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taxkateoplis: Romney's Tax Returns Show How Laws Favor the Wealthy

kateoplis:

From the NYTimes:

Mitt Romney and his wife, Ann, made $27 million in 2010. They held millions of dollars in a Swiss bank account and millions more in partnerships in the Cayman Islands. His family’s trusts sold thousands of shares in Goldman Sachs that were offered to favored clients when…

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motherjones:

Productivity has surged, but income and wages have stagnated for most Americans. If the median household income had kept pace with the economy since 1970, it would now be nearly $92,000, not $50,000.
Plus, 11 other charts that would really piss you off…if you had time to read them.
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First, a good part of the money the rich save from  taxes is then lent by them to the government (in the form of buying US  Treasury securities for their personal investment portfolios). It would  obviously be better for the government to tax the rich to maintain its  expenditures, and thereby avoid deficits and debts. Then, the government  would not need to tax the rest of us to pay interest on those debts to  the rich.
Second, the richest Americans take the money they  save from taxes and invest big parts of it in China, India, and  elsewhere. That often produces more jobs over there, fewer jobs here,  and more imports of goods produced abroad. US dollars flow out to pay  for those imports and so accumulate in the hands of foreign banks and  foreign governments. They, in turn, lend from that wealth to the US  government because it does not tax our rich, and so we get taxed to pay  for the interest Washington has to give those foreign banks and  governments. The largest single recipient of such interest payments  today is the People’s Republic of China.
Third, the richest Americans take the money they  don’t pay in taxes and invest it in hedge funds and with stockbrokers to  make profitable investments. These days, that often means speculating  in oil and food, which drives up their prices, undermines economic  recovery for the mass of Americans and produces acute suffering around  the globe. Those hedge funds and brokers likewise use part of the money  rich people save from taxes to speculate in the US stock markets. That  has recently driven stock prices higher: hence, the stock market  recovery. And that mostly helps - you guessed it - the richest Americans  who own most of the stocks.
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Stereotype threat is especially frustrating because, at each level of schooling, it affects the vanguard of these groups, those with the skills and self-confidence to have identified with the domain. Ironically, their susceptibility to this threat derives not from internal doubts about their ability (e.g., their internalization of the stereotype) but from their identification with the domain and the resulting concern they have about being stereotyped in it. (This argument has the hopeful implication that to improve the domain performance of these students, one should focus on the feasible task of rifting this situational threat rather than on altering their internal psychology.) Yet, as schooling progresses and the obstacles of structure and stereo- type threat take their cumulative toll, more of this vanguard will likely be pressured into the ranks of the unidentified. These students, by not caring about the domain vis-a-vis the self, are likely to underperform in it regard- less of whether they are stereotype threatened there. Thus, although the identified among these groups are likely to underperform only under stereotype threat, the unidentified (casualties of sociocultural disadvantage or prior internalization of stereotype threat) are likely to underperform and not persist in the domain even when stereotype threat has been removed.

— A Threat in the Air, Claude M. Steele
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