McConnell the Father of Poverty; US Poor Grows by 6 Million

[Monster Hunter]

I meant returned to nationalized... though on the trickle down theory it is an extremely accurate and potent system but it relies on a stable population.

The theory only works in highly closed off systems.

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A good question and one I honestly don't know enough to comment on beyond speculation... I think that exaggerates just how much wealth America produces but like I said it's not an in depth examination of it.

22.3 trillion dollars last i looked is what americas gdp was.

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Which don't, and never will, exist. Even in a closed system it assumes and requires constant reinvestment and spending and falls apart once rich folk start hoarding money.

Trickle down has literally never, ever worked. Every Republican attempt, the most recent in Kansas - https://www.cbpp.org/research/state-...-side-tax-cuts

Who tried the, "If we give businesses and rich folks more money the economy will go great!"

And the Republican legislature then had to override the governors veto to raise taxes again, as the states economy tanked and they ran out of budget cut options after gutting education and other services.

It's not accurate because it exists only in theory.

The imperial system was the closest to a modern economy in a closed system and it demonstrated well enough how wealth accumulated in the hands of a select few individuals at the expense of both the home nation and the colonies.

The old empires are actualy quite interesting to study from an economics standpoint, people would be surprised to find out just how broke the nations actualy were during that period despite how rich there upper class's were.

[Milchshake]

Breaking: Willard Romney says no to 1.8 Trillion deal.

Romney, the stepfather of the American Poor. He ties the family dog to the car roof, to teach you a lesson about bootstraps.

[Elegiac]

It is but I don't know if it is something that can be practically accomplished. How do you trap the rich into paying for everything when they are the most moblie of any class and can simply leave?

There's a fairly simple solution devised for aristocrats that actively buttress an oppressive system while refusing to pay their fair share, tbh.



The question is why the right wing insists on creating deteriorating social and economic conditions to the point where that actually becomes a likelihood rather than a meme. Did they learn absolutely nothing from Paris in the 1790s?

[Ivanstone]

The question is why the right wing insists on creating deteriorating social and economic conditions to the point where that actually becomes a likelihood rather than a meme. Did they learn absolutely nothing from Paris in the 1790s?

History can not be used to predict future events. Or so I’m told. Closing your eyes and wishing real hard will work some time.

[Felya]

History can not be used to predict future events. Or so I’m told. Closing your eyes and wishing real hard will work some time.

The hard part is figuring out what is being predicted... we have answers, just not the questions.

[Santti]

The question is why the right wing insists on creating deteriorating social and economic conditions to the point where that actually becomes a likelihood rather than a meme. Did they learn absolutely nothing from Paris in the 1790s?

I think we have to start with figuring out where Paris even is.

[Endus]

It is but I don't know if it is something that can be practically accomplished. How do you trap the rich into paying for everything when they are the most moblie of any class and can simply leave?

I just wanted to address this point, because it's absolute bugfuck nonsense.

The wealthy can't just leave. For a whole wide range of reasons.

First, their wealth is generally predicated on their business, which (if they're American) is predicated on the American market. While you can move into another market, there's likely already competitors there who are already entrenched, so you're giving up your advantage in your home market to take a massive risk in a foreign market. This is, basically, just an incredibly stupid idea.

Second, if we're just talking straight cash transfers, those aren't unregulated. And if the nation presumes it may be a problem, they're taxable, too.

Third, if we're talking property, that's either not moveable (real estate), movable (see above re: cash), or already located overseas (and thus not relevant to this discussion).

So you're right; the Waltons could close up every Wal-Mart in America, losing billions in the process, transfer their wealth overseas while paying a tax on it, and leave the country. That would open up the markets in the USA to less-exploitative alternate businesses who will be eager to serve that market, and there'd be a bunch of tax revenue going to the nation as they take their cut. Why is this supposed to be a threat? Why do you think anyone should give a shit about any of this? Wealthy people leaving the nation don't reduce the nation's productivity or the power of their marketplace. It's just fattened ticks falling off the dog.

