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Millionaires Who Want Taxes Raised on Rich Protest in Front of Bezos Home, DC Locations on Tax Day

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The Group ‘Patriotic Millionaires’ are protesting on the May 17th tax deadline, asking the rich to pay more taxes. In particular, the group will be stopping in front of Amazon CEO Jeff Bezos’ homes to demand he “Cut the bull****. Tax the rich.”

Leaders of the Patriotic Millionaires club, whose members state annual incomes of over $1 million or assets worth over $5 million, told CNBC they are organizing a group of 30 protesters. “The group plans to launch its Tax Day campaign on Monday and includes mobile billboards that will make stops in front of Bezos’ homes in New York and Washington” reports CNBC.

The mobile billboards will also be staked by the group in front of Senate Minority Leader Mitch McConnell’s Washington home and offices of Senate Majority Leader Chuck Schumer in NYC, as well as other DC locations “including the Chamber of Commerce, Business Roundtable, Heritage Foundation, Democratic National Committee, Americans for Tax Reform, the IRS and former President Donald Trump’s Old Post Office hotel.”

Progressives want “the rich” to continue to pay higher and higher taxes, in addition to Biden and Democratic lawmakers moving to raise taxes on corporations and individuals making over $400,000 annually to help pay for his controversial $2 trillion infrastructure plan.

Erica Payne, founder and president of Patriotic Millionaires told CNBC Friday “Jeff Bezos is the poster child for the total idiocy of the country’s tax code.” She says Bezos’ extreme wealth means he should be paying more in taxes and brought up Bezos is reportedly building a roughly 417-foot yacht that will cost upwards of $500 million.

CNBC reports the Patriotic Millionaires support Senator Elizabeth Warren’s ultra-millionaires tax plan, which would put a 2% annual tax on wealth over $50 million, rising to 3% for wealth over $1 billion.

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1 Comment

1 Comment

  1. Clyde Alexander

    May 19, 2021 at 12:50 pm

    I agree if Joe Biden, Nancy Pelosy, Aoc, and all these congressmen/women, senators want to raise taxes on the rich time for them to start paying up themselves
    ,

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Economy

Inflation Spiked 7% Past Year, Highest Since 1982

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With a 7% spike from last year, inflation has increased at its fastest pace in 40 years. On Wednesday, the labor department reported its measure of inflation “that excludes volatile food and gas prices jumped 5.5% in December, the fastest such increase since 1991. Inflation rose 0.5% overall from November, down from 0.8% the previous month” reports the Associated Press.

National Review reports “the consumer price index, a major inflation gauge, for all items surged 0.5 percent for the month and 7.0 percent for the last twelve months ending in December, representing the largest annual spike since June 1982, when inflation hit 7.1 percent.”

Housing prices and used cars and trucks contributed the most weight to the all items surge. But prices for cars, gas, food and furniture all rose sharply as part of a rapid recovery from the pandemic recession, “that was fueled by vast infusions of government aid and emergency intervention by the Fed, which slashed interest rates.”

Federal Reserve Chair Jerome Powell testified before the Senate Committee on Banking, Housing, and Urban Affairs Tuesday, warning monetary policy is constrained in its power to curb inflation by the current “era of persistently low interest rates.” Ordinarily, the Fed can hike rates to slow down an overheating economy.

“Recovering from the pandemic, the economy has rebounded well but a bit too fast for many moving parts to catch up to, Powell noted, as supply chains still struggle to meet demand across consumer sectors, resulting in inventory shortages on store shelves and prolonged shipping delays” reports National Review.

“The economy has rapidly gained strength despite the ongoing pandemic, giving rise to persistent supply and demand imbalances and bottlenecks, and thus to elevated inflation. We know that high inflation exacts a toll, particularly for those less able to meet the higher costs of essentials like food, housing, and transportation,” said Powell.

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Economy

Federal Debt Equals Roughly $287,859 Per Income-Tax-Paying Household

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National Debt Clock

The Biden administration wants to increase any taxes they can get their grubby hands-on, and CNS News explains why: because they need it. In an analysis, CNS writes about how as Congress “worked in recent days to increase the legal limit on the federal debt, the Treasury kept that debt artificially frozen at approximately $28.9 trillion, where it stood at the beginning of this week.”

With the limit lifted, the federal debt will increase, “then keep steadily climbing, constantly increasing the burden on future taxpayers.” Here’s the analysis:

In 2018, according to the last complete annual report on individual income tax returns published by the Internal Revenue Service, there were 100,424,240 households in the United States that filed what the IRS calls a “taxable return.” “The taxable and nontaxable classification of a return for this report is determined by the presence of ‘total income tax,'” explained the IRS.

“‘Total income tax,'” it said, “was the sum of income tax after credits.”

In other words, the 100,424,240 households that filed a “taxable return” in 2018 actually paid income taxes to the federal government.

If you divide the $28,908,004,857,445 in debt that the federal government owed before the debt limit was liftedby the 100,424,240 American households that paid net income taxes in 2018, it works out to approximately $287,859 per income-tax-paying household.

In order to understand the magnitude of what this means, CNS compares numbers to 1989:

The year that President Ronald Reagan left office, there were 89,178,355 income-tax-paying households in the United States, according to the IRS. At the end of January that year, the federal debt was $2,697,957,000,000.

That means the federal debt then equaled approximately $30,253 per income-tax-paying household.

Even when the January 1989 federal debt of $30,253 per income-tax-paying household is adjusted into November 2021 dollars (using the Bureau of Labor Statistics inflation calculator), it equals only approximately $69,437.

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