“Sixty-three percent of Americans believe ‘upper income people’ pay too little in taxes, according to a new survey from Morning Consult. The poll also found that 61 percent of Americans either “strongly” or “somewhat” favor 2020 Democratic presidential candidate Elizabeth Warren’s tax plan, which would levy a new tax on households with a net worth of $50 million or more.”
Fund those Roth IRAs friends, like the ocean surface, taxes are going to rise.
“Warren’s tax plan has been described as an “ultramillionare tax” that aims to make the rich pay taxes on accumulated wealth. It would place a 2 percent tax on households whose net worth exceeds $50 million and then an additional 1 percent (so 3 percent total) on those worth more than $1 billion. The plan has faced some criticism, including claims that it’s unconstitutional. Interestingly, however, the support for the plan appears to be somewhat bipartisan, according to the Morning Consult poll: 74 percent of Democrats and 50 percent of Republicans said they strongly or somewhat favor the proposal.”
However, as Paul Sullivan explains here, Warren’s proposal will be very difficult to implement. Just to be safe though, I’m going to do everything in my power to keep my net worth under $50m.
From The Guardian. The report is from Oxfam, a British-based charitable organization:
“The growing concentration of the world’s wealth has been highlighted by a report showing that the 26 richest billionaires own as many assets as the 3.8 billion people who make up the poorest half of the planet’s population.”
Oxfam says between 2017 and 2018 a billionaire was created every two days. And then there’s this. Just 1% of Jeff Bezos’s (pre-divorce) fortune is equivalent to the whole health budget for Ethiopia, a country of 105 million people.
Thomas C. Corley asks why are some people rich and some people poor? Following a five-year long research project, he concocted a supposed blueprint for becoming wealthy. Unsurprisingly, his findings have found a large audience.
Most interesting to me about his methodology is what he doesn’t do or ask. He never tells any wealthy individual’s story; consequently, they remain mythical superior beings. Corley’s work contributes to the myth that wealthy people’s lives are way better than everyone else’s. It’s as if the wealthy have no experience with negative emotions; failed relationships; existential crises; health challenges; and even death. Jeff Bezos, Bill Gates, and Warren Buffett will live forever won’t they?
People need a philosophy of wealth more than a blueprint. How much is enough? Wealth towards what ends? What endures?
Savov’s rationale is convincing. Among his arguments:
“Deals suck. Discounted goods are bad for me, as a consumer, because they nudge me into buying things I don’t need just to be frugal and collect the massive “saving” inherent in the discount. That’s how I’ve ended up with a collection of pristine, totally unworn sneakers that seemed too cheap to pass up.”
“Free delivery is never free. Amazon Prime makes it unbelievably easy to shop unthinkingly. You can just order up a ton of things of the same class, try them all out, and return the majority, keeping only one. That phenomenon has been so prominent with clothes that Amazon formalized it with the introduction of Amazon Prime Wardrobe last month. But for each of those back and forth trips, there’s a truck, a boat, a plane out there, pushing stuff around the world for the sake of our sheer indulgence and indecision. I don’t care how anyone rationalizes this, I consider it wasteful and polluting and not something I want to contribute to.”
“Amazon’s employment practices are shit. . . . It was the subject of an undercover BBC Panorama documentary a few years ago, and reports of exploitative working conditions at Amazon warehouses persist. Everything about Prime that feels unbelievably cheap is only so because of the unbelievably cheap way that Amazon deals with the people discharging its duties.”
The only problem with Savov’s essay is his overly soft landing.
“I don’t expect anyone to follow or join me in resisting Amazon’s primal pull toward Prime. You’ve got your own priorities in life and, in all honesty, nobody’s going to fix global injustice by disregarding Prime Day and taking a nice walk outside instead.”
Vlad, I will happily follow you by continuing to resist the lure of Amazon Prime. And I’ll take a nice walk outside too.
First, let’s acknowledge that the trustworthiness of the Times’s investigative reporting has regrettably slipped in recent years. Despite that, it’s an amazing peek inside the company that so many consumers, myself included, have to this point mindlessly supported. And by amazing, I mean really disturbing.
It’s a precautionary tale for any business or organization that believes data analysis or “metrics” is the answer to all problems.
Bezos says its not the company he knows. That probably means he’s completely lost touch with most of his employees’ day-to-day realities.
Amazonians’ long hours and personal sacrifices might make sense if it had a more inspiring mission than sell more shit and dominate retail. Another reminder that materialism shapes 21st Century U.S. life and wealth is a powerful motivator.
In skimming a small cross-section of the comments, I was struck by how many readers said they were completely cutting the Amazon chord. Will they follow through? Will they slow the giant retail supertanker? Time will tell.