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Fifty Years of Tax Cuts for Rich Didn’t Trickle Down, Study Says

https://www.bloomberg.com/news...ckle-down-study-says

Tax cuts for rich people breed inequality without providing much of a boon to anyone else, according to a study of the advanced world that could add to the case for the wealthy to bear more of the cost of the coronavirus pandemic.

The paper, by David Hope of the London School of Economics and Julian Limberg of King’s College London, found that such measures over the last 50 years only really benefited the individuals who were directly affected, and did little to promote jobs or growth.
“Policy makers shouldn’t worry that raising taxes on the rich to fund the financial costs of the pandemic will harm their economies,” Hope said in an interview.
That will be comforting news to U.K. Chancellor of the Exchequer Rishi Sunak, whose hopes of repairing the country’s virus-battered public finances may rest on his ability to increase taxes, possibly on capital gains -- a levy that might disproportionately impact higher-earning individuals.
 

It would also suggest the economy could weather a one-off 5% tax on wealth suggested for Britain last week by the Wealth Tax Commission, which would affect about 8 million residents.

The authors applied an analysis amalgamating a range of levies on income, capital and assets in 18 OECD countries, including the U.S. and U.K., over the past half century.

Their findings published Wednesday counter arguments, often made in the U.S., that policies which appear to disproportionately aid richer individuals eventually feed through to the rest of the economy. The timespan of the paper ends in 2015, but Hope says such an analysis would also apply to President Donald Trump’s tax cut enacted in 2017.

“Our research suggests such policies don’t deliver the sort of trickle-down effects that proponents have claimed,” Hope said.

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Scores Of Private Charitable Foundations Got Paycheck Protection Program Money

https://www.npr.org/2020/12/16...ection-program-money

Scores of private charitable foundations, set up by some of the nation's wealthiest people, received money from the federal government's Paycheck Protection Program, which was created last spring to save jobs at small businesses as the coronavirus tanked the economy.

NPR has identified at least 120 foundations that collectively received more than $7.5 million in PPP funding. That's a small slice of the overall program, which disbursed about a half-trillion dollars, but some of the foundations are linked to individuals of considerable means: an oil magnate, a cable television tycoon, a dermatologist called the father of modern hair transplantation, and an aviation entrepreneur who founded companies with annual sales of more than a billion dollars.

Recipients also include the Walt Disney Family Foundation, the foundation of late celebrity photographer Robert Mapplethorpe and a foundation affiliated with multibillionaire investor Warren Buffett.

Private foundations appear to have been eligible for PPP funding because many of them have employees, and the program's purpose was to protect jobs. But some nonprofit experts questioned the public perception of monied foundations, which have tax-exempt nonprofit status, being subsidized by U.S. taxpayers when they could have tapped their own assets to cover expenses.

Nearly 8 million Americans have fallen into poverty since the summer

https://www.msn.com/en-us/mone...e-summer/ar-BB1bYePI

The U.S. poverty rate has surged over the past five months, with 7.8 million Americans falling into poverty, the latest indication of how deeply many are struggling after government aid dwindled.

The poverty rate jumped to 11.7 percent in November, up 2.4 percentage points since June, according to new data released Wednesday by researchers at the University of Chicago and the University of Notre Dame.

While overall poverty levels are low by historical standards, the increase in poverty this year has been swift. It is the biggest jump in a single year since the government began tracking poverty 60 years ago. It is nearly double the next-largest rise, which occurred in 1979-1980 during the oil crisis, according to James X. Sullivan, a professor at Notre Dame, and Bruce D. Meyer, a professor at the University of Chicago’s Harris School of Public Policy.

Millions of Americans are heading into the holidays unemployed and over $5,000 behind on rent

Sullivan and Meyer created a Covid-19 Income and Poverty Dashboard to track how many Americans are falling below the poverty line during this deep recession. The federal poverty line is $26,200 for a family of four.

The economists say the sharp rise in poverty is occurring for two reasons: Millions of people cannot find jobs, and government aid for the unemployed has declined sharply since the summer. The average unemployment payment was more than $900 a week from late March through the end of July, but it fell to about $300 a week in August, making it harder for the unemployed to pay their bills.

“We’ve seen a continual rise in poverty every month since June,” said Sullivan.

Congress is debating whether to pass additional stimulus. Many economists and business leaders say more aid is needed as the economic recovery stalls and many families and small businesses struggle to stay afloat.

Let me get this straight.  You accuse me of being anti American and you support a man that keeps trying to steal an election and might even go even further to try to stay in power.  And you call taxes evil. How do you expect govt. services to be paid for? Do we just keep in adding the cost to the debt?  You support a man that is just to the right of Hitler.  Many of Adolf Trumps supporters are calling for Adolf to declare martial law and force another election.  I wonder do you support that as well? You my friend are a funny kind of American.

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