#Billionaires paid lower tax rate than working class for first time in US

[jobrny]

US Billionaires Pay Lower Tax Rate Than Working Class for First Time

Control over America by the 1 percent is complete, courtesy of the two-party system: An analysis published Friday by the renowned economist Gabriel Zucman shows that in 2018, U.S. billionaires paid a lower effective tax rate than working-class Americans for the first time in the nation’s history, a data point that sparked a new flurry of calls for bold levies on the ultra-rich. Taxes on…

[mongowheelie]

'Absurd!': US billionaires pay lower tax rate than working class for first time - Alternet.org

[mybreakingnews]

Billionaires paid lower tax rate than working class for first time in US history: study https://ift.tt/2LYrSUp

[mostlysignssomeportents]

Taxes are for the little people

If you wanna do crimes, make them incredibly complicated and technical. Like the hustlers that came into the bookstore I worked at and spun these long-ass stories about why they needed money for a Greyhound ticket home.

Those guys shoulda studied the private equity sector.

Private equity's playbook is to borrow giant sums by putting up other peoples' companies as collateral (yes, really). Then they use that money to buy the company they mortgaged, and pay themselves a huge dividend.

Then they sell off the company's assets and pay themselves even more money. That leaves the company in a state of precarity - assets they once owned, like their buildings, they now rent. If the rent goes up, they have to find the money to cover it.

All of this forms a pretense for mass layoffs, defaulting on pension obligations, lowering product quality, stiffing suppliers and borrowing more money. If the company doesn't go bust, the PE looters can flip it to *another* PE company, that does it again.

Whenever you see something really terrible happening to a business that once offered useful products and services and paid decent wages, it's a safe bet that PE is behind it. Toys R Us, Sears, your local hospital - and that memestock favorite, AMC.

https://pluralistic.net/2020/04/12/mammon-worshippers/#silver-lake-partners

Private equity goons make their money in two ways: the first is by pocketing 20% of  these special dividends and other extractive policies that hollow out business.

This is money at PE managers get paid for spending their investors' money. It's a wage, in other words.

But thanks to the "carried interest" loophole (a hangover from 16th-century sea captains that has nothing to do with "interest" on loans), they get to treat these wages as "capital gains" and pay far less tax on them.

The fact that we give preferential tax treatment to capital gains (money derived from gambling), while taxing wages (money derived from doing useful work) at higher rates really tells you everything you need to know about our economic priorities.

https://pluralistic.net/2021/04/29/writers-must-be-paid/#carried-interest

The carried interest loophole lets PE crooks treat their salaries as capital gains, are taxed at a much lower rate than the wages of the workers whose lives they're destroying.

On top of the 20% profit-share that PE bosses get every year, they also pocket a 2% "management fee" for all the "value" they add to the companies they've taken over.

This is *definitely* a wage. The 20% profit-share at least has an element of risk, but that 2% is guaranteed.

But PE bosses have spent more than a decade booking that 2% wage as a capital gain, using a tax-fraud tactic called "fee waivers." The details of how a fee waiver don't matter because it's all bullshit, like the tale of the needful Greyhound ticket.

All that matters is that a legal fiction allows people earning *eight- or nine-figure salaries* to treat *all* of those wages as capital gains and pay lower rates of tax on them than the janitors who clean their toilets or the workers whose jobs they will annihilate.

Now, the IRS knows all about this. Whistleblowers came forward in 2011 to warn them about it. The Treasury even struck a committee to come up with new rules to fix it.

But Obama failed to make those rules stick, and then Trump put a former tax-cheat enabler in charge of redrafting them. The cheater-friendly rules became law on Jan 5, and handed PE bosses hundreds of millions in savings every year.

https://www.nytimes.com/2021/06/12/business/private-equity-taxes.html

The New York Times report on "fee waivers" goes through the rulemaking history, the technical details of the scam, and the gutting of the IRS, which can no longer afford to audit rich people and now makes its quotas by preferentially auditing low earners who can't afford lawyers.

But former securities lawyer Jerri-Lynn Scofield's breakdown of the Times piece on Naked Capitalism really connects the dots:

https://www.nakedcapitalism.com/2021/06/private-inequity-nyt-examines-how-the-private-equity-industry-avoids-taxes.html

As Scofield and Yves Smith point out, if Biden wanted to do one thing for tax justice, he could abolish preferential treatment for capital gains. If we want a society of makers and doers instead of owners and gamblers, we shouldn't penalize wages and reward rents.

There's an especial urgency to this right now. As the PE bosses themselves admit, they went on a buying spree during the pandemic (they call it "saving American businesses"). Larger and larger swathes of the productive economy are going into the PE meat-grinder.

Worse still, the PE industry has revived its most destructive tactic, the "club deal," whereby PE firms collaborate to take out whole economic sectors in one go:

https://pluralistic.net/2021/05/14/billionaire-class-solidarity/#club-deals

We're at an historic crossroads for tax justice. On the one hand, you have the blockbuster Propublica report on leaked IRS files that revealed that the net tax rate paid by America's billionaires is close to zero.

https://pluralistic.net/2021/06/08/leona-helmsley-was-a-pioneer/#eat-the-rich

This has left the Bootlicker-Industrial Complex in the bizarre position of arguing that anyone who suggests someone who amasses billions of dollars should pay more than $0 in tax is a radical socialist (so far, the go-to tactic is to make performative noises about privacy).

At the same time, the G7 has agreed to an historical tax deal that will see businesses taxed at least 15% on the revenue they make in each country, irrespective of the accounting fictions they use to claim that the profits are being earned in the middle of the Irish Sea.

That deal is historical, but the fact that it's being hailed as curbing corporate power reveals just how distorted our discourse about corporate taxes has become.

As Thomas Piketty writes, self-employed people pay 20-50% tax in countries that will tax the world's wealthiest companies a mere 15%: "For SMEs as well as for the working and middle classes, it is impossible to create a subsidiary to relocate its profits to a tax haven."

Piketty, like Gabriel Zucman, says that EU nations should charge multinationals a minimum of 25%, and like Zucman, he reminds us that the G7 deal does nothing to help the poorest countries in the Global South.

https://www.lemonde.fr/blog/piketty/2021/06/15/the-g7-legalizes-the-right-to-defraud/

These countries and the EU have something in common: they aren't "monetarily sovereign" (that is, they don't issue their own currencies *and* borrow in the currencies they issue).

Sovereign currency issuers (US, UK, Japan, Canada, Australia, etc) don't need to tax in order to pay for programs - first they spend new money into the economy and then they tax it back out again.

https://pluralistic.net/2020/06/10/compton-cowboys/#the-deficit-myth

These countries can run out of stuff to buy in their currency, but they can't run out of the currency itself. Monetarily sovereign countries don't tax to fund their operations.

