It's strange that we see "true" education and telling of a history, that is not imperialistic and one sided, is divisive. I recently have been introduced to the idea that what we consider our belief in our political system to be a framework that works is, or can be, a cult like belief prison. It seems to be very difficult for us (the citizens of the U.S. at least) to step outside of the archetypes we were born to believe and to look at how our world view can change or adapt based on information we didn't previously have access to.
What can engage public discourse that actually provokes inspiring changes to how we relate to our neighbors in our hood, city, state, nation, continent, planet, solar system...etc.?????
Both left and right, team blue and red, are living in a version of the past that is born out of dread for a negation of capital and economic hegemony.
The following article is just a peak into how we the power stays concentrated in the hands of a few and.
So how do megabillionaires pay their megabills while opting for $1 salaries and hanging onto their stock? According to public documents and experts, the answer for some is borrowing money — lots of it.
For regular people, borrowing money is often something done out of necessity, say for a car or a home. But for the ultrawealthy, it can be a way to access billions without producing income, and thus, income tax.
The tax math provides a clear incentive for this. If you own a company and take a huge salary, you’ll pay 37% in income tax on the bulk of it. Sell stock and you’ll pay 20% in capital gains tax — and lose some control over your company. But take out a loan, and these days you’ll pay a single-digit interest rate and no tax; since loans must be paid back, the IRS doesn’t consider them income. Banks typically require collateral, but the wealthy have plenty of that.
The vast majority of the ultrawealthy’s loans do not appear in the tax records obtained by ProPublica since they are generally not disclosed to the IRS.
Sign in or become a Alchemical Universe member to join the conversation.
Just enter your email below to get a log in link.