Has the U.S. political system become a Right Wing dominated oligarchy?

[post]

The Education of a Libertarian​

www.cato-unbound.org
Peter Thiel • April 13, 2009 •
"..Most importantly, I no longer believe that freedom and democracy are compatible."

https://www.propublica.org › article › lord-of-the-roths...

Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank​

Jun 24, 2021
"Up to this point, Thiel was one of the few Americans who had managed to amass prodigious Roth accounts. Among the others were at least three additional PayPal alums.. Even so, the existing income limits managed to keep most of the superrich out. Then, in the latter years of the George W. Bush administration, Congress took a wrecking ball to those defenses, and the wealthy stormed in. The change centered on a..maneuver known as a Roth conversion. It works like this: If you have money in a traditional IRA, you can transform it into a Roth as long as you pay one-time income tax on the money. By converting the account to a Roth, no additional income taxes are ever due. ..Over the last 20 years, Thiel has quietly turned his Roth IRA —.. Conversions had existed since the Roth’s conception, but they had been restricted to Americans making below $100,000 per year.

In 2006, Bush and the Republican-controlled Congress were seeking to slash taxes on capital gains, the type of income that can be generated when stocks or other assets are sold. But they faced a problem. Budget rules required them to find a way to make up for the lost revenue. Their solution was widely viewed as a gimmick: using one tax cut to pay for another tax cut. A provision was included in the Bush bill that lifted the ban on the wealthy making Roth conversions. Since the maneuver requires a payment of tax up front, it counted in short-term congressional budget models as actually raising revenue. The tax breaks didn’t come until later. “It will have large and damaging effects on the federal budget for decades to come,” wrote budget expert Len Burman ... The new backdoor into the Roth opened in 2010 and set off a frenzy of conversions among hedge fund managers, industrialists and heirs, the tax records reviewed by ProPublica show.

Weschler, the Berkshire Hathaway executive, amassed a giant traditional IRA in his years as a private equity partner and hedge fund manager. He converted a whopping $130 million. .. After paying the one-time tax, both men saw their Roth accounts soar. In his statement, Weschler .. added that he paid more than $28 million in federal taxes to convert his account to a Roth. Some of the wealthy managed to avoid even that one-time tax bill...."

Why You Can't Turn Your Roth IRA Into a Billion-Dollar Tax ...​

https://www.propublica.org ›
Jul 1, 2021 — Last week, ProPublica published the story of how ..tech investor Peter Thiel was able to turn a Roth IRA initially worth ...

House Bill Would Blow Up the Massive IRAs of super wealthy -​

https://www.propublica.org ›
Sep 21, 2021 —

Proposal to Rein in Mega IRAs Faces Lobbying Resistance ...​

https://www.propublica.org ›
Oct 25, 2021 — Several companies, including one backed by Peter Thiel, are fighting a proposal ...

Super-Rich Americans Feel Relief as Tax Hikes Are Canceled ...​

https://www.bloomberg.com ›
Dec 20, 2021

 

[Mycroft]

Has the U.S. political system become a Right Wing dominated oligarchy?​

No.

For the past 40+ years, the US political system has been a Globalist-controlled reverse form of Fascism. Instead of the government controlling corporations (Fascism), the corporations have been controlling the government (Reverse Fascism). The Globalists don't care about right wing or left wing.

And, as we found out from 2016-2020, any opposition to that system will be met with extreme, no-holds-barred, measures.

 

[BahamaBob]

What a stupid post. The max you can put into a Roth IRA is 6K a year. Does any idiot think that packing away 6K a year for your retirement makes you an Oligarch?

The most you can put into a conventional IRA is 6K as well. If you convert it over to a Roth, whatever you have in the IRA account is added to your working income and you pay taxes on the lump sum. If you have any real money in the IRA account, it will likely push you into the highest tax bracket and not only will you lose 40% of your IRA investment, and you will also pay a higher tax rate on your other income.

 

[Phys251]

(trimmed for length)

The United States is not yet a Republican-dominated oligarchy. But it's getting close. Look at all the candidates who are campaigning on or governing on the Big Lie, which many if not most righties have fallen for.

If the Republicans achieve a trifecta of the House, Senate, and the White House in 2024, you can kiss democracy in America goodbye. This is the future that righties want.

 

[post]

What a stupid post. The max you can put into a Roth IRA is 6K a year. Does any idiot think that packing away 6K a year for your retirement makes you an Oligarch?

The most you can put into a conventional IRA is 6K as well. If you convert it over to a Roth, whatever you have in the IRA account is added to your working income and you pay taxes on the lump sum. If you have any real money in the IRA account, it will likely push you into the highest tax bracket and not only will you lose 40% of your IRA investment, and you will also pay a higher tax rate on your other income.

