Berkeley professor, former Secretary of Labor. Co-founder, @InequalityMedia & @imcivicaction. Substack: https://t.co/U9YAAOMZJo | Linktree: https://t.co/DhNs34ZfP0
ExxonMobil announced a record-smashing $56 billion in profits last year, up by over 140% from 2021. That amounts to $6.3 million in profit every hour — more than $100,000 every minute. We need a windfall profits tax. Now.
Socialism is a scare word they've hurled at every advance the people have made. Socialism is what they called public power, social security, deposit insurance, and independent labor organizations. Socialism is their name for anything that helps all people. —Harry Truman, 1952
Chevron recently announced a $75 billion stock buyback program. They’re not alone. Corporate America spent ~$1 trillion on buybacks last year. The same corporations telling us they have no choice but to raise prices are simultaneously spending huge sums enriching shareholders.
Happy Friday. Trickle-down economics is a cruel hoax. Cruel because it's used by the super-rich to avoid paying their fair share of taxes. A hoax because nothing has ever trickled down.
When Republicans are in power, they rack up giant deficits, mainly by cutting taxes on corporations and the wealthy. Then when Democrats take the reins, Republicans blame them for being big spenders. It’s always the same story.
By 2018, the 400 wealthiest American families paid a lower total tax rate – including federal, state and local taxes – than the bottom 50% of American households. Their overall tax rate that year was only 23%. It had been 70% in 1950. This is what oligarchy looks like.
The richest 1% took home nearly twice as much wealth as the rest of the world put together over the past two years. Folks, this is what oligarchy looks like.
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Moderna is planning to charge $130 for its COVID vaccine, but the vaccine only costs $2.85 to make. Meanwhile, over the last two years, the company made over $19 billion in profits off the vaccine. Folks, this is what corporate greed looks like.
Zuckerberg owns Facebook, Instagram, and WhatsApp. Jeff Bezos owns the Washington Post. Elon Musk owns Twitter. When multi-billionaires take control of our most vital platforms for communication, it’s not a win for free speech. It’s a win for oligarchy.
If Redditors rallying GameStop is unacceptable market manipulation, what would you call it when greedy Wall Street bankers gambled away our entire economy in 2008 and faced no consequences?
American taxpayers spend $107,575,000,000 more on police than public housing. Pass it on.
If Elon Musk can afford to lose $200 billion in a single year, he can afford a wealth tax.
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