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Time is up for neoliberals | Democracy requires a new, progressive capitalism.
(www.washingtonpost.com)
this post was submitted on 13 May 2024
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politics
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I'm listening to the article now.
TL;DR, the author argues that capitalism went wrong starting with the Reagan administration. Laissez-faire capitalism is clearly a mistake, and they argue that we should push back and establish a more progressive form of capitalism.
As a socialist, I would be thrilled if this became the mainstream view. We need to start taking steps toward a more progressive society. Starting by taxing the rich, getting money out of politics, and stricter regulations on business and wealth.
It's just kind of a funny thing to say "progressive capitalism". Capitalism itself is a regressive system... but the ideas presented here are indeed good. I like seeing this in WaPo.
Like the 25% billionaire tax, 21% minimum tax on corporations, increasing stock buyback tax from 1% to 4%, denying corporate deductions for employee compensation that exceeds $1M, and lowering taxes for low and middle class that’s part of Biden’s tax plan?
https://home.treasury.gov/news/press-releases/jy2169
It goes into effect when Trump’s tax plan skewed for the wealthy expire at the end of this year. Trump’s tax cuts for low and middle class expired in 2022. Tax plan balance has to be verified as fiscally feasible by the IRS, and Trump’s plan couldn’t afford to continue tax cuts for everyone through 2024, so he kept them for the wealthy and screwed the rest of us.
https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver
That is a fantastic start, yes, exactly. I still think we can do better than this, like a 75% billionaire tax, but I'm okay with walking, not running, to the desired goal.
The choices at the polls will take us in two opposite directions. Neither is ideal, but Trump clearly favors billionaires at the expense of the workers.
Trust me, I know. I criticize Biden because unlike Trump, he actually listens to criticism. It's good advocacy. Of course I will be voting for him, in spite of the genocide he's enabling.
Agreed. It’s horrible to have to pick the “less genocide supporting” option. I deeply hope the investigations and munitions pause are the beginnings of change.