The only way to steer American democracy to safety is to wrest money out of the claws of the wealthiest elites, who now control finances rivaling the economies of whole nations.

By Sonali Kolhatkar

As we count down toward the 2024 general election, we should expect to hear from media pundits about candidates and their viability, swing states and the electoral college, likely voters and poll results, and much more. Occasionally we may hear about some issues of importance. Most likely, we will hear little about the urgent need for wealth redistribution in the United States. Extreme inequality remains an invisible scourge underlying so much of what ails society and, even when discussed, is touted as an unavoidable and inevitable outcome of our economy.

However, there is abundant evidence that wealth inequality is the product of intentional design and the idea that what is good for billionaires is good for society. Nothing could be further from the truth.

The Switzerland-based global bank UBS just released its 2023 Billionaire Ambitions report and concluded, “For the first time in nine editions of the report, billionaires have accumulated more wealth through inheritance than entrepreneurship.” Benjamin Cavalli, Head of Strategic Clients at UBS Global Wealth Management said, “This is a theme we expect to see more of over the next 20 years, as more than 1,000 billionaires pass an estimated [$5.2 trillion] to their children.”

That’s more than the economy of the entire United Kingdom. It’s more than the economies of Canada and Mexico combined.

The UBS report was not a critical one and hardly blinked an eye about the obscenity of wealth being hoarded in dynasties. About half of all billionaires around the world use UBS’s banking services, so the bank merely analyzed the investment habits of its most important clients. It did so candidly, referring to “the great wealth transfer” from one generation to the next, avoiding mention of the wealth transfer from the majority of the public to an elite minority.

The report also declared with pride that intent on “continuing the current family legacy, 60% of heirs want to enable future generations to benefit from their wealth.” Of course, they meant future generations of their own families, not in general.

But this wealth transfer is directly the result of tax codes written to benefit the uber-rich. ProPublica’s 2021 analysis of the tax returns of the richest Americans found that they paid an average of 3.4% in taxes, employing armies of lawyers to exploit every loophole carved out to offer special advantages to wealthy elites. Meanwhile, middle-class and working-class Americans pay double-digit tax rates. What this amounts to is collective theft from government revenues.

It’s time to reverse this trend by resorting to a concerted project of wealth redistribution. It’s time to wrest billions, if not trillions, out of the hands of billionaires and their heirs and pour it back where it belongs: to the rest of us.

Call it socialism—which is what the pro-rich rightwing GOP does—or call it progressive taxation, or economic justice. It doesn’t matter; the nation’s fiscal conservatives will demonize any ideas of wealth redistribution and will attempt to instill baseless fears of creeping communism, no matter what specific language we use around fairness. So, we might as well start spelling it out instead of trying to appease the right. After all, there’s a reason why conservatives and wealthy elites want the public to be afraid of socialism: they’re terrified that Americans might be thrilled to embrace policies such as wealth redistribution through taxation.

And if we need any more reasons to put a bullseye on billionaire wealth, it turns out they are vicious, dangerous fascists, whose children are an even more callous lot than their parents.

Billionaires don’t need the protections that democracy offers: earned benefits like Social Security or Medicare, access to free or affordable health care including abortion, labor and wage protections, and due process (they can buy the best legal help when they get in trouble).

In fact, democracy is a threat to their wealth hoarding, which is why they are backing the most dangerous demagogue to have ever occupied the White House: Donald Trump. Economic analyst and former U.S. Labor Secretary Robert Reich lists the numerous billionaires backing Trump for a second term and cites Trump’s promise to wealthy elites, that he plans to “root out the communists, Marxists, fascists and the radical-left thugs that live like vermin within the confines of our country.” Wealthy elites helped bring us Trump’s first term, and they’re itching for a second.

Why wouldn’t billionaires back fascism? It benefits them in ways democracy doesn’t. Indeed, billionaires exist as a design flaw in democracy. The greater the number of billionaires and the greater the wealth they hoard, the weaker the democracy that binds them.

Legislation like Senator Ron Wyden’s Billionaire Income Tax is what they fear if democracy trumps fascism. Wyden’s bill is so modest that it doesn’t target wealth, only income, and would affect fewer than 1,000 Americans, trimming off tiny slivers of their unprecedented hoardings, leaving them as fabulously wealthy as before. After all, is there a real difference between being worth $10 billion versus $9.9 billion?

