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Stephanie Kelton
@StephanieKelton
, 3 tweets, 2 min read Read on Twitter
There are other ways to argue for higher marginal tax rates on the 16k or so wealthiest Americans. One that isn't about "maximizing revenue." vox.com/policy-and-pol…
This is one way
Another is to say, “OK, one’s ecological footprint is mostly determined by one’s wealth, so we are going to tax the rich as part of a multi-pronged approach to dealing with climate change." So it's not about "raising revenue" but impacting behavior/outcomes.
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More from @StephanieKelton see all

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Stephanie Kelton
@StephanieKelton
The entire point of MMT/Functional Finance is to balance the risks of accelerating inflation against the benefits of full employment. It is about analyzing resource constraints (ex ante) and *avoiding* stimulus beyond those limits.
The budgeting process itself must take into account capacity constraints. If you're writing about MMT and complaining it will be hard to raise taxes to fight *ex post* inflation, you're assuming into existence a problem that MMT/Functional Finance explicitly combats *ex ante*.
There are plenty of ways to tackle inflation, should it accelerate, but you also have to know what's driving it. You can't just assume that the source of any future inflation problem will be the result of excessive budget deficits.
Read 5 tweets
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Stephanie Kelton
@StephanieKelton
#PayGo in simple terms:
Means the government must demonstrate that it will *subtract* a 💵 from the economy for every 💵 it intends to *add*.
Why on 🌎 would we want a rule to prohibit *net* 💵 contributions to the economy?
Without #PAYGO, Congress is free to put more 💵 into the economy than it subtracts away. That money could rebuild infrastructure, fund cancer research, etc. We call it “deficit spending,” which is unfortunate. B/c it all becomes part of the financial surplus *outside* government.
The relevant questions are: (1) Why is that 💵 being spent—i.e. does the spending improve the human condition? & (2) Who ends up with the 💵 surplus—i.e. are you exacerbating or reversing inequality? All deficits improve *someone’s* balance sheet. Ask why and for whom.
Read 3 tweets
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Stephanie Kelton
@StephanieKelton
If you can't bring yourself to reject Thatcher's dictum, maybe you're not all that progressive.
Me rejecting Thatcher's dictum and explaining how public money works.
“There is public money.”
Go ahead. Say it.
Read 4 tweets

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Amanda Marcotte
@AmandaMarcotte
vox.com/policy-and-pol… I don’t think conservative leaders are confused about how marginal tax rates work. They’re just lying. Still, your Fox News watching relatives are probably confused, so give them this explainer.
A simple way to explain it to your Fox grandpa: Say the 70% tax rate kicks in at one million dollars, and it’s 30% before that. You make one million and one dollar. Only the one dollar is taxed at 70%. The rest is taxed at 30%.
To be clear, Fox News grandpa will probably kick and scream and declare you’re lying when you tell the truth. But a small fraction of people really are confused. And the rest are going to have a harder time gulping down lies if you keep pressing, politely but firmly, the truth.
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Julian Sanchez
@normative
One thing I haven’t seen stressed enough about the crank arguments on 14th Amendment “jurisdiction” is that they’re incoherent on their own terms. If you take them seriously, they wouldn’t just affect children of unauthorized immigrants. vox.com/policy-and-pol…
The claim is that “under the jurisdiction” doesn’t mean what it seems to on an ordinary language reading (“subject to the laws of...”) but only applies to children under the “complete” jurisdiction of the U.S., lacking any (presumably inherited) allegiance to any other state.
But on that theory, why would it exclude only children of “illegal immigrants” (a category that didn’t really exist when the 14th Amendment was ratified)? Why not non-citizen legal permanent residents and dual nationals also?
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Amanda Marcotte
@AmandaMarcotte
vox.com/policy-and-pol… I’ve been offline, so I hope people are pointing out that this means Donald Trump’s Russian collusion is now a verified fact.
Whether it rises to the level of illegal criminal conspiracy remains an open question. But we know three things for a fact: 1) Trump knew Russia was trying to hack Democrats. 2) He issued orders to go after Clinton directly. 3) They obeyed. That is is collusion, period.
But honestly, the fact that he ever said in the first place is something people should take very seriously. The fact that they obeyed indisputably makes it collusion. But the fact that he said it meant it was always attempted collusion.
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Brian Rahmer
@brianrahmer
We are dying younger, in part, because of deliberate policy choices made over decades:
• Rejecting universal health care.
• Cutting taxes for the rich.
• Shunning income support.
• Abandoning universal child care.

Those choices increasingly set us apart in the world. #SDoH
“...any man’s death diminishes me,
because I am involved in mankind.
And therefore never send to know for whom the bell tolls; it tolls for thee.”
#SDoH #Interdependence #PEoH theincidentaleconomist.com/wordpress/us-l…
“We are the wealthiest nation on earth, but far from the healthiest, and things are getting worse, not better.” #SDoH #PEoH #HiAP #IRoS statnews.com/2018/01/04/lif…
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Ben Wikler
@benwikler
🚨TAX BILL RED ALERT🚨
Republicans think they can rip us off without a fight.
They're wrong.
THREAD: how we'll beat the GOP tax scam—and what YOU can do. RT to fuel the uprising, & follow along...
The House votes 🚨THIS THURSDAY🚨 on the GOP's mega tax giveaway to corporations & the ultrarich. All hands on deck needed NOW.

Thread table o contents:
1. Inside the GOP's hideous tax scam
2. Arc of the fight
3. How to fight back
1. INSIDE THE GOP's HIDEOUS TAX PLAN
36 million. That's the number to remember. 36 million middle class families get slammed with a tax HIKE to give huge corporations a massive giveaway. Again, House vote THIS THURSDAY.
Read 7 tweets
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Kurt Eichenwald
@kurteichenwald
Another idiot hurting ppl by citing a Bible he doesn't read. He is referring to 2 Chronicles. There, God is...vox.com/policy-and-pol…
...speaking to Solomon about a newly dedicated Temple. This is about God's covenant with Israel and the Jews. He is saying, despite the...
...existence of the Temple, if the Jewish ppl disobey the covenant by "worshipping and serving" other Gods, then he will rain down....
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