Hell, if you want to get diabolical, a government could seize enough economic control to deliberately trigger hyperinflation, causing the value of a dollar to drop precipitously. So you've got $400 million in your overseas accounts? That's enough to buy a cup of coffee at most third-tier coffee shops, now. And everyone back home is being paid in the new Megabucks that replaced the old dollar. Or whatever. The idea that cash retains value is a fiction.

[eschatological]

It's very hard for the wealthy to leave America. Full disclosure - I've been looking into it.

America taxes you no matter where you are in the world and where you generate your income, if you're an American citizen. Straight from the IRS website: "If you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside."

There are some deductions you can take, some shuffling you can do, etc, but if you're trying to live legitly abroad, if you set up shop in, say, France, and make 100% of your money in France, but are also an American citizen, you'll not only have to pay tax in France, but also the U.S. This is why lots of rich people put illicit funds in places like the Caribbean and don't even report it.

So, being a citizen abroad is a no-go for most wealthy people.

Secondly, becoming an expatriate is an actual legal status. You have to renounce your American citizenship, and be legal somewhere else (or get asylum status, or something). When you do, you have to pay taxes on every American asset you have, and every American asset you've generated. There are thresholds for when you have to do this, but no wealthy person would fall under them. This threshold is something like $160k a year last I checked. Ironically, if you're a waiter, and you just want to up and move to France and wait more tables, it's likely way easier for you to do so than the Waltons. The relevant info, again from IRS.gov:

"IRC 877A imposes a mark-to-market regime, which generally means that all property of a covered expatriate is deemed sold for its fair market value on the day before the expatriation date. Any gain arising from the deemed sale is taken into account for the tax year of the deemed sale notwithstanding any other provisions of the Code. Any loss from the deemed sale is taken into account for the tax year of the deemed sale to the extent otherwise provided in the Code, except that the wash sale rules of IRC 1091 do not apply."

So basically, even if you're not selling your properties/assets, they're calculated as "sold" and you have to pay taxes on the income from all those sales. So essentially, if the Waltons wanted to expatriate, they'd have pay taxes as if they had to sell every store, their company, their personal properties, etc in a single tax year. This can be reduced by up to $680k for inflation, but that's more to cover people at the lower end of the threshold (which starts at $160k income for the last 5 years, or $2m net worth).

[postman1782]

Pelosi is the one who is preventing a deal from being reached. She seriously needs to be removed from Congress. She's been there way too long and it's corrupted her beyond redemption.

Wrong, drive by poster. They passed a bill over 4 months ago.

[Zan15]

Pelosi is the one who is preventing a deal from being reached. She seriously needs to be removed from Congress. She's been there way too long and it's corrupted her beyond redemption.

Yup all pelosi....

https://www.washingtonpost.com/us-po...imulus-pelosi/

McConnell warns White House against making stimulus deal as Pelosi and Mnuchin inch closer
GOP leader suggests Democrats are not negotiating in good faith and could disrupt Supreme Court nomination

Senate Majority Leader Mitch McConnell (R-Ky.) revealed that he has warned the White House not to strike an agreement with House Speaker Nancy Pelosi before the Nov. 3 election.

[Milchshake]

Looks like McConnell has been strangling relief bills with his bare hands. Probably as training for strangling kittens.



From

[Edge-]

Looks like McConnell has been strangling relief bills with his bare hands. Probably as training for strangling kittens.



From

I mean, he's probably on blood thinners as he's getting up there in age. My father bruises like a peach if you barely touch him nowadays.

But like...what the fuck? My dad's an active guy that spends a lot of time working on his old cars, but I've never seen anything like his whole hand looking like he'd stuck it in a damned vice and didn't stop cranking it.

[Felya]

I mean, he's probably on blood thinners as he's getting up there in age. My father bruises like a peach if you barely touch him nowadays.

