There’s nothing natural about US-engineered coronavirus and economic collapse that made the dismal state of the nation much worse.
Things are unlikely to return to their former state when the current storm passes that won’t happen any time soon.
Improvement from destructive fallout may never happen in the lifetimes of many people in the US and West.
Things are likely to worsen ahead to more greatly benefit privileged US interests than already by exploiting most others at home and abroad.
According to Americans for Tax Fairness (ATF), super-wealth of US billionaires increased by nearly $800 billion this year.
Their gain has come at the cost of human misery affecting tens of millions of US households and countless millions more elsewhere.
It’s not enough for Trump, calling for another capital gains tax cut to further enrich the US super-rich, himself, his family, and cronies.
Former Supreme Court Justice Louis Brandeis once explained that super-wealth and democracy are incompatible. They can’t coexist with each other.
America is a land of extremes. According to ATF, citing Forbes magazine, “of the $3.7 trillion in collective wealth of America’s 650 or so billionaires,” (around) $1 trillion…is held by just the top dozen.”
The dirty dozen includes Jeff Bezos topping the list, followed by Bill Gates, Mark Zuckerberg, Elon Musk, Warren Buffett, Larry Ellison, Steve Ballmer, Larry Page, Sergey Brin, Alice Walton, Jim Walton, and Rob Walton.
They didn’t get super-rich by being good guys. Balzac explained that “(b)ehind every great fortune there is a crime.”
On Fox Business, Trump said if reelected,
“I’m going to do a capital gains tax cut to 15% in (a) second term…I’ll get that done easily (sic).”
The current rate is 20%. For wages, salaries, interest and other income, the top rate is 37%.
Billionaires benefitting mostly from capital gains pay less taxes than average-earning US workers.
Warren Buffett once said he paid less taxes than his secretary.
According to entrepreneur.com, he and other billionaires pay low taxes by:
- Mainly paying them at the capital gains rate.
- Making large contributions to charity,