Two Must-Read Columns in the NYT Today
Nicholas Kristof’s and Linda Greenhouse’s. They’re on different subjects but, in my opinion, part and parcel of the same thing.
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ADDENDUM: Reader Sandi and I exchanged these comments in the Comments thread here this morning:
Sandi
February 19, 2016 9:03 am
One way Kristoff didn’t mention that amasses huge fortunes is our tax laws, as pertains to inheritance.
It’s beyond obscene that not only are families like the Scaifes and Kochs able to set up trusts to pass the loot to their kids, that, are structured so that after a few years of giving the proceeds of the trust to charity, the kids then get the whole enchilada with no inheritance or gift tax consequences.
The really brilliant bit is using that generated cash to set up 501(c)(3) and 501(c)(4)s to further your political agenda, much of which is to keep the tax laws bent in your direction……………
Power is great, but anonymous power really keeps your enemies on their toes. They never know where you’ll strike from next.
Me
February 19, 2016 9:57 am
Sandi, it absolutely dismays me that the news media and the Republican Establishment think Rubio could beat Clinton or Sanders. The two seminal parts of Rubio’s tax plan are to end the capital gains tax and end the estate tax.
The public, of course, doesn’t yet know this, and it does not occur to the media and Republican Establishment folks that once they learn of it Rubio couldn’t defeat a monkey in the general election.
Yet they all—the pundits of all ideological stripes—keep saying that Sanders’ current strength against the Republican candidates in polls pitting them against Sanders and against Clinton don’t mean much this early, yet the polls showing Rubio’s strength do. But the key thing that supposedly makes Sanders unelectable—that he’s a SOCIALIST—is actually the thing that virtually everyone who’s heard of him knows. Yet the key thing that actually would make Rubio unelectable—his tax plan—has yet to break through to most of the public. Literally; it’s extremely likely that almost no one knows of it.
I’ll add here that it is to Paul Krugman’s tremendous credit that he keeps making that point about Rubio.
Added 1/19 at 10:14 a.m.
Both links go to Kristof’s column.
Not anymore, I think I got it fixed.
Greenhouse
http://www.nytimes.com/column/linda-greenhouse
Greenhouse: Resetting the Post-Scalia Supreme Court
I like and agree with Kristof’s column. Not using scapegoats to blame our problems. But finding real solutions to the issues.
Greenhouse’s column is patrician bs; as it is well past the time that SC curved edicts from presidents. Should have started when Bush II declared treaties just a piece of paper.
One way Kristoff didn’t mention that amasses huge fortunes is our tax laws, as pertains to inheritance.
It’s beyond obscene that not only are families like the Scaifes and Kochs able to set up trusts to pass the loot to their kids, that, are structured so that after a few years of giving the proceeds of the trust to charity, the kids then get the whole enchilada with no inheritance or gift tax consequences.
The really brilliant bit is using that generated cash to set up 501(c)(3) and 501(c)(4)s to further your political agenda, much of which is to keep the tax laws bent in your direction……………
Power is great, but anonymous power really keeps your enemies on their toes. They never know where you’ll strike from next.
Beene, Greenhouse’s column is anything but BS. But your view that it is is exactly why the winger crowd gets away with their quiet coup—which is an apt description of what they’ve done and would have further in a two really dramatic ways by the end of June, had Scalia not died: the news media doesn’t cover most of the really important stuff much, because it’s viewed as stuff that the hoi polloi won’t understand the importance of.
Sandi, it absolutely dismays me that the news media and the Republican Establishment think Rubio could beat Clinton or Sanders. The two seminal parts of Rubio’s tax plan are to end the capital gains tax and end the estate tax.
The public, of course, doesn’t yet know this, and it does not occur to the media and Republican Establishment folks that once they learn of it Rubio couldn’t defeat a monkey in the general election.
Yet they all—the pundits of all ideological stripes—keep saying that Sanders’ current strength against the Republican candidates in polls pitting them against Sanders and against Clinton don’t mean much this early, yet the polls showing Rubio’s strength do. But the key thing that supposedly makes Sanders unelectable—that he’s a SOCIALIST—is actually the thing that virtually everyone who’s heard of him knows. Yet the key thing that actually would make Rubio unelectable—his tax plan—has yet to break through to most of the public. Literally; it’s extremely likely that almost no one knows of it.