You didn't read the article, the scam was the way they valued what they inserted in the Roth IRA and then the later Bush-G.O.P. "co-operation"
in exiting their future tax liability.

https://www.propublica.org › article › lord-of-the-roths...

Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank​

Jun 24, 2021
“It will have large and damaging effects on the federal budget for decades to come,” wrote budget expert Len Burman.."

Peter Thiel Has Accumulated $5 Billion In A Tax Free Roth ...​

https://www.forbes.com › sarahhansen › 2021/06/24
Jun 24, 2021 — Forbes reported in 2012 that in 2001 Thiel acquired PayPal shares for his Roth IRA at 30 cents a share and had apparently enjoyed a tax-free ...

..or consider the reaction in congress, last September, to the article. The oligarchy influence and condition is two fold,
the Bush era enabling of the scam and Thiel, et al, "lobbying" against last September's House bill,

(Try to grasp that the members of the squad mostly vote in your interests while those you vote for, never do.)

House tax bill would likely force Peter Thiel to pull $5 billion ...
https://www.cnbc.com › 2021/09/17 › house-tax-bill-w...
Sep 17, 2021 — Peter Thiel, billionaire co-founder of PayPal, would likely need to withdraw all but $20 million of his Roth IRA, reportedly valued at $5 ...

• 
  

  Billionaires may be spared big IRA tax bill in Build Back Better ...​

  https://www.cnbc.com › 2021/11/05 › billionaires-may-...
  Nov 5, 2021 — The latest Build Back Better plan issued Wednesday would exempt certain Roth IRA withdrawals from income tax, unlike an earlier version.

 

[RetiredUSN]

The United States is not yet a Republican-dominated oligarchy. But it's getting close. Look at all the candidates who are campaigning on or governing on the Big Lie, which many if not most righties have fallen for.

If the Republicans achieve a trifecta of the House, Senate, and the White House in 2024, you can kiss democracy in America goodbye. This is the future that righties want.

Edging ever closer to the insidious I see.

Attacking free speech. parental rights, and pretending boys are girls is your new sport.

 

[BahamaBob]

You didn't read the article, the scam was the way they valued what they inserted in the Roth IRA and then the later Bush-G.O.P. "co-operation"
in exiting their future tax liability.

https://www.propublica.org › article › lord-of-the-roths...

Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank​

Jun 24, 2021
“It will have large and damaging effects on the federal budget for decades to come,” wrote budget expert Len Burman.."

Peter Thiel Has Accumulated $5 Billion In A Tax Free Roth ...​

https://www.forbes.com › sarahhansen › 2021/06/24
Jun 24, 2021 — Forbes reported in 2012 that in 2001 Thiel acquired PayPal shares for his Roth IRA at 30 cents a share and had apparently enjoyed a tax-free ...

..or consider the reaction in congress, last September, to the article. The oligarchy influence and condition is two fold,
the Bush era enabling of the scam and Thiel, et al, "lobbying" against last September's House bill,

(Try to grasp that the members of the squad mostly vote in your interests while those you vote for, never do.)

House tax bill would likely force Peter Thiel to pull $5 billion ...
https://www.cnbc.com › 2021/09/17 › house-tax-bill-w...
Sep 17, 2021 — Peter Thiel, billionaire co-founder of PayPal, would likely need to withdraw all but $20 million of his Roth IRA, reportedly valued at $5 ...

• 
  

  Billionaires may be spared big IRA tax bill in Build Back Better ...​

  https://www.cnbc.com › 2021/11/05 › billionaires-may-...
  Nov 5, 2021 — The latest Build Back Better plan issued Wednesday would exempt certain Roth IRA withdrawals from income tax, unlike an earlier version.

One guy worked the system and you try to make it into a national crisis. Do you actually think it is the norm for a guy to turn a $2,000 IRA into $5 billion? Get a life.

 

[Indydave]

this would be a good question to put to the average Foxican/Trumpster/ Jan6 knucklehead.......

 

[BahamaBob]

I don't see having a fat IRA as qualification to be labeled an Oligarch. However, below is a group who could qualify. Should they be banned from political activity?

The Top 10 Billionaire Political Donors of 2019 (So Far)

Money makes the American political engine turn, these individuals are emerging as the biggest private donors on both sides of the aisle.

www.worth.com

 

[Perotista]

Has the U.S. political system become a Right Wing dominated oligarchy?​

No.

For the past 40+ years, the US political system has been a Globalist-controlled reverse form of Fascism. Instead of the government controlling corporations (Fascism), the corporations have been controlling the government (Reverse Fascism). The Globalists don't care about right wing or left wing.

And, as we found out from 2016-2020, any opposition to that system will be met with extreme, no-holds-barred, measures.

I think you got it exactly right. 14 billion dollars was spent on the 2020 election not counting the billion plus on the January 2021 Georgia senate runoffs. Where did most of that money come from, corporations, wall street firms, lobbyist, special interest, super, large, individual money donors.

