 biggest American billionaire gainers since Donald Trump’s 2016 election (net worths as of October 19, 2020):

Who has Economic opportunity

4 Ways Fred Trump Made Donald Trump and His Siblings Rich. In Donald J.

4 Ways Fred Trump Made Donald Trump and His Siblings Rich

Trump’s version of how he got rich, he was the master dealmaker who parlayed an initial $1 million loan from his father into a $10 billion empire. It was his guts and gumption that overcame setbacks, and his father, Fred C. Just 162 Billionaires Have The Same Wealth As Half Of Humanity : worldnews. Is America an oligarchy dominated by billionaires? Federal Reserve Chair Jerome Powell Calls for Congress to Spend Stimulus Money. Jerome Powell, chairman of the Federal Reserve, gave a speech on Tuesday and, as a result, likely can expect a barrage of incoming tweets shortly.

Federal Reserve Chair Jerome Powell Calls for Congress to Spend Stimulus Money

Put simply, Powell says that, due to the pandemic of which the president* told us not to be afraid, an economic calamity is looming unless a lot of somebodies in Washington get scared enough to freaking do something. Americans without water. In India, there's water everywhere, and nowhere. The wealthy are prepping for tax increases with these three strategies. The wealthy are preparing for tax increases, working with their accountants to give away money or shift their income to avoid some of the impact of higher rates.

The wealthy are prepping for tax increases with these three strategies

With rising deficits at the state and federal levels, as government spending soars and revenue drops from the Covid-19 crisis, taxes are likely to go up in coming years, especially for the highest earners. Presumptive Democratic nominee Joe Biden told wealthy donors at a fundraiser Monday that he planned to forge ahead with his campaign plan to hike taxes on the wealthy. “I’m going to get rid of the bulk of Trump’s $2 trillion tax cut,” Biden said, “and a lot of you may not like that, but I’m going to close loopholes like capital gains and stepped up basis.”

Accountants and tax lawyers say they’re seeing a surge in calls and emails from wealthy clients asking about actions they can take now to avoid tax hikes in 2021 and beyond. The main action the wealthy are taking now is giving money to family and friends. Wealth does not equal worth. ‘They Just Dumped Him Like Trash’: Nursing Homes Evict Vulnerable Residents. Traditionally, ombudsmen would regularly go to nursing homes.

‘They Just Dumped Him Like Trash’: Nursing Homes Evict Vulnerable Residents

In March, though, ombudsmen — and residents’ families — were required to stop visiting. Evictions followed. “It felt opportunistic, where some homes were basically seizing the moment when everyone is looking the other way to move people out,” said Laurie Facciarossa Brewer, a long-term care ombudsman in New Jersey. Nursing homes are allowed to evict residents if they aren’t able to pay for their care, are endangering others in the facility or have sufficiently recovered. Under federal law, before discharging patients against their will, nursing homes are required to give formal notice to the resident and to the ombudsman’s office.

(2) What the 1% Don't Want You to Know. How US billionaires are fuelling the hard-right cause in Britain. Dark money is among the greatest current threats to democracy.

How US billionaires are fuelling the hard-right cause in Britain

It means money spent below the public radar, that seeks to change political outcomes. It enables very rich people and corporations to influence politics without showing their hands. Among the world’s biggest political spenders are Charles and David Koch, co-owners of Koch Industries, a vast private conglomerate of oil pipelines and refineries, chemicals, timber and paper companies, commodity trading firms and cattle ranches. The Deep History of the Radical Right’s Stealth Plan for America. Charles Koch, 79, in his office at Koch Industries in Wichita, Kansas, on July 29, 2015.

The Deep History of the Radical Right’s Stealth Plan for America

(Photo by Nikki Kahn/The Washington Post via Getty Images) Author Nancy MacLean has unearthed a stealth ideologue of the American right. Her book, Democracy in Chains: The Deep History of the Radical Right’s Stealth Plan for America, tells the story of one James McGill Buchanan, a Southern political scientist and father of “public choice economics.” (2) How American CEOs got so rich. (2) Corruption is Legal in America.