As to the children of billionaires being worse than their parents, there is a small mention in the UBS report of how heirs of billionaires are far less philanthropic than first-generation billionaires: “while more than [two-thirds] (68%) of first-generation billionaires stated that following their philanthropic goals and making an impact on the world was a main objective of their legacy, less than a third (32%) of the inheriting generations did so.” One could conclude that empathy among children of the ultra-wealthy drops by half each generation. This could be a generation even more determined to fund and fuel fascism in order to protect their riches compared to their parents.

The wealthy are so secure in the protections they have from democratic curbs on their financial power that their biggest worries, as per the UBS report, include “geopolitical tensions,” inflation, recession, and higher interest rates. Fears around a “tight jobs market” and “stricter sustainability rules,” fall low on their list. In other words, they feel secure against threats of wage rebellions and government regulations.

And so, as we hurtle toward authoritarian aristocracy, we must normalize the idea of wealth redistribution. There is no good reason against it, not a single one. We can have either billionaires or democracy, not both.

Author Bio: Sonali Kolhatkar is an award-winning multimedia journalist. She is the founder, host, and executive producer of “Rising Up With Sonali,” a weekly television and radio show that airs on Free Speech TV and Pacifica stations. Her most recent book is Rising Up: The Power of Narrative in Pursuing Racial Justice (City Lights Books, 2023). She is a writing fellow for the Economy for All project at the Independent Media Institute and the racial justice and civil liberties editor at Yes! Magazine. She serves as the co-director of the nonprofit solidarity organization the Afghan Women’s Mission and is a co-author of Bleeding Afghanistan. She also sits on the board of directors of Justice Action Center, an immigrant rights organization.

This article was produced by Economy for All, a project of the Independent Media Institute.

A fight over extending provisions of Trump’s tax cuts is at stake in November’s election. Ultimately, the race is about money.

By Sonali Kolhatkar

There are many issues on the line this election year but one that gets little attention is former President Donald Trump’s 2017 tax reform law that cut taxes on the wealthiest Americans and corporations. The Tax Cuts and Jobs Act permanently reduced the tax rate for big corporations from an already-low 35 percent to a ridiculously minuscule 21 percent. It also lowered tax rates for the wealthiest people from nearly 40 percent to 37 percent. Several provisions of that law are set to expire in 2025, making this November’s Congressional and Presidential elections particularly critical to issues of economic fairness and justice.

A few months after Trump signed the bill, he boasted, “We have the biggest tax cut in history, bigger than the Reagan tax cut. Bigger than any tax cut.” It became a common refrain for him when touting his achievements. But, Trump, who was known for breaking all records on lying to the public while in office, conflated many different facts to come up with a positive-sounding falsehood in a nation already primed by the likes of Ronald Reagan and Bill Clinton to view taxation as anathema. Trump’s tax cuts as a whole were the eighth largest in history. But his corporate tax cut was in fact the single largest reduction ever in that category.

Wealthy corporations have for years lobbied for and won so many carve-outs and loopholes to the U.S. tax system, and hidden so much money in offshore tax havens that their pre-2017 effective tax rates were already far lower than the official rates. Then, Trump lowered them even more. Imagine telling the American public that you are responsible specifically for the biggest tax cuts to the biggest corporations in U.S. history. It wasn’t a good look. And so, he lied, saying that he signed history’s biggest tax cut overall.

In the simplest terms, taxes are a way to pool collective resources so we can have the things we all need for safety and security. Progressive taxation is when wealthier individuals (and corporations) are taxed at higher-than-average rates because the richer one is, the less excess money one needs beyond one’s basic necessities. Progressive taxation ensures that wealth inequality doesn’t spiral out of control and helps ensure money that’s being sucked upwards, gets redistributed downward. When wealthy elites pay fewer taxes, they are effectively stealing from the public.

Since the cuts have been in place, many studies have attempted to assess their impact on the U.S. economy. The Center on Budget and Policy Priorities concluded in a March 2024 report that “[t]ogether with the 2001 and 2003 tax cuts enacted under President Bush (most of which were made permanent in 2012), [Trump’s] law has severely eroded our country’s revenue base.”

Trump’s law accelerated the draining of our collective revenues to fund the things we need. Even the fiscally conservative Peter G. Peterson Foundation concluded that, as a result of Trump’s law, “The United States collects fewer revenues from corporations, relative to the size of the economy, than most other advanced countries.”

