Impose A Heavy Tax On Every American With Net Worth Exceeding A Billion Dollars. (N.B. If You Think An Unrealized Capital Gains Tax Will Cause The Ultra-Wealthy To Emigrate, Think Again)
Dear Mary,
Thanks for your email.
Yes, I return to the states tomorrow.
And yes, this was the first time I've been ordered to answer questions about my status before returning to MY OWN COUNTRY.
If I don't answer, they won't let me on the flight.
You may recall that a major turning point in my life -- in the sixties -- was when I ALWAYS had immeasurably more difficulty getting back into my native United States than getting into Canada where I was attending the University of Toronto.
I've used the image of Canadian border officials greeting me with a choice of champagnes to welcome me back to Canada.
Just yesterday, I made this meme:
I'm brooding a "big" essay/blog post about the abject failure of American instruction (it is not an "educational" process at all), although the cultural roots of our yahoo--gunslinger-ignorance go way beyond our formal instructional processes.
Instruction And Education Aim At Antipodes
In my mind (and I believe it is objectively true) -- the primary culprit in political-economics is unregulated "Cowboy Capitalism."
It is now coming to light that Social Security isn't the "third rail" of American politics.
Cowboy Capitalism is "The Third Rail."
Utterly untouchable.
Express ANY criticism of unregulated Capitalism, and out come the knives ranting about nefarious Socialism.
Capitalism Is The Foremost Propellant Of Moral And Environmental Degradation In America And In The World-- A Propellant Rendered Nearly Invisible By Plutocrats (And Now, Kakistocrats) Who "Divide And Conquer" Via The Idiocracy's Age-Old Manipulation Of Public Opinion
The Difference Between Socialism And Capitalism
Capitalism Is The Foremost Propellant Of Moral And Environmental Degradation In America And In The World-- A Propellant Rendered Nearly Invisible By Plutocrats (And Now, Kakistocrats) Who "Divide And Conquer" Via The Idiocracy's Age-Old Manipulation Of Public Opinion
The Difference Between Socialism And Capitalism
Is Kerala, India, A Successful Example Of Socialism In Action?
It may seem self-contradictory, but I am not against Capitalism - at least not well-regulated capitalism.
"The Hidden History Of Corporations" --- And Ronald Reagan's "Stakeholder Capitalism" (Which Elizabeth Warren Is Also "High On")
Warren Buffet on Corporate Non-Taxation reducing the Federal Government and everyday citizens to penury: https://www.snopes.com/fact-
"The Love Of Money Is The Root Of All Evil" - An Open Invitation To Christian Conservatives
I also have a bone in my nose about Uncle Sam's refusal to tax "unrealized capital gains."
Here is the cornerstone of the specious defense made by The Ultrarich to protect the untaxed status of their "Unrealized Capital Gains." (Years ago, NYC socialite Leona Helmsley let the truth slip out: "We don't pay taxes. Only the little people pay taxes."
The ultra-wealthy do WHATEVER they damn well please. Or, they simply create new laws to justify their piggishness.
Consider Elon Musk's two-faced use of Capital Gains. You can't have it both ways, pal.
Or... well... maybe... Since we Americans are such docile sheeple...
"Oh, sure! Go ahead! Have it both ways."
AI Overview
Yes, Elon Musk uses his unrealized capital gains (specifically his Tesla stock holdings) as collateral to secure large loans. This allows him to access cash without having to sell his stock and pay capital gains taxes. He, like many other wealthy individuals, leverages this strategy to access substantial funding.
Elaboration:
- Musk pledges a significant portion of his Tesla stock as collateral for margin loans. This means that banks or financial institutions loan him money, and his stock serves as a guarantee that the loan will be repaid.
- By using his stock as collateral, Musk can access substantial amounts of capital without needing to sell his stock and trigger capital gains taxes. This allows him to maintain control of his shares while still having access to the cash he needs.
- This strategy is a way for wealthy individuals to avoid paying taxes on their capital gains until they are eventually realized when the stock is sold. Critics argue that this loophole allows billionaires to access wealth without paying their fair share of taxes.
- Musk's financing for the Twitter acquisition in 2022, for example, included $12.5 billion in loans secured by his Tesla stock. He also pledged a significant amount of Tesla stock as collateral for his acquisition of Twitter, as detailed in a Bloomberg report.
- If the value of his pledged stock decreases significantly, Musk may face margin calls, requiring him to provide additional collateral or pay down the loan. This could lead to him having to sell some of his stock, potentially impacting the price of Tesla shares, according to Bankrate.
The compulsive liars at the top of the American "food chain" NEVER, EVER -- EVER! -- mention "unrealized capital gains" (unless they have to), because unrealized capital gains occupy the "political/economic space" where the ultra-wealthy "stash" the vast majority of their wealth.
Invisibly.