Rather, they tax to fight inflation (if you spend money into the economy every year but don't take some of it out again through taxation, more and more money will chase the same goods and services and prices will go up).

And just as importantly, monetary sovereigns tax to reduce the spending power - and hence the political power - of the wealthy. The fact that PE bosses had billions of tax-free dollars at their disposal let them spend millions to distort tax policy to legalize fee waivers.

Taxing the money - and hence the power - of wage earners at higher rates than gamblers creates politics that value gambling above work, because gamblers get to spend the winnings they retain on political influence, including campaigns to rig the casino in their favor.

This discredits the whole system, shatters social cohesion and makes it hard to even imagine that we can build a better world - or avert the climate-wracked dystopia on the horizon.

But for Eurozone countries (whose monetary supply is controlled by technocrats at the ECB) and countries of the Global South (whom the IMF has forced into massive debts owed in US dollars, which they can only get by selling their national products), tax is even more urgent.

The US could fund its infrastructure needs just by creating money at the central bank.

EU and post-colonial lands can only fund programs with taxes, so for them, billionaires don't just distort their priorities and corrupt their system - they also starve their societies.

But that doesn't mean that monetary sovereigns can tolerate billionaires and their policy distortions. The UK is monetarily sovereign, in the G7, and its finance minister is briefing to have the City of London's banks exempted from the new tax deal.

https://www.bloomberg.com/news/articles/2021-06-08/u-k-pushes-for-city-of-london-exemption-from-global-tax-deal

Now, the City of London is one of the world's great financial crime-scenes, and its banks are responsible for an appreciable portion of the planet-destabilizing frauds of the past 100 years.

During the Great Financial Crisis AIG used its London subsidiary to commit crimes its US branch couldn't get away with. The City of London was the epicenter of the LIBOR fraud, the Greensill collapse - it's the Zelig of finance crime, the heart of every fraud.

UK Chancellor Rishi Sunak claims banks are already paying high global tax and can't afford to be part of the G7 tax deal. If that was true, it wouldn't change the fact that these banks are too big to jail and anything that shrinks them is a net benefit.

But it's not true.

As the tax justice campaigner  Richard Murphy points out, the risk to banks like Barclays adds up to 0.8% of global turnover: "The big deal is that the 15% global minimum tax rate is much too low. Suinak has yet again spectacularly missed the point."

https://www.taxresearch.org.uk/Blog/2021/06/09/how-big-is-the-tax-hit-on-banks-from-the-g7-tax-deal-that-sunak-fears-really-going-to-be/

Image: Joshua Doubek (modified) https://commons.wikimedia.org/wiki/File:IRS_Sign.JPG

CC BY-SA: https://creativecommons.org/licenses/by-sa/3.0/deed.en

[worthbrunomars]

Bruno Mars Net Worth 2021, Biography, Career, Height, and Assets !

Bruno Mars Net Worth 2021, Biography, Career, Height, and Assets !

Bruno Mars Net Worth and job profits: 

Bruno Mars Net Worth is surely an United states performer-songwriter and file company having a value of $175 zillion. Bruno Mars has appreciated a substantial musical occupation with a large number of attacks.{Buzrush.com} He also routinely functionality around the music of other creative designers, offering fantastic vocals. He is extremely productive in monetary conditions as well, because he has offered over 130 thousands of albums globally. Consequently him one of the greater-promoting makers at any time. Mars possibility to recognition extremely speedily right after his occupation was launched in 2010, now he is accepted as one of the most significant tunes artists worldwide.

Before Day to day life: 

Bruno Mars Net Worth true title is Peter Gene Hernandez, and that he arrived into this world on October 8th of 1985 in Honolulu, Hawaii. Each his father and mother had been basically associated with tracks, and they also happy even though executing in a display with each other. Bruno Mars was open to songs from the young age, and he obtained reputation like a young youngster being an Elvis impersonator. His entire loved ones enjoyed a team jointly, and then he carried out such as a music band affiliate two evenings every week at age group 6. {Buzrush.com} He also experienced a young cameo in "Retreat in Vegas" and was featured on "The Arsenio Hall Show" in a early age.

When Bruno Mars Net Worth was 12, his moms and dads divorced. His daddy experienced not been a wealthy guy, and the person had considered Bruno in addition to his sibling to possess aside from all of those other home. They typically existed in impoverished difficulties on bank account of his father's lowered earnings. During this time period of time, Mars carried on to perform are residing Elvis impersonations, and then also, he manufactured an look inside the music group together with his friends from high school graduation. Mars' sibling at some point appreciated his demo reel to have a company in L . A .. After the maker depicted his fascination with the youthful ability, Bruno Mars moved to La right after graduating high school graduation graduating to pay attention to an profession in tracks.

Profession: 

Following relocating to Los Angeles, Bruno Mars Net Worth used the stage headline "Bruno Mars." "Bruno" was his many years as a child nickname, and therefore he integrated "Mars" to go away from getting stereotyped like a Latin developer. Although a number of document brands, such as Motown, presented fascination about Mars, his profession easily stalled. So that you can generate frontward, Mars begun to focus more details on songwriting and generating. {Buzrush.com} vHe experienced accomplishment creating songs for organization Brandon Creed, who applied one among Mars' songs to get a Latin class. During this time period period of time, Mars also created songs for artists like Adam Levine and composed monitors for organizations just like the Sugababes.

2009 and 2010 had been crucial a long period for Bruno Mars, and then he shattered via soon after supplying on "Almost practically nothing with you" by B.o.B. and "Billionaire" by Travie McCoy. Both these tunes found best rated locations inside the graphs, putting Bruno Mars about the chart initially. He later released his first EP on the heels of this success, entitled "It's Better If You Don't Understand." Down the road throughout 2010, Mars started off work with his very first visual appeal album, "Doo-Wops And Hooligans." The guide individual, "Precisely how you will be," achieved the highest place on charts all over the world. One more person from your album, "Grenade," also came to to highest rated place around the US Billboard Well-liked 100. Once the discharge of this successful very first record, Bruno Mars started out collaborating with many other wonderful-account music artists, like Lil Wayne and Snoop Dogg.

"Unorthodox Jukebox" was an additional productive recording by Bruno Mars if it was released in 2012. It gradually proceeded to supply greater than 6 million duplicates and featured men and women like "Once I Was Your Man or woman." From 2013 to 2014, Bruno Mars toured worldwide and grossed $156.4 zillion during this procedure. In 2014, he headlined the particular Plate halftime illustrate, a component he would consume once more in the foreseeable future. After 2014, Bruno Mars was exhibited on yet another very successful monitor, "Uptown Funk."