Thanks for fixing the Greenhouse link, Bruce.
My gripe with the inheritance tax is only the step-up in capital gains base. Other than that, if the income was taxed upon receipt to the deceased, it should not be taxed again. Stepping up the capital gains base means that that income is never taxed.
Beverly,
You said, ” the news media doesn’t cover most of the really important stuff much, because it’s viewed as stuff that the hoi polloi won’t understand the importance of. ”
If what I just heard on NPR, interviews from the field in Waltersboro, SC, are any indication, the hoi polloi not only doesn’t understand the importance of much they should know, they don’t even know the substance of things they throw their opinions around about!
My God! I was almost embarrassed for some of these people! Two young guys who sounded like they didn’t just come out of “Deliverance” were saying why they’re for Rubio. And among their reasons? Because he’s DONE stuff. ‘Scuz me??? What ‘stuff’ has he done? He is an empty suit with a good luck charm!
We are so thoroughly screwed…………………………
Beverly, I favor those who are strict constitutionalist. Perhaps my failing to see a need for preferential treatment is that I’m white and feel that we have integrated schools and jobs. Thou I dislike what Obama has done in office. I was super proud of the country for electing a black man president.
Apparently you presume that this crowd actually strictly constructs the Constitution.
I guess you’re unaware of, say, Section 5 of the 14 Amendment. Which was, well, not constructed strictly by the 5-4 majority in the opinion two years ago that struck down a huge part of the Voting Rights Act. Or constructed at all, actually.
Just one example. There are many, many more.
Warren I am not sure I understand your point. If an estate is subject to the estate tax (thanks to the Obama administration taxpayers that filed From 706 were less than 0.017% of taxpayers in 2014) you think there shouldn’t be a step-up in basis? Or you just think that any inherited asset should not receive the step-up?
Beverly, if I had the power we would fill the jails with justices and politicians. Just because I like someone’s stance does not mean I forgive them for violating there oath of office.
As if the Republicans hadn’t reversed the Civil Rights Act by bits and pieces, thanks to the Right wing Roberts Court. we are back in the 50’s politically. the Right knows how to control everything that they didn’t back in the 60’s. the Right learned how to become “The Power Broker” by divide and conquer. and outright racism. Having a Black Man/Obama run the Plantation was brilliant, and now they want to use a Woman/Clinton to keep the “rubes” doing their dirty work, as usual.
The Vichy Democrats are part and parcel of the Scam, Thinking Clinton is anything but a “Collaborator” in the Scam is what they want Blacks and Women to believe.
Rubio fills in for the Bush Dynasty, since they can’t trust the Cruz/Evangelical vote after screwing the Evangelicals continuously now the Tea Party can block any House actions and ran Boehner out as proof.
Trump is useful as well. He just hasn’t come up to a pivot point yet. Sanders had better get done and dirty if he is serious for Clinton will pull every trick in the Book Debbie Wasserman Schultz can find. Money is out to get Sanders. that’s why they need a 90% tax rate, aka the Eisenhower rates.
America loves demagogues, The Elites love power and together we have Clinton, Rubio to “represent” them in the upcoming “changeover.”
Watching the Right undo all the FDR society improvements has been astoundingly frightening for the thoroughness with which the White 99% have bought hook, line and sinker. as if there was a “Left” in this country.
After 50 some odd years of “Commie Fear mongering”, Americans have very little clue of what Right and Left really are. but unemployment, austerity, NAFTA/TPP are doing their jobs of showing how completely the Right has screwed the Whites. Screwed the Uppity Women, DF Hippies and Black as well. now add the Latinos to this mix.
i can only hope Cruz is disqualified for being the Canadian he is, just to keep the Religious Sharia Laws from spreading outside the South and other ignorant parts of the country.
a good time is to had by all. assuming you don’t live here, that is.
“If an estate is subject to the estate tax (thanks to the Obama administration taxpayers that filed From 706 were less than 0.017% of taxpayers in 2014) you think there shouldn’t be a step-up in basis? Or you just think that any inherited asset should not receive the step-up?”
Inherited assets should not receive a step-up in basis.