History’s greatest daylight robbery

Public Citizen tweeted:

Wealth of 400 richest Americans:

2009: $1.27T
10: $1.37T
11: $1.5T
12: $1.7T
13: $2T
14: $2.3T
15: $2.3T
16: $2.4T
17: $2.7T
18: $2.9T
19: $3T

Federal Minimum Wage:

2009: $7.25
10: $7.25
11: $7.25
12: $7.25
13: $7.25
14: $7.25
15: $7.25
16: $7.25
17: $7.25
18: $7.25
19: $7.25

Yeah, the wealth of the 400 richest families more than doubled in ten years. This isn’t about the rich amassing more money. This is about making sure the poor stay poor.

Kimberly Adams of NPR’s Marketplace and Jesse Drucker of the New York Times reported that the 2017 GOP tax cut law was so hastily written that it is full of holes. These aren’t necessarily loopholes that we frequently hear about. These are cases where the law didn’t specify everything and the IRS has to come up with rules and regulations to make it all work.

Not surprisingly, corporate lobbyists watched that rulemaking process closely and lobbied to shape them to corporations’ advantage. When the feedback on new rules is 99% from corporations it is hard not to bend to their desires, especially with the nasty guy is the boss. But it means collecting hundreds of billions of dollars less than the law projected.

Mark Sumner of Daily Kos wrote about the effect of those 2017 GOP tax cuts and those IRS rules. He calls it “history’s greatest daylight robbery.”

The result is a budget deficit that has jumped over 50% since Trump took office—a deficit that will top $1 trillion in 2020.
…
It won’t be until after the election that Republican leaders will determine that, sadly, something must be done about America’s new sea of red ink. By destroying Social Security, Medicare, and every program intended to help the poor.