But like...what the fuck? My dad's an active guy that spends a lot of time working on his old cars, but I've never seen anything like his whole hand looking like he'd stuck it in a damned vice and didn't stop cranking it.

If we were QAnon the replies would be so much more fun... lol

Logic and reason!? Not as fun...

[Ihavewaffles]

Somehow McConnell has held onto power since stating open contempt for the working class since the 2008 crisis.
And then they follow through on that hatred.

After an ambitious expansion of the safety net in the spring saved millions of people from poverty, the aid is now largely exhausted and poverty has returned to levels higher than before the coronavirus crisis, two new studies have found.

The number of poor people has grown by eight million since May, according to researchers at Columbia University, after falling by four million at the pandemic’s start as a result of a $2 trillion emergency package known as the Cares Act.

Using a different definition of poverty, researchers from the University of Chicago and Notre Dame found that poverty has grown by six million people in the past three months, with circumstances worsening most for Black people and children.

Significantly, the studies differ on the most recent month: While the Columbia model shows an improvement in September, the Chicago and Notre Dame analysts found poverty continued to grow.

“These numbers are very concerning,” said Bruce D. Meyer, an economist at the University of Chicago and an author of the study. “They tell us people are having a lot more trouble paying their bills, paying their rent, putting food on the table.”

The recent rise in poverty has occurred despite an improving job market, an indiction that the economy has been rebounding too slowly to offset the lost benefits. The Democratic House has twice passed multitrillion-dollar packages to provide more help and to stimulate the economy, but members of a divided Republican Senate, questioning the cost and necessity, have proposed smaller plans. President Trump has alternately demanded that Congress “go big” before the elections and canceled negotiations.

That Republicans are willing to lose the Senate and the presidency rather than stop people from descending into poverty says all you need to know about this party.

Ur blaming mcconell for democratic run cities n states, lol? No 3 trillion package would have been suggested by democrats had they been in the driver's seat. This is just filibuster to prevent a reasonable number that won't destroy the economy to bring heat on the election.

What a dangerous stupid game

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There's a fairly simple solution devised for aristocrats that actively buttress an oppressive system while refusing to pay their fair share, tbh.



The question is why the right wing insists on creating deteriorating social and economic conditions to the point where that actually becomes a likelihood rather than a meme. Did they learn absolutely nothing from Paris in the 1790s?

The rich pay more in total taxes in one year than you will ever earn in your long jealous life.

Biden plan to tax them 62% just ensures they'll vote trump n help his campaign.

[draynay]

The rich pay more in total taxes in one year than you will ever earn in your long jealous life.

I'm pretty sure I've made more than $750.

[postman1782]

Ur blaming mcconell for democratic run cities n states, lol? No 3 trillion package would have been suggested by democrats had they been in the driver's seat. This is just filibuster to prevent a reasonable number that won't destroy the economy to bring heat on the election.

What a dangerous stupid game

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The rich pay more in total taxes in one year than you will ever earn in your long jealous life.

Biden plan to tax them 62% just ensures they'll vote trump n help his campaign.

So, you don't know what marginal tax rates are, thanks for letting us know.

[Ihavewaffles]

So, you don't know what marginal tax rates are, thanks for letting us know.

I think your reading is way off

[postman1782]

I think your reading is way off

Nope, I think it was pretty spot on.

[JohnBrown1917]

Ur blaming mcconell for democratic run cities n states, lol? No 3 trillion package would have been suggested by democrats had they been in the driver's seat. This is just filibuster to prevent a reasonable number that won't destroy the economy to bring heat on the election.

What a dangerous stupid game

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The rich pay more in total taxes in one year than you will ever earn in your long jealous life.

Biden plan to tax them 62% just ensures they'll vote trump n help his campaign.

Yeah, fuck the poor becease we need rich people to vote for us!

[Belize]

Nope, I think it was pretty spot on.

TBF Trump isn't rich, so using him as an example of paying more taxes than the rich is poor form.