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Michael Linden Profile picture
@MichaelSLinden
Dec 10, 2017 • 14 tweets • 4 min read • Read on X
This coming week is make-or-break for the GOP tax scam. If you have any interest in fighting this disastrous bill, follow along for a state-of-play update. Short version: we CAN still stop this thing. 1/
Here’s where we are: Both the Senate & House have passed versions of the GOP tax scam. They have a lot in common (huge tax cuts for the wealthy & corporations, tax hikes on millions of middle class families) but aren’t identical. 2/

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More from @MichaelSLinden

Michael Linden Profile picture
Jan 31, 2019
How much money could we raise just from taxing rich people's income?

This is a question that we'll hear a lot about over the coming years.

The answer is: a lot!.

To the thread!!
To start with, the richest 5 percent of households will take home roughly $42 trillion in after-tax income over the next 10 years.

Of that, the richest 1 percent take home 22 trillion.

The richest 0.1 percent take home 11 trillion.
For awareness, to get into the top 5 percent, you have to make about $335,000, using an expanded cash definition of income. That's about 230,000 in adjusted gross income.
Read 14 tweets
Michael Linden Profile picture
Jan 4, 2019
A quick thread on the economics of a much higher top rate for the super-rich.

TL;DR version is that @AOC is on very solid ground here.

There is a lot of evidence that from an economic and fiscal perspective, we'd be way better off with top rates approaching 70.
@AOC Starting with the basic fiscal implications, the best and most recent research suggests that rates around 70 percent for top earners will raise the most revenue. At 37% currently, we are leaving a lot of $$ on the table.

Diamond and Saez on this: pubs.aeaweb.org/doi/pdfplus/10…
@AOC Trickle-downers will argue that higher taxes on the rich won't raise money because the rich will reduce their work in response, but the evidence is really clear that's not true at all at current rates. Basically, the "laffer curve" doesn't really kick in until past 70.
Read 10 tweets
Michael Linden Profile picture
Oct 28, 2018
Reflecting on a really terrible day, I find myself thinking about the "Prayer for Our Country."

It's a prayer that many Jewish congregations like Tree of Life would recite every Shabbat morning. I myself recited it many times at Tree of Life growing up.

It goes:
Our God and God of our ancestors: We ask Your blessings for our country - for its government, for its leaders and advisors, and for all who exercise just and rightful authority.
Teach them insights of Your Torah, that they may administer all affairs of state fairly, that peace and security, happiness
and prosperity, justice and freedom may forever abide in our midst.
Read 6 tweets
Michael Linden Profile picture
May 24, 2018
Professor @DarrickHamilton & I have a new issue brief today detailing 4 specific ways that the Trump tax law affects communities of color. Like the economy in general, the new law puts black and brown people at a disadvantage.

rooseveltinstitute.org/hidden-rules-n…

Short thread to follow. 1/
First & perhaps most obviously, most people know that the law is skewed to the rich. Because of longstanding racial income gaps, a tax law that benefits the very high-income over everyone else also disproportionately benefits white households over households of color. 2/
Second, racial wealth disparities are even more acute than income disparities, and this new tax law dramatically favors existing wealth over new wealth creation. 3/
Read 12 tweets
Michael Linden Profile picture
Dec 18, 2017
By now, most Americans know this tax bill is terrible. We know it's unfair, it's a giveaway to the rich, it cuts health care & puts other services at risk.

What hasn’t sunk in yet is how it could also harm the economy, costing jobs and prosperity.

I count at least 5 ways. 1/
First and most directly, by cutting taxes on the super-rich and asking everyone else to pick up the tab, this bill will exacerbate our already sky-high levels of income inequality, as @DLeonhardt correctly points out. 2/
nytimes.com/2017/12/17/opi…
Beyond being morally repugnant, increasing our income inequality will also cause the economy to grow more slowly and will result in more fragile growth, bringing recessions on more rapidly. 3/ imf.org/external/pubs/…
Read 18 tweets
Michael Linden Profile picture
Nov 20, 2017
New analysis out TODAY shows that the Senate GOP tax bill would raise taxes on half of all families.

But, really, it's even worse than that. Once you include the spending-side changes, the bill looks even worse. THREAD TIME. 1/
rooseveltinstitute.org/who-really-pay…
The Senate tax bill doesn't only change taxes, it has also has big changes to spending, including cuts to Medicaid, Medicare, and lots of other things. A full distributional analysis would include those cuts too. 2/
For example, here's the official JCT (cbo for tax) analysis of who gets a tax cut in 2019 under the Senate bill, and next to it is a FULLER distributional analysis that includes the SPENDING CUTS. 3/
Read 11 tweets

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