What To Make Of The Secret IRS Files

A week ago, ProPublica, an independent, non-profit newsroom that produces investigative journalism in the public interest showed how the wealthiest Americans pay little in income tax compared to their wealth in “The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax”.

Pro big business libertarians were outraged at ProPublica’s decision to release private tax information of people who, in their view, have contributed disproportionately to the public good.

The extremely well written report left many others shocked by the findings and gleeful that the billionaire class was exposed.

Long story short, most Americans pay 14% of their income in taxes, billionaires pay 3+% on average. That’s because we tax income and not wealth and billionaire’s wealth grows much, much faster than their income.

Everyone concedes that the highlighted billionaires haven’t done anything illegal, which leaves many wanting to make our tax system much more progressive.

A few thoughts:

  1. As long as we tax income and let wealth slide, the Great Tax Divide will only widen. At some point, billionaires’ physical safety may very well be threatened. It is in their self-interest that we have a more egalitarian society. Therefore, it is in their interest to pay more in taxes.
  2. We need to invest a whole lot more in the Internal Revenue Service. Specifically, we need more, better trained agents who understand of how the ultra-wealthy avoid taxes sometimes illegally. Right now the ultra-wealthy are emboldened by the ridiculously low rate at which they are audited.
  3. Conservatives often defend things like video surveillance by asking, “Well, what do you have to hide?” In that same spirit, when it comes to personal income taxes, maybe we should go the way of Norway.
  4. Debates about the ethics of ProPublica’s decision-making will continue especially since they’ve said this is just the first of several related reports. As will debates about the implications of the data and related policy questions.

socialism-socialism-socialism

Sentences to Ponder

From “Tesla unveils redesigned Model S with new interior and 520-mile range option.

“Tesla has just announced the first major redesign of the Model S since it launched the electric sedan in 2012. This new version, which starts shipping in March, has a refreshed exterior, a simplified interior, and the option for a more powerful powertrain that lets the car travel at least 520 miles and go from 0 to 60 miles per hour in under two seconds.”

Dear Elon, when does public safety factor in?

Tuesday Assorted Links

1. Knicks fan sells fanhood for $3,450, now will root for Lakers. Genius. Wonder what I could get for my lapsed Sonic fanhood. $3.45? Speaking of Spike Lee, I’m giving the Blackklansman an “A-“.

2. New logo and identity for the Library of Congress. And John Gruber, who takes his logos seriously, is not happy. At all.

“This new identity is a horrendous mistake. The old identity was perfect.

The new identity doesn’t look bad in and of itself, per se, but it doesn’t fit the Library of Congress in any way. The Library of Congress is majestic, historic, dignified, authoritative. A new or tweaked identity for the Library of Congress should be for the ages, something designed to last for a century or longer. This feels like an identity that will last 10 years. I love orange and black as a color scheme, but why in the world would you choose those colors for the United States Library of Congress? Why is the word “Library” used twice? Why do some of these marks break up the word “Library” at utterly random points making it unreadable? The ones that break it up as “LIBR-Library of Congress-ARY” look like a logo for the Long Island Railroad.

This is all so wrong it breaks my heart.”

3. What’s It’s Like to Shop After Not Shopping for Two Years.

“The most common mistake was that I used to buy things for a more aspirational version of myself, but then never used them because the real me didn’t want to. In waiting to feel the need for an object, I know it’s something worth buying—and when I have the money, the real me buys it and uses it. There are no justifications and no shame. I just buy it and use it.”

I’m a Cait Flanders fan.

Weirdly, just lately, in my advanced age, I started drinking asundry espresso drinks at asundry local coffee shops a few mornings a week after swimming or running. My sissy is disgusted with my frivolous spending, and I can’t live with the shame, so I’ve begun shopping for an espresso machine only to learn that’s the world’s largest rabbit hole. Oh, you gotta have a grinder? Not just any grinder, but a particularly good one. And every machine has serious trade-offs. Long story short, I’ve spent an embarrassing number of hours the last week watching YouTube reviews as I try to declare my independence from our local coffee shops. Hours I’ll never get back. Talk about frivolity. I wonder what Cait would charge for an hour of therapy. I could even bring the espresso. . . eventually.

4. Make America Great Again.