(2) Wealth Inequality in America. Economic Inequality: It’s Far Worse Than You Think. In a candid conversation with Frank Rich last fall, Chris Rock said, "Oh, people don’t even know.

Economic Inequality: It’s Far Worse Than You Think

If poor people knew how rich rich people are, there would be riots in the streets. " The findings of three studies, published over the last several years in Perspectives on Psychological Science, suggest that Rock is right. We have no idea how unequal our society has become. In their 2011 paper, Michael Norton and Dan Ariely analyzed beliefs about wealth inequality. Richest 1% on target to own two-thirds of all wealth by 2030. The world’s richest 1% are on course to control as much as two-thirds of the world’s wealth by 2030, according to a shocking analysis that has lead to a cross-party call for action. World leaders are being warned that the continued accumulation of wealth at the top will fuel growing distrust and anger over the coming decade unless action is taken to restore the balance.

An alarming projection produced by the House of Commons library suggests that if trends seen since the 2008 financial crash were to continue, then the top 1% will hold 64% of the world’s wealth by 2030. Even taking the financial crash into account, and measuring their assets over a longer period, they would still hold more than half of all wealth. Amazon Will Pay Whopping $0 In Federal Taxes On $11.2 Billion Profits. Trump will personally save up to $15m under tax bill, analysis finds. Donald Trump and six members of his inner circle will be big winners of the Republicans’ vast tax overhaul, with the president personally benefiting from a tax cut of up to $15m a year, research shows. The US president chalked up his first big legislative win on Wednesday with the $1.5tn bill, the most sweeping revamp of the tax code in three decades, slashing taxes for corporations and the wealthy and dealing the heaviest blow yet to Obamacare.

But analysis by a leading Washington thinktank, the Center for American Progress (CAP), finds that changes to business rules will save Trump roughly $11m to $15m per year, while an amendment to the estate tax – the tax on the transfer of an estate of a deceased person – would potentially save his heirs $4.5m. What billionaires want: the secret influence of America’s 100 richest. If we judge US billionaires by their most prominent fellows, they may seem to be a rather attractive bunch: ideologically diverse (perhaps even tending center-left), frank in speaking out about their political views, and generous in philanthropic giving for the common good – not to mention useful for the goods and jobs they have helped produce.

The very top titans – Warren Buffett, Jeff Bezos, Bill Gates – have all taken left-of-center stands on various issues, and Buffett and Gates are paragons of philanthropy. The former New York mayor Michael Bloomberg is known for his advocacy of gun control, gay rights, and environmental protection. Ultra-Wealthy: One-Percenters (1%ers) Match Middle Classes. Meet Dr Miriam Adelson: the record-breaking Republican donor driving Trump's Israel policy. When Dr Miriam Adelson was awarded the US Presidential Medal of Freedom, the nation’s top civilian honor, by Donald Trump in November, the public response ranged from disdainful to “who?”

(8) 2019 Global Multidimensional Poverty Index. Poverty isn't a lack of character; it's a lack of cash. Capitalism in crisis: U.S. billionaires worry about the survival of the system that made them rich. 98 Russian Billionaires Hold More Wealth Than Russians’ Combined Savings. Why wealth equality remains out of reach for black Americans. Latin America is the world's most unequal region. Here's how to fix it. This article was originally published ahead of January's World Economic Forum Annual Meeting in Davos. Global leaders will meet at the Annual Meeting in Davos this week to discuss how to improve the state of the world and address its most pressing challenges. Big Pharma Family That Created Opioid Crisis Led Effort to Mislead Public.

America once fought a war against poverty – now it wages a war on the poor. In 2013, Callie Greer’s daughter Venus died in her arms after a battle with breast cancer. If caught early, the five-year survival rate for women diagnosed with breast cancer is close to 100%. But Venus’s cancer went undiagnosed for months because she couldn’t afford health insurance. She lived in Alabama, a state that refused to expand Medicaid under the Affordable Care Act. The Heroes of America's Startup Economy Weren't Born in America. The trouble with charitable billionaires. The US is stingier with child care and maternity leave than the rest of the world.