Trump’s tax cuts were quite literally regressive, rewarding the already rich. A 2021 ProPublica report found that just one last-minute provision to the bill demanded by Senator Ron Johnson (R-WI) for so-called pass-through corporations benefited a handful of the wealthiest people in the nation: “just 82 ultrawealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows.” It only cost about $20 million in bribes to Johnson (i.e., donations to the Senator’s reelection campaign) to enact this windfall.

It’s no wonder that the rich were thrilled with Trump’s presidency and that his virulent white supremacy and fascist leanings were not deal breakers.

It’s also unsurprising that wealthy elites are backing a second term for Trump. They want an extension of those tax bill provisions that are expiring in 2025, and perhaps an even bigger tax cut, if they can get it. If those provisions are left to expire, people making more than $400,000 a year—the top 2 percent of earners—will see an increase in taxation in 2025.

This is a demographic that is already prone to tax cheating given the IRS’s recent announcement that 125,000 Americans making between $400,000 and $1 million a year have simply refused to file taxes since 2017.

If the GOP wins control of the Senate and the House of Representatives this fall, and if Trump beats President Joe Biden, those cuts will become permanent. A GOP sweep in November will also usher in a new wave of threats to people of color, LGBTQ people, especially transgender communities, labor rights, and reproductive justice, as well as an escalation to the already-dire Israeli genocide in Gaza that Biden is fueling. It’s hard to believe but many Americans seem to have forgotten the horrors of 2016 to 2020.

But, at its heart, this election will be about money, for it will take a lot of money to fund the GOP’s reelection campaigns in order for moneyed forces to ensure they retain control of more money—democracy, justice, and equity be damned.

For Trump, this is even more important given his legal challenges. He’s relying on small-dollar donations from his base to cover his mounting legal fees and has had to post a $91 million bond to cover the fines he faces from a defamation lawsuit by E. Jean Carroll. The more desperate Trump gets in his bid to secure the White House, the more willing he and his party will be to sell the nation to the highest bidder. And, he will lie to the public by conflating tax cuts for the rich with tax cuts for all.

We ought to think of tax cuts in terms of public revenue theft. When the wealthy win lowered taxes, they are stealing money from the American public as a whole. As per the U.S. Senate Budget Committee, permanently extending Trump’s tax cuts will result in a loss of $3.5 trillion in revenues through the year 2033. That’s highway robbery.

There are many issues on the line this election year but one that gets little attention is former President Donald Trump’s 2017 tax reform law that cut taxes on the wealthiest Americans and corporations. The Tax Cuts and Jobs Act permanently reduced the tax rate for big corporations from an already-low 35 percent to a ridiculously minuscule 21 percent. It also lowered tax rates for the wealthiest people from nearly 40 percent to 37 percent. Several provisions of that law are set to expire in 2025, making this November’s Congressional and Presidential elections particularly critical to issues of economic fairness and justice.

A few months after Trump signed the bill, he boasted, “We have the biggest tax cut in history, bigger than the Reagan tax cut. Bigger than any tax cut.” It became a common refrain for him when touting his achievements. But, Trump, who was known for breaking all records on lying to the public while in office, conflated many different facts to come up with a positive-sounding falsehood in a nation already primed by the likes of Ronald Reagan and Bill Clinton to view taxation as anathema. Trump’s tax cuts as a whole were the eighth largest in history. But his corporate tax cut was in fact the single largest reduction ever in that category.

Wealthy corporations have for years lobbied for and won so many carve-outs and loopholes to the U.S. tax system, and hidden so much money in offshore tax havens that their pre-2017 effective tax rates were already far lower than the official rates. Then, Trump lowered them even more. Imagine telling the American public that you are responsible specifically for the biggest tax cuts to the biggest corporations in U.S. history. It wasn’t a good look. And so, he lied, saying that he signed history’s biggest tax cut overall.

In the simplest terms, taxes are a way to pool collective resources so we can have the things we all need for safety and security. Progressive taxation is when wealthier individuals (and corporations) are taxed at higher-than-average rates because the richer one is, the less excess money one needs beyond one’s basic necessities. Progressive taxation ensures that wealth inequality doesn’t spiral out of control and helps ensure money that’s being sucked upwards, gets redistributed downward. When wealthy elites pay fewer taxes, they are effectively stealing from the public.

Since the cuts have been in place, many studies have attempted to assess their impact on the U.S. economy. The Center on Budget and Policy Priorities concluded in a March 2024 report that “[t]ogether with the 2001 and 2003 tax cuts enacted under President Bush (most of which were made permanent in 2012), [Trump’s] law has severely eroded our country’s revenue base.”

