Share this page!

Greg Sargent Profile picture
Twitter logo
27 Oct, 4 tweets, 3 min read
Elon Musk's absurd opposition to the billionaires tax shows exactly why we need it. Billionaires like him have benefited from policy choices that helped them build huge fortunes. One is the privileging of wealth, which this new tax would target. My latest:
washingtonpost.com/opinions/2021/…
The billionaires tax is being widely treated as just a stopgap revenue raiser. But this is all wrong. It would fix flaws in the tax code that are themselves glaring problems. This would have real benefits beyond revenues.

I went through the details here:

washingtonpost.com/opinions/2021/… ImageImage
Musk says with billionaires tax, govt will blow revenues, and once they "run out" they will "come for you."

But Musk benefited hugely from govt subsidies.

Investing in entrepreneurs like Musk = GOOD AND VISIONARY.

Investing in children = BAD TAKING:

washingtonpost.com/opinions/2021/… ImageImage
Musk's frame is all wrong. Not only did his glorious multiplanetary entrepreneurial visions benefit from extensive government help; the megarich have benefited as as class from a whole series of *policy choices* channeling income, wealth and rents upward:

washingtonpost.com/opinions/2021/… ImageImage

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Greg Sargent

Greg Sargent Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @ThePlumLineGS

Greg Sargent Profile picture
28 Oct
The White House's new framework is out:

*$555 billion on climate
*CTC extended a year
*Corporate and global min tax
*Universal pre-K
*Child care funding
*Expanded ACA subsidies, including Medicaid in red states

Tons of new reporting/analysis here:
washingtonpost.com/opinions/2021/…
A few key nuggets. On taxes, we lost billionaires tax and hikes in corporate/top income rates.

BUT:

New surcharge on $5 million and up
Corporate/global minimum tax
Stock buyback tax
IRS/tax cheats

And we may be able to surmise Sinema might be on board:
washingtonpost.com/opinions/2021/… ImageImage
An important point:

Progressives are still insisting on a reconciliation bill text before any vote on infrastructure, a senior Dem aide tells me.

Predicts up to 50 progressives could vote no if leadership tries to hold an infrastructure vote:

washingtonpost.com/opinions/2021/… Image
Read 5 tweets
Greg Sargent Profile picture
26 Oct
Awful: Manchin is again shrinking climate provisions. This could weaken US leadership at the global climate conference. This, even as a new AP poll finds 55% of Americans support action. The malapportioned Senate is the bane of our existence. My latest:
washingtonpost.com/opinions/2021/…
A new quote from Manchin captures why we're in trouble.

"I’m totally out of sync with 48 other Democrats,” he said. "I’m just trying to survive in a very, very divided Congress in a very divided country."

This seems harmless. But it isn't.

Here's why.

washingtonpost.com/opinions/2021/…
Yes, Manchin is smack in the middle of a "divided Congress."

But he is NOT smack in the middle of our "divided country."

He is both right of center of public opinion *and* able to decide all alone what the majority party passes.

That's the problem:

washingtonpost.com/opinions/2021/…
Read 6 tweets
Greg Sargent Profile picture
25 Oct
Poor JD Vance. He' getting hammered by $1 million in ads reviving his past attacks on Trump. Vance is desperately atoning by claiming to be the real heir to Trump's populist legacy, as if GOP voters care more about that than about Trump himself. My latest:
washingtonpost.com/opinions/2021/…
JD Vance is running a campaign saturated in performative anti-cosmopolitan posturing and demagoguery about cultural liberalism and critical race theory.

He wants to tax corporations for standing up for the voting rights of African Americans.

Populism!

washingtonpost.com/opinions/2021/…
While JD Vance and right wing populists demagogue about CRT and woke globalist corporations, Dems are on verge of:

*delivering big boost to millions of struggling red state families

*cracking down on elite tax cheats and multinational tax avoidance

washingtonpost.com/opinions/2021/…
Read 5 tweets
Greg Sargent Profile picture
22 Oct
In last 24 hours:

* We learn Kevin McCarthy is using Sopranos-style threats against Liz Cheney amid 1/6 probe

* Virtually every House GOPer votes to protect 1/6 architect Bannon

How far from here to a GOP House subverting the 2024 election?

My latest:
washingtonpost.com/opinions/2021/…
One of Kevin McCarthy's henchmen delivered a threat about Liz Cheney that would shock a Sopranos scriptwriter.

McCarthy also threatened private companies that comply with the 1/6 committee.

"This is how democracies get into trouble," @dziblatt tells me:

washingtonpost.com/opinions/2021/… ImageImage
@dziblatt For governments to function amid deep disagreements between major players, they evolve shared understandings.

For instance, executive privilege claims against oversight typically result in negotiated settlements.

Trump/Bannon are destroying this norm:

washingtonpost.com/opinions/2021/… ImageImageImage
Read 6 tweets
Greg Sargent Profile picture
21 Oct
Kyrsten Sinema's effort to block some of Biden's tax hikes will likely be great news for the 1 percent. It would benefit a large swath of wealthy investors, capital owners and well-heeled professionals. A tax expert walked me through the appalling details:
washingtonpost.com/opinions/2021/…
Sinema reportedly opposes hiking corporate/top income tax rates.

Key: The corporate hikes would hit shareholders. So not doing that plus not raising top income rates would largely benefit the 1 percent.

Tax Policy Center's Steve Rosenthal explains here:

washingtonpost.com/opinions/2021/…
Sinema opposes various hikes in top income tax rates. Adds up to 100s of billions over 10 years.

Expert tells me:

“Individual rate increases would fall on law firms partners, hedge fund managers, private equity investors and other high earners."

More:

washingtonpost.com/opinions/2021/…
Read 5 tweets
Greg Sargent Profile picture
13 Oct
If Trump cronies defy subpoenas related to 1/6, they should be referred to DOJ. At stake is whether the right will get away with making immunity from accountability the price of civic peace.

@RepRaskin tells me DOJ must act to preserve our democracy:

washingtonpost.com/opinions/2021/…
@RepRaskin Dems on the 1/6 committee are being remarkably aggressive in pushing the Justice Department to enforce its subpoenas.

“People are held in criminal contempt all of the time...for disobeying subpoenas and not showing up in court,” @RepRaskin tells me:

washingtonpost.com/opinions/2021/…
@RepRaskin Again and again, Trump and his GOP allies have dangled the tacit threat of violence as the penalty for any effort at accountability.

At bottom, this is an effort to bully us into granting total immunity to right wing bad-acting as the price of peace:

washingtonpost.com/opinions/2021/…
Read 5 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

Like this author's thread?

Get emails when @ThePlumLineGS has new unrolls!

Check out other threads from @ThePlumLineGS!

Read all threads by @ThePlumLineGS

:(