Income tax for the ultra-wealthy is trivial in comparison to untaxable net worth which is where the bulk of their wealth resides -- and hides.
The Scrooge-like fortunes of the ultra-wealthy are effectively hidden from any kind of accountability.
And here's how the ultra-rich justify their piggishness - by focusing on the relative triviality of "income tax" rather than the substantive blockbuster of "net worth."
https://publicintegrity.org/
Athough I understand that "unrealized capital gains" are a "unique category" of "governmental wealth management," the fact is that America's filthy rich have been sequestering an ever larger percentage of American's wealth, and that the acceleration of that "sequestration" has accelerated at a stratospheric rate in recent decades.
"The Greatest Generation: Labor, Capital And Betrayal Of The Social Contract"
I don't think Americans -- despite the pride they take in their supposed keen sense of "fair play" -- would even consider anything like the following.
Let's have a net worth tax!
The threshold number can be debated, but let's say that any American with more than a billion dollars in net worth would pay 20% on their UNREALIZED capital gains each year.
And if their net worth falls below a billion dollars, then the unrealized capital gains tax no longer applies.
The wealth of the Untra-Rich is, as written in the constitution, to be used for The General Welfare.
Clearly, such "quaint" (but constitutional) injuctions relating to The General Welfare, The Common Good, and a meaningful Social Contract are part of the anti-constitutional, anti-democratic, now kakistocratic ruse that the ultra-wealthy -- e.g., Trump, Bezos, Zuckerberg, Musk et al -- use to pull the wool over the hoi polloi's eyes.
But, it is an unavoidable fact that these "constitutional" mandates -- "The General Welfare" -- require that the untra-wealthy pay their fair share which includes -- first and foremost -- their "net worth," not the trivial distraction of their income tax.
There is NOWHERE else to turn.
The ultra-wealthy hold ALL THE WEATLH that could be used to pay for the nation's bills and The General Welfare, thus making America a place that is liveable for everybody - or at least as liveable as it is for "everybody" in the European Union.
What we now have is plutocatically/oligarchically enforced degradation of "half" the population, while the "overarching" plutocratic economy, based on Unrealized Capital Gains, has set in motion the destruction of The American Experiment, and a corresponding kind of economic, fiscal and monetary recklessness that WILL -- as my nationally-renowned accountant-brother says -- "soon manifest as an unstoppable train crashing into an immovable Wall."
The "Post-Truth Era" of Donald Trump (and MAGA world) makes it lubriciously easy for Americans -- across the political spectrum -- to ignore ANY form of taxation that might restrain the Train.
America has a deeply-rooted death wish long projected onto "The Other."
But the chickens are coming home to roost, and it is their own collective "death" they've been ignoring amidst their ubiquitous scotomization.
Here is how much untaxable "hidden wealth" has been sequestered in recent years.
Previous Blog Posts That Elucidate Our Ignorance And Peril
Ben Franklin On "No New Taxes" (And Other Taxation Surprises)
Pat Buchanan, The Republican Presidential Candidate And Living American Who Has Served Longest As Senior White House Official, Says Republicans Are In It For "Power Only" And "To Hell With Principles"
Pat Buchanan, The Republican Presidential Candidate And Living American Who Has Served Longest As Senior White House Official, Says Republicans Are In It For "Power Only" And "To Hell With Principles"
Videos Featuring Robert Reich, Richard Wolff, Elizabeth Warren, Bernie Sanders, Paul Krugman, Nick Hanauer And Ben Franklin: How To Understand "The Economy" Without The 1%'s Obfuscatory Avalanche
"1910 Income Tax Promised To Never Shift Burden From Richest 1 - 4%"
Capitalism Is America's Invisible Propellant Of Moral Degradation
---------- Forwarded message ---------
From: Mary W
Date: Wed, Apr 30, 2025 at 7:35 AM
Subject: Helder Camara Quote
To: Alan Archibald <alanarchibaldo@gmail.com>
Alan, I came across this quote recently: “What horror has the world come to when it uses profit as the prime incentive in human progress, and competition as the supreme law of economics!” Other quotes on the subject of money: “When money speaks, the truth is silent.” (Russian Proverb). “The most grievous kind of destitution is to want money in the midst of wealth.” (Seneca)
Letizia phoned from Rome about Pope Francis and said that after three “foreign” popes, perhaps an Italian might be chosen. We are hoping, therefore, for the Archbishop of Bologna who resembles Francis in his focus on helping those less fortunate. Also, due to the tremendous problems of Israel/Palestine, the Archbishop of Jerusalem is another Italian worthy of consideration. I think they are both Cardinals, thus can be chosen.
You leave tomorrow? Was that the first time an airline called to ask questions before returning to the U.S.? Love, Mary
You leave tomorrow? Was that the first time an airline called to ask questions before returning to the U.S.? Love, Mary
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