Trump’s law accelerated the draining of our collective revenues to fund the things we need. Even the fiscally conservative Peter G. Peterson Foundation concluded that, as a result of Trump’s law, “The United States collects fewer revenues from corporations, relative to the size of the economy, than most other advanced countries.”

Trump’s tax cuts were quite literally regressive, rewarding the already rich. A 2021 ProPublica report found that just one last-minute provision to the bill demanded by Senator Ron Johnson (R-WI) for so-called pass-through corporations benefited a handful of the wealthiest people in the nation: “just 82 ultrawealthy households collectively walked away with more than $1 billion in total savings, an analysis of confidential tax records shows.” It only cost about $20 million in bribes to Johnson (i.e., donations to the Senator’s reelection campaign) to enact this windfall.

It’s no wonder that the rich were thrilled with Trump’s presidency and that his virulent white supremacy and fascist leanings were not deal breakers.

It’s also unsurprising that wealthy elites are backing a second term for Trump. They want an extension of those tax bill provisions that are expiring in 2025, and perhaps an even bigger tax cut, if they can get it. If those provisions are left to expire, people making more than $400,000 a year—the top 2 percent of earners—will see an increase in taxation in 2025.

This is a demographic that is already prone to tax cheating given the IRS’s recent announcement that 125,000 Americans making between $400,000 and $1 million a year have simply refused to file taxes since 2017.

If the GOP wins control of the Senate and the House of Representatives this fall, and if Trump beats President Joe Biden, those cuts will become permanent. A GOP sweep in November will also usher in a new wave of threats to people of color, LGBTQ people, especially transgender communities, labor rights, and reproductive justice, as well as an escalation to the already-dire Israeli genocide in Gaza that Biden is fueling. It’s hard to believe but many Americans seem to have forgotten the horrors of 2016 to 2020.

But, at its heart, this election will be about money, for it will take a lot of money to fund the GOP’s reelection campaigns in order for moneyed forces to ensure they retain control of more money—democracy, justice, and equity be damned.

For Trump, this is even more important given his legal challenges. He’s relying on small-dollar donations from his base to cover his mounting legal fees and has had to post a $91 million bond to cover the fines he faces from a defamation lawsuit by E. Jean Carroll. The more desperate Trump gets in his bid to secure the White House, the more willing he and his party will be to sell the nation to the highest bidder. And, he will lie to the public by conflating tax cuts for the rich with tax cuts for all.

We ought to think of tax cuts in terms of public revenue theft. When the wealthy win lowered taxes, they are stealing money from the American public as a whole. As per the U.S. Senate Budget Committee, permanently extending Trump’s tax cuts will result in a loss of $3.5 trillion in revenues through the year 2033. That’s highway robbery.

Author Bio: Sonali Kolhatkar is an award-winning multimedia journalist. She is the founder, host, and executive producer of “Rising Up With Sonali,” a weekly television and radio show that airs on Free Speech TV and Pacifica stations. Her most recent book is Rising Up: The Power of Narrative in Pursuing Racial Justice (City Lights Books, 2023). She is a writing fellow for the Economy for All project at the Independent Media Institute and the racial justice and civil liberties editor at Yes! Magazine. She serves as the co-director of the nonprofit solidarity organization the Afghan Women’s Mission and is a co-author of Bleeding Afghanistan. She also sits on the board of directors of Justice Action Center, an immigrant rights organization.

 This article was produced by Economy for All, a project of the Independent Media Institute.

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We got caught up in a disaster named "Milton".  As it turned out, we were so much more fortunate than thousands of other people.  Our damages were not life-threatening and are repairable.  Our water supply is OK.  Our power was not off for more than a few hours.  What we did experience at both the hotel to which we evacuated and back at our home base has been NO INTERNET and NO TV!  We have been going bonkers without these staples of modern life!

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On a personal note - I don't think I realized how much I enjoy what I do until I was deprived of the ability to do it.  It is hard work but it is also very gratifying.

                          “Badass women are not afraid to speak truth to power.”

By Greg Palast

Palast’s latest film is Vigilantes Inc., America’s New Vote Suppression Hitmen, narrated by Rosario Dawson and Produced by Martin Sheen, George DiCaprio and Maria Florio (Oscar, Best Documentary). 

Stream it for free
 

Put it in your calendar:  MAGA militants will riot on December 11.
This time, you won’t have to wait for January 6.
Why is December 11 the new January 6? 