Following a small slow downs, Mars' adhering to album, "24K Ponder," was introduced in 2016. This album was effectively-acquired by professionals and showcased keeps track of like "That's Those Things I Like" and "Finesse."{Buzrush.com}  Mars toured once again from 2017 to 2018. This time around, his trip shattered all past records, grossing more than $300 thousands of. In 2020, it completely was declared that Mars was concentrating on a new recording plus a feature motion picture with Walt disney world entire world.

Musical Style: 

Bruno Mars leans heavily on classic elements, and functions in addition to his music group, The Hooligans. Elvis Presley was really a key impact on Mars - specifically in relation to his persona and community perception, as he spent a very long time impersonating the recognized rock and roll and roll superstar. Also, he expended time impersonating Michael Jackson like a young performer, and in addition this story also appreciated a tremendous influence on Mars - specifically when it comes to his vocal type. Despite the fact that Bruno Mars is likely to shift a lot more toward RAndB, he "refuses to pick a lane," with his great albums are often a combination of distinctive types and musical varieties.

Legal aspects: 

Immediately after Bruno Mars possessed launched his very first report, he was arrested in Vegas for ownership of cocaine. He in the future pleaded remorseful and had not been incurred. In swap, Mars pledged to prevent concerns for the season, shell out an outstanding, and complete 200 period of neighborhood services. He in the future discussed he regretted the automobile accident. Bruno Mars has additionally been the topic of various copyright laws legal guidelines legitimate instances, with numerous older bands and brands proclaiming he or she is borrowing also very seriously from collectible tracks. "Uptown Funk" is specially well known in relationship with this, and many grievances from Mars are already produced.

Profits: 

In 2013 alone, bruno Mars earned $38 million before taxes and expenses. Billboard predicted that during 2013, Mars became the 12th-top-paid out out songs performer worldwide. In 2014, he improved using this using a $60 thousand pre-income taxes revenue. Involving June 2016 and June 2017, Mars raked in $40 zillion. Between June 2017 and June 2018, he obtained $100 thousands of. In 2018, {Buzrush.com} Forbes documented that Bruno Mars was the highest-paid out out music performer of 2017. 12 months soon after, he received $50 mil, earning the 54th spot on Forbes set of 100 top rated-compensated celebs.

More Info-

https://www.buzrush.com/bruno-mars-net-worth/ 

https://digitalvisi.com/bruno-mars-net-worth/ 

https://sites.google.com/view/celebrity-bruno-mars-net-worth/home 

[route22ny]

“The moral crisis of poverty amid vast wealth is inseparable from the injustice of systemic racism, ecological devastation, and our militarized war economy.”       by Rev. Dr. William Barber II,  March 30, 2020.  (complete text below)

***

The United States is the wealthiest nation in the history of the world, yet millions of American families have had to set up crowdfunding sites to try to raise money for their loved ones’ medical bills. Millions more can buy unleaded gasoline for their car, but they can’t get unleaded water in their homes. Almost half of America’s workers—whether in Appalachia or Alabama, California or Carolina—work for less than a living wage. And as school buildings in poor communities crumble for lack of investment, America’s billionaires are paying a lower tax rate than the poorest half of households.

This moral crisis is coming to a head as the coronavirus pandemic lays bare America’s deep injustices. While the virus itself does not discriminate, it is the poor and disenfranchised who will experience the most suffering and death. They’re the ones who are least likely to have health care or paid sick leave, and the most likely to lose work hours. And though children appear less vulnerable to the virus than adults, America’s nearly forty million poor and low-income children are at serious risk of losing access to food, shelter, education, and housing in the economic fallout from the pandemic.

The underlying disease, in other words, is poverty, which was killing nearly 700 of us every day in the world’s wealthiest country, long before anyone had heard of COVID-19.

The moral crisis of poverty amid vast wealth is inseparable from the injustice of systemic racism, ecological devastation, and our militarized war economy. It is only a minority rule sustained by voter suppression and gerrymandering that subverts the will of the people. To redeem the soul of America—and survive a pandemic—we must have a moral fusion movement that cuts across race, gender, class, and cultural divides.

The United States has always been a nation at odds with its professed aspirations of equality and justice for all—from the genocide of original inhabitants to slavery to military aggression abroad. But there have been periods in our history when courageous social movements have made significant advances. We must learn from those who’ve gone before us as we strive to build a movement that can tackle today’s injustices—and help all of us survive.

In the aftermath of the Civil War, African Americans who had just escaped slavery joined with white allies to form coalitions that won control of nearly every southern legislature. These Reconstruction-era political alliances enacted new constitutions that advanced moral agendas, including, for the first time, the right to public education.

During the Great Depression, farmers, workers, veterans, and others rose up to demand bold government action to ease the pain of the economic crisis on ordinary Americans. This led to New Deal policies, programs, and public works projects that we still benefit from today, such as Social Security and basic labor protections.

Pushed by these movements, President Franklin Delano Roosevelt even called in 1944 for an economic bill of rights, declaring: “We cannot be content, no matter how high that general standard of living may be, if some fraction of our people—whether it be one-third or one-fifth or one-tenth—is ill-fed, ill-clothed, ill-housed, and insecure.”

During what I like to call the “Second Reconstruction” over the following decades, a coalition of blacks and progressive whites began dismantling the racist Jim Crow laws and won key legislative victories, including the Civil Rights Act, the Voting Rights Act, and the Fair Housing Act.

With each period of advancement has come a formidable backlash. This is how we find ourselves today, in the year 2020, with levels of economic inequality as severe as during the original Gilded Age a century ago. Since the Supreme Court’s 2013 Shelby decision, Americans have had fewer voting rights protections than we did fifty-five years ago, while thanks to the earlier Citizens United ruling, corporations can invest unlimited sums of money to influence elections.

In response to fair tax reforms, the wealthy have used their economic clout to slash their IRS bills, cutting the top marginal income tax rate from more than 90 percent in the 1950s to 37 percent today. In response to the hard-fought wins of the labor movement, corporate lobbyists have rammed through one anti-worker law after another, slashing the share of U.S. workers protected by unions nearly in half, from 20.1 percent in 1983 to just 10.5 percent in 2018.

Decades after Depression-era reforms, Wall Street fought successfully to deregulate the financial system, paving the way for the 2008 financial crash that caused millions to lose their homes and livelihoods. And the ultra-rich and big corporations have also managed to dominate our campaign finance system, making it easier for them to buy off politicians who commit to rigging the rules against the poor and the environment, and to suppress voting rights, making it harder for the poor to fight back.