In most American families led by couples, both parents are in the workforce. Disney heiress criticizes CEO pay. Says the rich should pay more taxes. He was awarded $65.6 million for his performance last fiscal year, the result of a pay bump for extending his tenure at Disney through 2021 and stock awards in excess of $35 million. This year, however, the company eliminated a $500,000 boost to his base salary, keeping it at $3 million. It also cut his potential cash bonus from $20 million to $12 million and reduced his long-term incentive pay from $25 million to $20 million, the company said in a securities filing Monday. Koch Brothers, Behind Tea Party Wave, Face Democrats' Rising Tide In 2018. Tea Party activists hold a rally on Capitol Hill in 2010. That grassroots movement, with backing from the Koch political network, helped Republicans win back the House in the 2010 midterms. In 2018, the Koch network is on defense against Democratic gains.

How the right tricked people into supporting rampant inequality. World's richest 1% grabbed 82% of all wealth created in 2017, Oxfam study finds - Jan. 21, 2018. That's according to a new report from Oxfam International, which estimates that the bottom 50% of the world's population saw no increase in wealth. Republicans are accidentally doing more to advance progressive values than Democrats. Dan Snyder Killed Some Trees, And A Park Ranger Paid The Price. When will we see the world's first trillionaire? 'Like It Was Christmas All Year:' GOP Succeeded in Making 2018 Yet Another Year the Rich Got Richer. Revealed: Google's 'two-tier' workforce training document.

Ending ‘golden visas’ for oligarchs is a start – but not a solution. The bad behavior of the richest: what I learned from wealth managers. 12 years in jail for shoplifting: how Walmart is helping prosecutors hike up sentences. Paradise Papers Exposes Donald Trump-Russia links and Piggy Banks of the Wealthiest 1 Percent - ICIJ. Completed. Midterm big spenders: the top 20 political donors this election. Trump and His Children Accused of Investment Scams in Lawsuit.

I'm a millionaire who creates zero jobs. Why do I pay less tax than you?


Latinos and the Consequences of Eugenics. Column: This is what happens when you take Ayn Rand seriously. Donald Trump, Brett Kavanaugh, and the Rule of Pampered Princelings. Toys "R" Us Unprepared for Public Backlash After Reopening their Social Networks... Durable economic inequality and its effects on work. How the rich get richer – money in the world economy. Heat: the next big inequality issue. Extreme Inequality Creates Global Disorder. Latin America is the world's most unequal region. Here's how to fix it. Bishop David Oyedepo Tops Forbes List Of Richest Pastors In The World, Net Worth $150M - INFORMATION NIGERIA.

You Pay More Taxes Than Exxon Mobil – Extra Newsfeed. The Myth of the 99% and the New American Class Divide - The Atlantic. 3 myths about the poor that Republicans are using to support slashing US safety net. Oligarchs hide billions in shell companies. Here's how we stop them. How Aristocracies Work: The American Class Divide: Matthew Stewart. Sanders: GOP health care plan gives wealthiest a $275 billion tax break.

Inside Job (global financial crisis 2007) Documentary click 2x. How the mega-rich are preparing for the apocalyse - CNN Style. Underpaid and exhausted: the human cost of your Kindle. Environmental Catastrophe is Coming. The Rich Will Be Just Fine. Capitalism 101 - The NIB click 2x. How Rwanda’s Capital Became an African Tech Leader – Member Feature Stories. Amid the opioid epidemic, white means victim, black means addict. We all live somewhere on Dollar Street click 2x. The Sun Does Shine review: death row memoir spotlights a judicial 'lynching'

Genes and environment have equal influence in learning for rich and poor kids, study finds. Congress left a little something for waiters and dishwashers in its $1.3 trillion budget. Saudi Crown Prince Boasted That Jared Kushner Was “In His Pocket” Gapminder: statistics for a fact based world view. Report Updates Landmark 1968 Racism Study, Finds More Poverty And Segregation. This Is What Life Without Retirement Savings Looks Like. Introducing the Great Divergence. Top CEOs Make 271 Times More Than the Average American. Inequality is real, personal, expensive, and it was created.

How rich are the rich? If only you knew. Trump slumps on Forbes billionaires list. Who’s Able-Bodied Anyway? Does America have a caste system?