All Electoral College votes from every state are then tossed out.  Under the 12^th Amendment, the President will be chosen by a vote of the states—one vote per state.  That means that South Dakota gets one vote, California gets one vote and DC gets no vote at all.  As Republicans control 26 state delegations, Trump wins.  Hail to the Thief!

Say what?  A new law has empowered Georgia’s State Election Board, controlled by MAGA extremists, to reject any county’s results.  This is scary: the Board already voted a resolution saying that, in 2020, they would not have certified the vote in Fulton County.  That’s Atlanta.  If even one county is not certified, then the Governor is not allowed to certify any Electors to the Electoral College.  In that case, Harris loses Georgia’s 16 Electoral votes, possibly pushing her below the 270 threshold.  Then America gets dragged into the 12th Amendment swamp. In swing state North Carolina, the GOP-controlled legislature voted a similar non-certification law, though it’s been held up by a federal court, subject to appeal. There are likely to be other Republican governors who may hesitate to certify the vote if their Capitol is on fire on December 11, especially if Trump is calling for blood.  You think he won’t? Ali Alexander, founder of the Trump front group “Stop the Steal,” along with Alex Jones, was Trump’s designated leader of the illegal march on the Capitol on January 6, 2020.  But weeks before, on November 19, Alexander led a mob outside the Georgia Governor’s mansion in Atlanta.  Our cameraman Zach D. Roberts, filmed Alexander shouting through a bullhorn,  “Unless they give us Trump, we’re going to light the whole shit on fire!” This time, threats could become deeds—and not just in Atlanta.  Look for well-planned “spontaneous” riots in swing state capitals won by Harris.  Roberts, who goes undercover inside the violent Right, tells me, “They looked at January 6 as a victory.  It’s practice.”  He explains that the uber-Right knows how to create mayhem, especially where the police are secretly (or not so secretly) sympathetic, even in cahoots, with the insurrectionists. In our film, Vigilantes Inc.: America’s New Vote Suppression Hitmen, we’ve warned that MAGA fanatics have already this year challenged the right of 851,000 voters to have their ballots counted, overwhelmingly voters of color.  That’s enough for them, if their challenges are rejected, to cry, “VOTER FRAUD!” – and physically prevent the Electoral certification process. We should have paid attention.  The Electors who are certified by a Governor must meet in their Capitols by December 17th, another chance for mayhem, a chance to stop the Electors from casting their ballots.  Anything which delays their vote can disqualify a state’s Electoral votes which, in a close election, condemns us to 12th Amendment hell. This is a whole lot of complex law involving parts of the Constitution you didn’t study in civics class—because we never thought we’d have a group of dedicated fascists (and that’s a polite description) who would use violence to twist the Constitution into a weapon to destroy democracy. Can’t happen?  As historian Dr. Stan Deaton explains in Vigilantes Inc., in 1876, a never-before used codicil of the Constitution disqualified one Democratic Electoral College member, allowing the Ku Klux Klan Democrats of the South to join forces with Republican industrialists to win the Presidency for the Republican candidate, Rutherford B. Hayes, though the Republican had actually lost both the popular and Electoral College votes.  Riots can and have elected our President.  Recall the “Brooks Brothers riot” of 2000? On November 22, 2000, election officials were trying to complete the count of ballots in Miami-Dade County. Democrat Al Gore was racking up the votes in Miami when a Republican Congressmen John E. Sweeney, joining the mob inside the Elections office, gave the signal to, “Shut it down!”  Suddenly, the well-dressed rioters began to smash up the voting office.  In fear for their lives, officials halted the vote count. But there was something odd about these rioters.  As the Wall Street Journal, of all papers, reported, the rioters were, “50-year-old white lawyers with cell phones in Hermès ties,” Republican Party staffers, guys in Brooks Brothers suits.  This “spontaneous” riot was organized in advance for the GOP by convicted felon Roger Stone.  And it worked.  Florida’s Republican Secretary of State Katherine Harris stopped the count in Miami and statewide, declaring Bush the victor by just 537 votes.  Had the riot not stopped the Miami-Dade count, Al Gore would have been elected President.   The GOP and MAGA Right know this:  riots work.  And if there a few dead bodies along the way, including the corpse of our Body Politic, hey, don’t say I didn’t warn you.   Help us warn America. We are raising funds for free community showings and an education campaign in battleground states—the prime targets of the vigilantes.

VOTE BLUE NO MATTER WHO.