Our military budgets continue to rise, now grabbing more than fifty-three cents of every discretionary federal dollar to pay for wars abroad and pushing our ability to pay for health care for all, for a Green New Deal, for jobs and education, and infrastructure, further and further away.

In short, the official measure of poverty doesn’t begin to touch the depth and breadth of economic hardship in the world’s wealthiest nation, where 40 percent of us can’t afford a $400 emergency.

The wars that those military budgets fund continue to escalate. They don’t make us safer, and they’ve led to the deaths of thousands of poor people in Afghanistan, Syria, Somalia, and beyond, as well as the displacement of millions of refugees, the destruction of water sources, and the contamination of the environments of whole countries.

The only ones who benefit are the millionaire CEOs of military companies, who are getting richer every year on the more than $350 billion—half the military budget—that goes directly to their corporations. In the meantime 23,000 low-ranking troops earn so little that they and their families qualify for food stamps.

Key to these rollbacks: controlling the narrative about who is poor in America and the world. It is in the interest of the greedy and the powerful to perpetuate myths of deservedness—that they deserve their wealth and power because they are smarter and work harder, while the poor deserve to be poor because they are lazy and intellectually inferior.

It’s also in their interest to perpetuate the myth that the poverty problem has largely been solved and so we needn’t worry about the rich getting richer—even while our real social safety net is full of gaping holes. This myth has been reinforced by our deeply flawed official measurements of poverty and economic hardship.

The way the U.S. government counts who is poor and who is not, frankly, is a sixty-year-old mess that doesn’t tell us what we need to know. It’s an inflation-adjusted measure of the cost of a basket of food in 1955 relative to household income, adjusted for family size—and it’s still the way we measure poverty today.

But this measure doesn’t account for the costs of housing, child care, or health care, much less twenty-first-century needs like internet access or cell phone service. It doesn’t even track the impacts of anti- poverty programs like Medicaid or the earned income tax credit, obscuring the role they play in reducing poverty.

In short, the official measure of poverty doesn’t begin to touch the depth and breadth of economic hardship in the world’s wealthiest nation, where 40 percent of us can’t afford a $400 emergency.

In a report with the Institute for Policy Studies, the Poor People’s Campaign found that nearly 140 million Americans were poor or low-income—including more than a third of white people, 40 percent of Asian people, approximately 60 percent each of indigenous people and black people, and 64 percent of Latinx people. LGBTQ people are also disproportionately affected.

Further, the very condition of being poor in the United States has been criminalized through a system of racial profiling, cash bail, the myth of the Reagan-era “Welfare Queen,” arrests for things such as laying one’s head on a park bench, passing out food to unsheltered people, and extraordinary fines and fees for misdemeanors such as failing to use a turn signal, and simply walking while black or trans.

We are a nation crying out for security, equity, and justice. We need racial equity. We need good jobs. We need quality public education. We need a strong social safety net. We need health care to be understood as a human right for all of us. We need security for people living with disabilities. We need to be a nation that opens our hearts and neighborhoods to immigrants. We need safe and healthy environments where our children can thrive instead of struggling to survive.

With the coronavirus pandemic bringing our country’s equally urgent poverty crisis into stark relief, we cannot simply wait for change. It must come now.

America is an imperfect nation, but we have made important advancements against interconnected injustices in the past.

We can do it again, and we know how. Now is the time to fight for the heart and soul of this democracy.

***

Rev. Dr. William Barber II is a co-chair of the Poor People’s Campaign: A Call for Moral Revival.

Read more by Rev. Dr. William Barber II

Source: https://progressive.org/magazine/real-epidemic-poverty-barber/

Note: the title of this article, and the purpose of this post, is not meant to diminish the seriousness of the coronavirus pandemic in any way.

[thiswaycomessomethingwicked]

Your post on Bernie has me a little confused. Do you consider yourself a strict democrat, leftist, socialist or anything else? To me at least, it seems odd that you dislike Bernie for not being an “actual democrate” when Clinton is pretty right wing.

So I dislike boxes. They’re restrictive. I vote for who I like in terms of policy and who I think will perform best once in office. I’m a democrat, sure. I have leftist ideals but a realistic/pragmatic approach to things. I understand that we all wish to burn things down but that’s not how things work sadly. So let’s be realistic about getting shit done. Guillotine memes don’t feed the starving and they don’t end white supremacy. I’m a uh, let’s call it a north american socialist (no one running is an actual, by the books, definition of socialist, but that’s neither here nor there). 

Since people on this site apparently need to dissect my political beliefs, here you go: 

I believe we should have free healthcare; I believe that university education should be heavily subsidized (free would be great, but let’s start with at least making it subsidized and work from there); I think we should have universal basic income; I believe we should spend more on public infrastructure because our roads and bridges are falling apart; I believe we should have accessible, reliable public transit and an improved public transit network that works at municipal, state and national levels; I believe election days should be national holidays so everyone can vote; I believe gerrymandering is a curse upon our democratic system; I believe that we should spend more on public education at a K-12 level; I believe in subsidized and/or free after school care especially for the economically struggling; I believe we should have stronger anti-hate crime laws; I believe dental and mental health care should be covered anytime we talk about health care coverage; I believe in reparations; I believe we should start our own Truth and Reconciliation process for both slavery and the genocide against the Native Americans; I believe that we should try and address class and wealth disparity but that won’t solve racism, sexism, homophobia etc.; I believe we need electoral reform; I believe we need to do more for climate change but that the Green New Deal is empty in terms of actual things to implement in terms of policy - anyway those who wrote it admitted it was more of an economic plan than a climate one; I believe we need to tax the wealthy including all those pesky millionaires with three houses and wives who were investigated for tax fraud as well as the billionaires — 

I can go on. 

Of those running I currently like Castro, Harris, Warren. I really wish Stacy Abrams was running but she’s not. I think she’d be the best. I’m not a fan of Biden, Sanders, Gabbard (I mean, can we really call her a democrat?), Steyer, Yang. I’m neutral on Mayor Pete, Klobuchar, and Booker. I don’t know if that clarifies anything for you. Also, this is liable to change as we move forward through the primaries. 

And Clinton isn’t right wing. Calling her that continues the lie that she and the GOP are two sides/same coin which isn’t true. It’s a harmful position to perpetuate. There’s been a ton of stuff written on that so I’m not going to put it all in here. But I recommend starting with an analysis of her voting record - it’s on point with Sanders, if that’s your bar, on almost everything with some differences, the notable ones being Iraq (she was for, he was against) and gun control (she is for, he is generally against - his record is really dodgy on that).

