this post was submitted on 06 Jan 2024

1000 points (98.4% liked)

News

35749 readers

1954 users here now

Welcome to the News community!

Rules:

1. Be civil

Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.

2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.

Obvious biased sources will be removed at the mods’ discretion. Supporting links can be added in comments or posted separately but not to the post body. Sources may be checked for reliability using Wikipedia, MBFC, AdFontes, GroundNews, etc.

3. No bots, spam or self-promotion.

Only approved bots, which follow the guidelines for bots set by the instance, are allowed.

4. Post titles should be the same as the article used as source. Clickbait titles may be removed.

Posts which titles don’t match the source may be removed. If the site changed their headline, we may ask you to update the post title. Clickbait titles use hyperbolic language and do not accurately describe the article content. When necessary, post titles may be edited, clearly marked with [brackets], but may never be used to editorialize or comment on the content.

5. Only recent news is allowed.

Posts must be news from the most recent 30 days.

6. All posts must be news articles.

No opinion pieces, Listicles, editorials, videos, blogs, press releases, or celebrity gossip will be allowed. All posts will be judged on a case-by-case basis. Mods may use discretion to pre-approve videos or press releases from highly credible sources that provide unique, newsworthy content not available or possible in another format.

7. No duplicate posts.

If an article has already been posted, it will be removed. Different articles reporting on the same subject are permitted. If the post that matches your post is very old, we refer you to rule 5.

8. Misinformation is prohibited.

Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.

9. No link shorteners or news aggregators.

All posts must link to original article sources. You may include archival links in the post description. News aggregators such as Yahoo, Google, Hacker News, etc. should be avoided in favor of the original source link. Newswire services such as AP, Reuters, or AFP, are frequently republished and may be shared from other credible sources.

10. Don't copy entire article in your post body

For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 2 years ago

MODERATORS

JonsJava@lemmy.world

gedaliyah@lemmy.world

little_cow@lemmy.world

1000

Billionaires are hoarding trillions in untaxed wealth. They want the Supreme Court to keep it that way (www.rollingstone.com)

submitted 2 years ago by MicroWave@lemmy.world to c/news@lemmy.world

98 comments fedilink hide all child comments

A new report from Americans for Tax Fairness found that America’s richest families accumulated $8.5 trillion in untaxed capital gains in 2022

America’s wealthiest families held an astounding $8.5 trillion in untaxed profits in 2022. According to a report from the nonprofit Americans for Tax Fairness, which analyzed Federal Reserve data, “one in every six dollars (18 percent of the nation’s unrealized gains is held by these roughly 64,000 ultra-wealthy households, who make up less than 0.05 percent of the population.” The report comes as the Supreme Court gears up to decide a case that could preemptively block any efforts to tax the wealth of billionaires.

The data looks at “quiet” income generated by “centi-millionaires,” Americans holding at least $100 million in wealth, and billionaires through unrealized capital gains. Those gains accumulate, untaxed, as assets and investments like stocks, real estate, bonds, and other investments increase in value. If those assets are not sold — or “realized” — they are not taxed, yet America’s wealthiest families can leverage that on-paper value increase to secure favorable loans with low-interest rates in lieu of using taxable income to finance their lifestyle.

“Of the $139 trillion in America’s national wealth, almost three-quarters (73 percent) is held by the richest 10 percent of households, over one-third (35 percent) by the richest 1 percent, and an astounding 11 percent — $15.2 trillion — is held by the handful of fortunate households that make up the billionaire and centi-millionaire class,” the report says. “The wealthiest 1 percent of households hold 44 percent of national unrealized gains ($21.2 trillion), with billionaires and centi-millionaires alone controlling 18 percent ($8.5 trillion).”

you are viewing a single comment's thread
view the rest of the comments

[+] EatATaco@lemm.ee -7 points 2 years ago (1 children)

This has always been the case. 3 co branches of government. The fact that you hadn't heard it much is probably either a case of you paying more attention, or it getting more attention.

But yes, republicans have politicized the court, so it's even more divisive now.

[–] Norgur@kbin.social 12 points 2 years ago (2 children)

The feeling I get is more that the famous checks and balances ceased to work and the supreme court is the branch getting the most power from this breakdown.

[+] EatATaco@lemm.ee -10 points 2 years ago (2 children)

Not really because Congress can remove them from office if they get out of line. While I've certainly disagreed with many rulings, I can't find any that I think are really out of line or some gross abuse of power.

[–] Brokkr@lemmy.world 12 points 2 years ago (1 children)

There are lots of them, especially in the last 10 years. A few more if you include Scalia's tenure. The most recent of them is the "major question doctrine". This idea, invented by the current court, allows the court to change any law whenever the court decides that they don't like the current law and they think it's important enough. There is no justification in the constitution or in prior case law for such a power to be granted to the court.

[–] EatATaco@lemm.ee -3 points 2 years ago (1 children)

Any actual example?

[–] Asafum@feddit.nl 1 points 2 years ago

Bush v Gore? It's my understanding that the SCOTUS decided to take the case on their own without being asked, put a stay on the recount, then said there wasn't enough time to count because of they stay they put. They also said essentially that because counties in Florida didn't have a unified system for deciding how voting is done that they went against an equal protections law im forgetting the exact name of, completely ignoring that this is how it's done all over the country so if it's the case in Florida that it was incorrect then that means every single state has the same issue.

Didn't matter to them, they got to stop the recount just when Bush has the slightest lead.

I mean then there's citizens united... Corporations have the same rights as people??