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1 Nov, 4 tweets, 1 min read
Fun fact: Elon Musk is worth more than all the new money planned for roads and bridges over 8 years in the bipartisan U.S. infrastructure plan.
New money for roads, bridges etc: ~$110B
Elon Musk net worth: >$311B
Elon Musk is worth more than General Motors + Ford + VW *combined*

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Steven Dennis Profile picture
7 Nov
Some of the ways wealthy people shield their wealth are going untouched in the BBB bill so far: Never-realized gains, depreciation of appreciating real estate, 1031 provision that allows selling real estate without realizing gains, stepped-up basis at death, etc.
World's richest person is running a Twitter poll today on whether he should decide to realize some gains and therefore pay some taxes, or continue to not realize those gains and not pay taxes (which is perfectly legal under our system).
"Realize" is kind of a figurative term here, because billionaires can realize those gains in other ways by pledging a small portion of their wealth as collateral for low-interest loans for walking around money or for capital to start new companies.
Read 6 tweets
Steven Dennis Profile picture
7 Nov
Let's break down the cost of the $550B Biden infrastructure combo platter bill in a way most anyone can understand. 1/
The $550B almost entirely gets appropriated over 5 years, though it takes a little longer for some of the money to actually leave federal coffers. But we are talking roughly $110B a year extra for five years. What does that mean? 2/
$110B a year is about 2% of the federal budget.
Maybe think of a 49-deck cruise ship and you added another deck, maybe.
A lot of money? YES.
A big deal. YES.
Changing the arc of the budget universe? Not really. 3/
Read 10 tweets
Steven Dennis Profile picture
7 Nov
Starting off an epic #SaturdayNightZillow, a gorgeous California megamansion with this crazy room.

11K sf, a movie theater unlike any I've seen before, 6BR/7BA, a lot of quirky fun stuff and eye candy.

"Artistic masterpiece" $8.45M. Read on... 1/
zillow.com/homedetails/29…
This is a first for me in Zillow-watching: Beds in the theater room. "Impressive home theater and meditation sanctuary" per the listing. I'm guessing the crazy Escher-style room (or is it Dazzle camouflage?) leads to it. #SaturdayNightZillow
These big homes all seem to have party showers these days. #SaturdayNightZillow
Read 39 tweets
Steven Dennis Profile picture
6 Nov
This is a *swimming pool.*

Otherwise just your standard New York megamansion. $7.5M. Solar panels.
#FridayNightZillow zillow.com/homedetails/55…
The rest of #FridayNightZillow will post tomorrow…
Estimated property taxes, btw, on the violin-shaped pool home are $147K a year, about double to House’s $80K state and local dedication cap.
Read 4 tweets
Steven Dennis Profile picture
6 Nov
Many of you are too young to remember this but Pelosi also passed the Cap & Trade bill with GOP votes. A long time ago in a galaxy far, far away.
This is back when I covered the House for Roll Call.
What happened next? Cap & trade never saw the light of day in the Senate. Talks between Lindsey Graham and John Kerry collapsed. And then, a young Joe Manchin cut an *EPIC* campaign ad…
Read 5 tweets
Steven Dennis Profile picture
4 Nov
Elizabeth Warren NOT yet sold on the SALT cap compromises that have been floated: She wants to make sure billionaires don’t benefit. Says they would be more appealing if paired w/Wyden’s Billionaire Income Tax.
One issue is billionaires can benefit from the House’s $72,500 cap…
And billionaires could even benefit if you have an income cap of about $400K floated by Sanders/Menendez. That’s because some billionaires are able to avoid having much/any adjusted gross income.
Read 7 tweets

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