I believe all politicians are up for grabs when it comes to legitimate critiques. But there’s a difference in saying “I disagree with her arguments for why she voted for Iraq” and calling her right wing. One is a legitimate critique, the other is hyperbolic and untrue. I also believe in understanding the context of the time in which many policy decisions were made. She, and Sanders, have been in politics for over 20 years. There are going to be decisions made in 1992 that we can look back on and go: Oh boy that was Yikes. But at the time, that wouldn’t have been so clear cut. No one has all the answers. No one is perfect. Purity politics isn’t the solution to our social ills. 

Anyway, some things HRC has supported, or accomplished, includes but is not limited to: 

The ACA - which was huge at the time. I cannot emphasize this enough. It was Ground Breaking. I think younger folk either don’t remember, or aren’t aware, of what a game changer this was. Indeed, it’s because of the ACA that the many Americans are even open to the conversation around medicare for all/any sort of more socialist health coverage. 

On a personal note, as a child of a single, poor working mom in the 90s this is the reason I had any sort of healthcare. Without it, we’d have been fucked. 

This is also one of the things that sent the GOP into a fucking TIZZY about HRC and why they started their 30 year long smear campaign against her which has influenced a lot of the more recent leftist rhetoric on her. 

Indeed, she was an early leader in expanding healthcare coverage in the early 90s and continued to be throughout her career. 

Leadership with SCHIP which which expanded health coverage to millions of lower-income children. 

I know we all wish we could have Instant Health Care For All but small steps is how you get these things. It’s incredibly complicated and difficult to set up health care systems and programs. They’re large, they become unwieldly, they’re expensive to fund, and they’re difficult to pass through congress. It’s useful to be able to point to precedents. 

She founded the Arkansas Advocates for Children and Families

Supported and championed the Violence Against Women Act

Adoption and Safe Families Act (she was a supporter of it and helped champion it through) 

One of the leaders of the development of the Lilly Ledbetter Pay Equity Act 

Supported the Pediatric Research Equity Act - improving health and pharmaceutical access for children 

START treaty - an attempt to begin regulating the amount of nukes Russia and the US have which, even if one wishes we could snap fingers and get rid of them all, one must admit isn’t a bad thing. 

Negotiated ceasefire between Hamas and Israel in 2012 - again, regardless of views on Israel, Hamas and Palestine - having people stop fighting for a time isn’t a bad thing. The hope was it would lead to more productive, long term peace talks etc. but that sadly didn’t pan out. 

Copenhagen Climate Change Accord - one of the chief negotiators 

Etc. etc. she has 25 years of things to list but none of these things are right wing. One can disagree with her foreign policy approach, or think she didn’t push hard enough on health care, or that she came late to the table on LGBTQ issues, but that doesn’t make her right wing. I have right winger-s in the family and they’d all love to see Clinton dead. I know what the right wing looks like and it’s not her. 

Things she supports that make actual, real right wing people (like my great grandfather and my uncle’s sister) hate her: 

She supports and advocates for two weeks of paid family and medical leave at a minimum of 2/3s wage replacement rate 

She supports expanding social security 

You know, she believes in climate change and has worked to reduce carbon emissions, pushed for climate change accords, encouraged renewable energy, and ending tax subsidies for oil companies

clearly things a right wing person would do /sorry sarcasm I just can’t take it too seriously when people call her right wing

She supports immigration reform with full path to citizenship 

She supports the naturalization of around 9 million lawful permanent residents in the United States who are eligible to become U.S. citizens

She’s pro-choice and believes abortion is basic health care

Sorry how do people think she’s right wing again? 

She supports making it illegal for pharmacists to refuse to provide access to emergency contraception

When she was Sec. of State she wanted the US to join the United Nations Convention on the Rights of Persons with Disabilities

She supports the Disability Integration Act, which requires states and insurance companies to provide people with disabilities who need long term care the choice to receive care at home instead of solely in institutions and nursing facilities

She’s obviously pro-gun control and was the first candidate in 2016 to produce an extensive position paper on guns and gun violence

She supports voting rights and advocates for changes in national voter access laws, including automatically registering American citizens to vote at age 18 and mandating 20 days of early voting in all states

She has criticized laws passed by Republican-controlled state legislatures that do not permit student IDs at polling places, place limits on early voting, and eliminate same-day voter registration

She had one of the most thorough mental health care plans that I have ever seen in a presidential nominee. 

It goes on. I again - I don’t get how people can look at this and think her right wing. I sure don’t agree with everything she’s done and every position she’s taken, but she’s not right wing. Good lord my people. 

There’s a lot many people have to thank her for and they’re unaware of it. Tumblr and twitter aren’t ideal places to form and consume political points. 

As a note, I work in the civil service in Canada (am a dual citizen), I’m very familiar with how large socialized programs work and how difficult it is to implement them. There are never any quick and clean solutions. 

And on that note - I’m done for the time being. I hope this answers your question. 

Required civic duty reminder: Everyone vote in the primaries and vote in 2020. Also - no politician is perfect, no politician is going to align 100% with your views and nor should they because you know, we live in a democracy. Do your homework, get off of tumblr and twitter, and make sure you vote! 

[rickmctumbleface]

Welp, the wealthocrats have been talking about 'trickle down' for years. I guess this is what they meant.

[dragoni]

Spoiler: Caused by Trump-Republican tax cuts for the Rich and Corporations #TaxSCAM Trickle Down is really Trickle Up aka #Oligarchy and #Corporatocracy

“the tipping point came in 2017, with the passage of the Tax Cuts and Jobs Act. ...The average effective tax rate paid by the top 0.1 percent of households dropped by 2.5 percentage points.” 

“The Triumph of Injustice,” by economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley, presents a first-of-its kind analysis of Americans’ effective tax rates since the 1960s. It finds that in 2018, the average effective tax rate paid by the richest 400 families in the country was 23 percent, a full percentage point lower than the 24.2 percent rate paid by the bottom half of American households.

“In 1980, by contrast, the 400 richest had an effective tax rate of 47 percent. In 1960, that rate was as high as 56 percent. The effective tax rate paid by the bottom 50 percent, by contrast, has changed little over time.”

The analysis differs from many other published estimates of tax burdens by encompassing the totality of taxes Americans pay: not just federal income taxes but also corporate taxes, as well as taxes paid at the state and local levels. It also includes the burden of about $250 billion of what Saez and Zucman call “indirect taxes,” such as licenses for motor vehicles and businesses.

