News

23664 readers

3586 users here now

Welcome to the News community!

Rules:

1. Be civil

Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.

2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.

Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.

3. No bots, spam or self-promotion.

Only approved bots, which follow the guidelines for bots set by the instance, are allowed.

4. Post titles should be the same as the article used as source.

Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.

5. Only recent news is allowed.

Posts must be news from the most recent 30 days.

6. All posts must be news articles.

No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.

7. No duplicate posts.

If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.

8. Misinformation is prohibited.

Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.

9. No link shorteners.

The auto mod will contact you if a link shortener is detected, please delete your post if they are right.

10. Don't copy entire article in your post body

For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 2 years ago

MODERATORS

rjc@lemmy.world

Thekingoflorda@lemmy.world

Tenthrow@lemmy.world

JonsJava@lemmy.world

gedaliyah@lemmy.world

little_cow@lemmy.world

jeffw@lemmy.world

enu@lemmy.world

996

Billionaires are hoarding trillions in untaxed wealth. They want the Supreme Court to keep it that way (www.rollingstone.com)

submitted 11 months ago by MicroWave@lemmy.world to c/news@lemmy.world

106 comments fedilink hide all child comments

A new report from Americans for Tax Fairness found that America’s richest families accumulated $8.5 trillion in untaxed capital gains in 2022

America’s wealthiest families held an astounding $8.5 trillion in untaxed profits in 2022. According to a report from the nonprofit Americans for Tax Fairness, which analyzed Federal Reserve data, “one in every six dollars (18 percent of the nation’s unrealized gains is held by these roughly 64,000 ultra-wealthy households, who make up less than 0.05 percent of the population.” The report comes as the Supreme Court gears up to decide a case that could preemptively block any efforts to tax the wealth of billionaires.

The data looks at “quiet” income generated by “centi-millionaires,” Americans holding at least $100 million in wealth, and billionaires through unrealized capital gains. Those gains accumulate, untaxed, as assets and investments like stocks, real estate, bonds, and other investments increase in value. If those assets are not sold — or “realized” — they are not taxed, yet America’s wealthiest families can leverage that on-paper value increase to secure favorable loans with low-interest rates in lieu of using taxable income to finance their lifestyle.

“Of the $139 trillion in America’s national wealth, almost three-quarters (73 percent) is held by the richest 10 percent of households, over one-third (35 percent) by the richest 1 percent, and an astounding 11 percent — $15.2 trillion — is held by the handful of fortunate households that make up the billionaire and centi-millionaire class,” the report says. “The wealthiest 1 percent of households hold 44 percent of national unrealized gains ($21.2 trillion), with billionaires and centi-millionaires alone controlling 18 percent ($8.5 trillion).”

you are viewing a single comment's thread
view the rest of the comments

[–] phoenixz@lemmy.ca -1 points 11 months ago (2 children)

Reddit Armchair Hero

[–] pinkdrunkenelephants@lemmy.world 1 points 11 months ago

Lemmy Pro-Status Quo Shill

[–] Shadywack@lemmy.world 1 points 11 months ago

It's kind of difficult to pull off solo, and for obvious reasons any serious group that's organizing or planning anything will have some fierce consequences or hurdles to deal with. At least if it's openly talked about, and it happens to be the solution we need, better to have the idea out in the open than to sit here and say "Yes please, leopards keep eating my face, yes please, let the rich keep taking what little we have away more and more".

At least if we start standing up and letting them know where the true power is, we can also instill some fear, and it's the humane thing to do before they end up seeing their neck stump from their own head sitting in a basket. All they have to do is set aside SOME of their disgusting greed and allow the rest of us to perceive hope for the future before it truly has to resort to violence.

I don't expect that though, as we have many examples throughout history where people resorted to violence after absolutely nothing else works.