The focus on the ultrarich is necessary, Saez and Zucman write, because those households control a disproportionate share of the nation’s wealth: 

“The top 400 families have more wealth than the bottom 60 percent of households, while the top 0.1 percent own as much as the bottom 80 percent.”

The top 400 families are a “natural reference point,” Zucman says, because the IRS publishes information on the top 400 taxpayers as a group, and other sources, such as Forbes, track the fortunes of the 400 wealthiest Americans.

When are Americans going to STOP Republicans from giving Tax Cuts and Tax Breaks to the Rich when the facts prove Trickle Down Economics doesn’t work?

Voting Republican guarantees #Kakistocracy “a system of government that is run by the worst, least qualified, and/or most unscrupulous citizens“

Trump Recession is Coming

[intelligentchristianlady]

See previous post also. And remember, if the richest 1% of US citizens paid HALF their wealth in taxes, they would still be the richest 1%.

How much money is enough?

[ncpssm]

Billionaires paid less in taxes than the working class last year for the first time in U.S. history, a study found.

Economists Emmanuel Saez and Gabriel Zucman found in their book-length study "The Triumph of Injustice" that the average tax rate paid by the richest 400 families in the country was lower than the rate paid by the bottom half of American households in 2018, The Washington Post reported.

The wealthiest 400 families had a 23 percent tax rate, compared to the bottom half of households, which had a 24.2 percent tax rate.

The richest 400 families had a 47 percent tax rate in 1980 and a 56 percent tax rate in 1960, while the working class's tax rate has remained relatively stable, according to the Post.

via The Hill.

Related Reading:

The GOP gave tax cuts to the wealthy and big corporations. Not only will the working class suffer because of this but those tax cuts will add over $1.5 trillion in debt.

Please sign our petition by clicking here.

[billehrman]

What Do You Believe?

The global markets continued to advance last week despite the normal twists and turns about trade which will continue until there is certainty one way or another. After listening to Trump at the New York Economics Club last Tuesday, it only reinforced our belief that he will NOT do anything, including trade policy, that would set back the U.S economy and stock market. This is how he gauges his success and is his ace in the hole to get re-elected. The bottom line is that we expect Phase I of a trade deal with China to be completed, any additional tariffs to be postponed, a steepening yield curve and further advances in stock prices.

Let’s review what transpired last week on the four key topics that we are monitoring: monetary policy, trade, Brexit and Trump:

Monetary Policy: Fed Chairman Powell spoke last week to the Joint Economic Committees of Congress stating that he believes the current Fed policy is appropriate and will not likely be changed in the foreseeable future unless there is a major shift in their economic outlook. While that part of his presentation was expected, we were very surprised to hear him mention that low interest rates are here to stay as long as the economy remains on its current path. Interest rates could move lower if economic growth was lower. We have long argued that low interest rates are not transitory therefore the stock market multiple could easily reach/exceed 19 times earnings especially with bank capital/liquidity ratios so high. Remember that the stock market multiple has averaged over 15 times earnings over the last 25 years with interest rates 3 - 600 basis points higher with bank capital/liquidity ratios much, much lower than now. Even if the Fed does not lower its funds rate, don’t forget that the Fed is effectively easing further by buying $60+ billion of Treasury bills per month. The bottom line is that global monetary policy will remain extremely accommodative; low inflation will keep interest rates lower than you may think; and investors will be forced to move further out on the risk curve which is favorable for stocks.

Trade: While we continue to hear that snags remain on completing Phase I of a U.S/China trade deal, we are not surprised as each side will continue to negotiate down to the wire. On the other hand, we hear from top authorities on both sides that a deal is near which is likely as each side needs to complete it. Trump needs one to get reelected and Xi needs one if he intends on achieving his goal for China 2025. The real truth is that the U.S economy can do quite well without a deal, but the Chinese economy will continue to weaken without one. The bottom line is that we do expect Phase I to be completed before December 15th when the next round of tariffs is to go into effect. On another note, Nancy Pelosi commented Thursday that there was a breakthrough in the House and that the trade deal with Canada/Mexico could be passed imminently. That is important and very goods for stocks!

Brexit: As we mentioned last week, it now appears that Johnson may have the vote on December 12th to win the election and control of Parliament. If so, his Brexit deal with the Eurozone should get passed. If not, he will have another 6 weeks to conclude a new deal. Either way, both sides need a deal as their economies, which are already in bad shape, would only tank further.

Trump: Trump has clearly put his economic policy at the center of his 2020 campaign as the numbers are good for sure. A standing President who has had a strong economy in his first terms almost always wins reelection and he knows it. We really doubt that he would shoot himself in the foot by escalating trade tensions with China and the Eurozone. We do expect Phase I to be completed and Trump to push out any thought of auto tariffs against European manufacturers until after elections next year. In addition, we are already hearing about a huge middle/lower class tax cut paid for by closing tax loopholes benefiting only the wealthy; a new health care policy as well as an infrastructure bill to be introduced next year. Trump will do any and everything to get reelected using his power of the Presidency for sure.

We do expect trade deals and aggressive monetary ease to support stronger global economic growth as we move through 2020. Clearly bond investors agree as global rates continue to move up as we anticipated.

What do you believe?

Before we go on, we would like to comment on Elizabeth Warrens misplaced attacks on self-made, philanthropic billionaires. We despise personal attacks especially those that hit below the belt. We can agree to disagree and debate the strengths/weaknesses in any proposals putting personal attacks aside. We do not accept the excuse that this is how politics works.  It is time that this country come together rather than being dominated, at least in the media, by the far right or far left.

Now let’s review the most recent data points by region that support/detract from our view that there is no place like home as the Chinese/Eurozone/Japanese economies continue to weaken.

United States

Virtually all of the economic statistics reported last week support continuing strong consumer demand and fiscal spending which make up over 90% of our economy: retail sales rose a seasonally adjusted 0.3% in October while industrial output weakened 0.8% which was no surprise due the impact of the GM strike; the  core CPI rose only 0.2% and is up 1.8% from a year ago; the PPI fell 0.3%; small business optimism rose to 102.4; and finally the U.S October budget gap widened to $134.5 billion from a year ago which is highly stimulative.

We continue to anticipate that the U.S economy will expand by 2% +/- 0.25% for the foreseeable future without any significant increase in inflation. We were pleased that the GM strike ended which will boost manufacturing and Ford just ratified a new deal with the union.

China

China’s economy continued to weaken as industrial output has risen only 4.7% from a year ago; retail sales have grown only 7.2% compared to an expected 7.8% gain; and fixed-asset investment has slowed to only 5.2% so far this year. Notwithstanding we were not surprised to see Alibaba’s “Singles Day” knocking the ball out of the park with sales increasing to over $38.4 billion worldwide. Jack Ma, the company’s founder, was surprisingly disappointed with the results.

The Chinese economy is continuing to decelerate and badly needs a trade deal to even get close to 6% growth which the government considers a necessity to provide enough jobs to give credence to achieving China 2025 which appears less likely by the day as manufactures shift their supply lines at an accelerating rate. For instance, Ralph Lauren has cut its dependence on Chinese suppliers in half since the beginning of the year.

Eurozone

The European economy is already in a technical recession in our opinion. Just imagine what it means if the strongest country in the region, Germany, grew only 0.1% in the third quarter. No way can Germany reach 0.5% growth for the year which is their current forecast. Can the government hold off much longer using its budget surplus to increase fiscal spending? We doubt it. Clearly the region, like all others, are banking on a U.S/China trade deal to boost their growth rates. But what if there is no trade deal?

Japan

Japan’s growth depends on global trade which is suffering as we all know. It certainly did not help their economy that the government went ahead with increasing the consumer retail tax to 10% on October 1st. The government is hopeful that the U.S and China will sign a trade deal and that the Regional Comprehensive Economic Partnership (RCEP) will be signed early next year with more than a dozen countries in Asia Pacific. Without these trade deals, Japan’s economy will stay stuck in the mud.

Investment Conclusions

Global hope springs eternal that the U.S and China reach an initial trade pact ending the continuing escalating in trade tensions around the world. We do expect one and if so, global growth will improve next year. Clearly the markets agree as evidenced by the sharp rise in interest rates globally as well as higher stock prices.

While we continue to emphasize investing in the U.S as we are less vulnerable if no trade deal is forthcoming. We bought some global industrials, capital goods, machinery and industrial commodity companies; added to technology emphasizing semis as you know and raised our financial exposure that will benefit from a steepening yield curve and acceleration in loan demand. We have increased our retailer exposure here expecting a great Christmas season. Naturally we maintain a number of special situations selling well beneath intrinsic value.   We own no bonds as we the yield curve to continue to steepen and are flat the dollar although we do expect it to fall.

The weekly Investment Committee webinar will be held on November 18th at 8:30 a, Eastern Standard Time. You can join by typing https://zoom.us/j/9179217852 into your browser.

Remember to review all the facts; pause, reflect and consider mindset shifts; look at your asset mix with risk controls; do independent research and…

Invest Accordingly!

Bill Ehrman

Paix et Prospérité LLC

[political-fluffle]

They were billed as a “middle-class miracle” but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history. In 2018 the richest 400 families in the US paid an average effective tax rate of 23% while the bottom half of American households paid a rate of 24.2%, University of California at Berkeley economists Emmanuel Saez and Gabriel Zucman calculate in their new book, The Triumph of Injustice. Taxes on the rich have been falling for decades. In 1960 the 400 richest families paid as much as 56% in taxes, by 1980 the rate had fallen to 40%. But Trump’s tax cuts – his most significant legislative victory – proved a tipping point. Thanks to the controversial tax package the top 0.1% of US households were granted a 2.5% tax cut that pushed their rate below that of the lower 50% of US earners. (…) But the tax cuts have not led to a significant uptick in economic growth, hiring has slowed and wage growth has remained lackluster. In the meantime the national deficit has swollen to $1tn. (…) MAGA economics. Enjoy!

[rawcbwzx-blog]

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[berniesrevolution]

IN THESE TIMES

When I ask Bernie Sanders about the surge of teachers’ strikes that swept the country earlier this year, he perks up, applauding the teachers’ display of working-class power. “The teachers may be the tip of the spear here,” he declares in his heavy Brooklyn accent.

In many ways, the strikes illustrate Sanders’ theory of political change. He has long insisted that the key to moving the country in a more progressive direction is to make ambitious demands and build movements capable of achieving them. Striking teachers in states from West Virginia to Arizona bucked the traditional tried-and-failed mechanisms for obtaining better pay and working conditions, and joined together by the tens of thousands to act. By withholding their labor, they won key demands.

At a time of staggering income inequality and stagnant wages, with unions facing an all-out assault from the Right, the teachers’ strikes have served as a rare bright spot for labor, proving that workers can still take on conservative politicians and their corporate backers. Now, with the Supreme Court’s Janus decision poised to bruise public-sector unions, Sanders is attempting to help revive the U.S. labor movement.

Over the spring, Sanders trekked across the country to stand with low-wage workers at corporations such as Disney and Amazon, spotlighting their efforts to win better treatment on the job. In May, he introduced the Workplace Democracy Act, a sweeping bill that would prevent employers from using certain anti-union tactics, make it easier for workers to unionize, and undo so-called right-to-work laws that drain unions of resources. The bill has secured support from almost a third of Senate Democrats, including prospective 2020 presidential contenders Elizabeth Warren, Kamala Harris and Cory Booker.

In a sprawling interview with In These Times, Sanders discusses how unions can respond to Janus, the fight to move the Democratic Party left, the recent victories of democratic socialist candidates and why he believes the 2018 midterms are the most important of his lifetime.

Why do you see labor issues as a critical rallying point in 2018?

In my view, there is really no way the middle class in this country is going to grow unless we build the trade union movement. Virtually all of the power rests with employers and large corporations. Workers without unions are finding it very difficult to get the kind of wages and benefits that they need.

The statistics are very clear that workers in union companies are earning better wages and have far better benefits than nonunion workers. And the working people in this country know it. In overwhelming numbers, workers want to join unions.

But it is increasingly difficult for them to do so. That is because of the power of employers to intimidate workers, to threaten to move their companies away, and to fire workers who are trying to organize. So it is very, very difficult now for workers to have a union. That has got to change.

You named your bill the Workplace Democracy Act. Why do you think it’s important for workers to be able to practice more democracy on the job?

It’s an issue that we don’t talk about as a nation very much. Millions and millions of people are waking up in the morning and saying, “Oh God, I have to go to work and I hate my job. I feel exploited. I feel powerless. I feel like a cog in a machine.” If we believe in democracy, it’s not just voting every four years, or every two years—it’s about empowering your whole life and having more say in what you do all day.

Workers who are in a union have the ability to have their voices heard and to express their discontent in terms of working conditions. So unions empower ordinary people to have a little bit more control over their lives.

Less than 11 percent of Americans currently belong to unions, and since taking office, the Trump administration has been waging an all-out assault on workers' rights. Yet in recent months, teachers have gone on strike across the country. Polling shows that younger people have a more favorable opinion of unions than older Americans. Are you optimistic about the future of the labor movement?

Yes, I am. With these teachers’ strikes—especially those taking place in so-called conservative states like West Virginia, Kentucky and Oklahoma—teachers have basically said, “Enough is enough.” We have to make sure that our kids get the educations that they need, that we attract good people into the teaching profession. Teachers almost spontaneously stood up and fought back and took on very right-wing legislatures. This was, I think, a very significant step forward.

The teachers may be the tip of the spear here, because you’ve got millions of people watching and saying, “Wait a minute, I work two or three jobs to make a living, 60 hours a week, and can’t afford to send my kids to college. Meanwhile, my employer is making 300 times what I make and he gets a huge tax break.”

I see an anger and a resentment among working families. They want an economy that rewards the work of ordinary people and doesn’t just allow the billionaires to get even richer. That’s what the teachers’ strikes are all about.

In terms of younger people, they’re looking at a nation where technology is exploding, where workers’ productivity has risen, and yet the average young person today has a lower standard of living than his or her parents. Younger people are saying, “What is going on? This is the wealthiest country in the history of the world—why am I still living at home? Why am I struggling to pay off my student debt 10 years after I graduated college? Why can’t I afford healthcare?” I think young people are smart enough to look around and say maybe we need unions to get the kinds of wages and benefits that working people are entitled to.

The Supreme Court’s Janus decision will spread right to work to the public sector nationwide. How can workers respond?

The Workplace Democracy Act would make it illegal for states to pass right-to-work legislation. The people of this country have a right to organize, they have a right to form trade unions, and it is not acceptable that states are denying them that right.

The Janus case is a very significant setback for the union movement. The Right is already trying to mobilize public employees to leave their unions. What we have to do is an enormous amount of organizing and educating to explain to workers: “You think you’re going to save a few bucks by not paying union dues, but in the long run you’re going to be a lot worse off when you don’t have a union negotiating a decent contract for you. If you want the benefits of that contract, you’ve got to pay your fair share of dues.”

Why do you think it’s important to highlight the plight of workers at Disney and Amazon?

In terms of Amazon, the CEO, Jeff Bezos, is the wealthiest person in the world right now. His wealth has increased in the first four months of this year by about $275 million a day. You got that? A day. That sort of astronomical number is hard to believe.

Amazon is doing phenomenally well, and yet you have thousands of employees in Amazon warehouses who are paid wages so low that the average taxpayer in this country has got to subsidize Amazon by providing them food stamps, or Medicaid, or publicly subsidized affordable housing. The taxpayers of this country should not have to subsidize a guy whose wealth is increasing by $275 million every single day. That is obscene and that is absurd. This speaks to the power of the people at the top who use their power to become even richer at the expense of working families.

With Disney, you have a corporation that made $9 billion in profit last year—a very, very profitable company. CEO Bob Iger recently reached an agreement for a $423 million, four-year compensation package. And yet he’s paying the workers in Disneyland—the people in Mickey Mouse and Donald Duck costumes, the people who serve food, the people who collect the tickets and manage the rides—starvation wages. Eighty percent of the workers there make less than $15 an hour.

Living expenses are very high in Anaheim [where Disneyland is]. Many people cannot afford an apartment and are living in their cars. They don’t have enough money for food. So here you have a profitable corporation reaching an extraordinary compensation package for their CEO and paying starvation wages to their workers. These are the kind of issues that need to be highlighted.

Between 1978 and 2017, we've seen the union membership rate in the United States fall by more than half. Over this same period, the Democratic Party has taken a more corporate-oriented turn. In President Obama’s first term, Democrats were criticized for failing to pass the Employee Free Choice Act, which would have enshrined card check, a feature of your bill. Do you think the Democratic Party establishment has been asleep at the wheel on protecting labor rights?

If your question is whether, for too many years, the Democratic Party has been paying more attention to corporate interests than the needs of working people, then the answer is yes. Ultimately, the fight is over the future of the party. The Democratic Party has got to decide, to quote Woody Guthrie, “Which side are you on?” You cannot be on the side of Wall Street and large profitable corporations and very wealthy campaign contributors while you’re claiming to be the party of working people. Nobody believes that. You can’t do both. And right now, the Democratic Party has got to decide which side it is on, and I’m doing everything that I can to make it the party of working people.

We need a party that has the guts to stand up to the 1% and to represent working families. I think it’s the right thing to do, and from a public policy point of view, I think it will make this a much better country—to put policies in place that end our high level of poverty, to address the fact that we’re the only major country not to guarantee healthcare, that we’re not being as strong as we should on climate change; that we haven’t made public colleges and universities tuition-free. Those are all ideas that will improve life in the United States of America. They’re also great political ideas.

You have worn the mantle of democratic socialist throughout your political career. Today we’re seeing socialism increase in popularity among younger people, and democratic socialists are winning local primaries and elections in states such as New York, Virginia, Pennsylvania and Montana. What do you think this shift means?

Our opponents can say, “Oh, democratic socialist, it’s radical, it’s fringe-y, it’s crazy.” But when you go issue by issue and you ask the American people what they think, they say, “Yeah, that makes sense.” For example, should the United States join every other major country and guarantee healthcare for all by moving toward Medicare for All? Is that a radical idea? No. Because healthcare is a right, not a privilege. Young people say, “Yeah, of course. That should be a right, yeah. My grandma is on Medicare, she likes it. Why can’t I get it?” Not a radical idea.

Today, in many respects, a college degree is as valuable as a high school degree was 50 years ago. So, when we talk about public education, it should be about making public colleges and universities tuition-free. Is that a radical idea? I don’t think so.

At a time when you have three people, including Jeff Bezos, who own more wealth than the bottom 50 percent of the American people, is it a radical idea to say that we should significantly raise taxes on the very wealthy and large profitable corporations? Not a radical idea. Rebuilding our infrastructure, creating millions of jobs. Not a radical idea. Immigration reform. Criminal justice reform. The vast majority of the American people support both those ideas.

We are managing to get these ideas out there. The ideas are catching on. And to young people especially, they make sense.

You recently introduced a Medicare for All bill with a historic number of co-sponsors. Why do you think so many Democrats are now jumping on board with universal, single-payer healthcare?

The overwhelming majority of Democratic voters now support Medicare for All. So if I'm running for office and I see a poll that shows that 70 or 80 percent of people say that we should have Medicare for All, I don't have to be the bravest guy in the room to say I think I'm going to make that part of my program.

And by the way, you've got many Republicans today who benefit from Medicare, and their sons and daughters are saying, “My dad has Medicare; I'd like it as well.” So you have the majority of Americans and the overwhelming majority of Democrats now supporting it, so for many candidates it simply becomes common sense and good politics.

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