It's these corporations etc. that have bought our political parties, it’s our political parties elected officials who run our government. Although government, the political parties go to great length to convince us our vote counts, we are nothing more than a necessary evil in the grand scheme of things, pawns on the political chessboard.

We end up with the best government money can buy, but our government isn’t owned by the people. It’s owned by the moneyed elites, corporations, wall street firms, etc. Call them globalist, call them whatever one likes. Left, right doesn’t matter to them, as long as they have control.

2020 election to cost $14 billion, blowing away spending records

The total cost of the 2020 election will nearly reach an unprecedented $14 billion, making it the most expensive election in history by far.

www.opensecrets.org

 

[coyote505]

The United States is not yet a Republican-dominated oligarchy. But it's getting close. Look at all the candidates who are campaigning on or governing on the Big Lie, which many if not most righties have fallen for.

If the Republicans achieve a trifecta of the House, Senate, and the White House in 2024, you can kiss democracy in America goodbye. This is the future that righties want.

Oligarchy Yes. Right Wing Dominated? Not even close: Kennedys, Bloombergs, Bezos, Zuckerbergs, ad nauseum. The Left has most of the money. Nasty old Koch brothers don't even come close.

 

[j brown's body]

"...Before I was writing about the United States, I was writing about dictatorships in former Soviet Central Asia, and I began to notice a lot of parallels between what happened to the U.S. after the 2008 economic collapse and the kleptocracies in the former Soviet Union.

He’s (Trump's) a culmination of long-term personal ambitions for himself—despite common belief, 2016 was actually the fifth time he had run or almost ran for president. He didn’t come out of nowhere. But more to the point, he has backers, and those backers have their own agenda, ranging from the transnational and kleptocratic Russian mafia to the Kremlin itself, which wants to get rid of sanctions, to various American plutocrats like Mitch McConnell, who use Trump to their advantage—to stack the federal courts with right-wing judges, among other things—to white supremacists like Stephen Miller. But all of this information about Trump’s lifelong criminal activity has been documented, for years—it just wasn’t brought to the forefront when voters needed to know about it.

I don’t think this is incompetence. As I write in my book, Trump covers up crime with scandal and covers up malice with incompetence. His administration would like you to think that they’re inept, that they’re just stumbling into these situations. That’s not the case. And the key thing to remember is that it’s not Trump as some geopolitical mastermind; it’s an inner circle of Republican backers and ideological extremists, many of whom have massive financial interests and certainly their own agenda."

Sarah Kendzior Predicted the Rise of Trump Years Ago—Here’s What She Thinks Now

“He doesn’t care if Americans live or die. And that might sound harsh and blunt, but that’s the truth of the matter.”

www.vogue.com

Sarah Kendzior, author of "Hiding in Plain Sight"

 

[Lycanthrope]

I'll argue that we are very likely on the verge of an even more rightist government in America, both at the state and federal level. It will have heavy theocratic overtones but will not be an outright theocracy. The majority seems to want it, and politicians will be more than happy to provide it if it gives them power in turn.

 

[mrdeltoid]

The Education of a Libertarian​

www.cato-unbound.org
Peter Thiel • April 13, 2009 •
"..Most importantly, I no longer believe that freedom and democracy are compatible."

https://www.propublica.org › article › lord-of-the-roths...

Lord of the Roths: How Tech Mogul Peter Thiel Turned a Retirement Account for the Middle Class Into a $5 Billion Tax-Free Piggy Bank​

Jun 24, 2021
"Up to this point, Thiel was one of the few Americans who had managed to amass prodigious Roth accounts. Among the others were at least three additional PayPal alums.. Even so, the existing income limits managed to keep most of the superrich out. Then, in the latter years of the George W. Bush administration, Congress took a wrecking ball to those defenses, and the wealthy stormed in. The change centered on a..maneuver known as a Roth conversion. It works like this: If you have money in a traditional IRA, you can transform it into a Roth as long as you pay one-time income tax on the money. By converting the account to a Roth, no additional income taxes are ever due. ..Over the last 20 years, Thiel has quietly turned his Roth IRA —.. Conversions had existed since the Roth’s conception, but they had been restricted to Americans making below $100,000 per year.

In 2006, Bush and the Republican-controlled Congress were seeking to slash taxes on capital gains, the type of income that can be generated when stocks or other assets are sold. But they faced a problem. Budget rules required them to find a way to make up for the lost revenue. Their solution was widely viewed as a gimmick: using one tax cut to pay for another tax cut. A provision was included in the Bush bill that lifted the ban on the wealthy making Roth conversions. Since the maneuver requires a payment of tax up front, it counted in short-term congressional budget models as actually raising revenue. The tax breaks didn’t come until later. “It will have large and damaging effects on the federal budget for decades to come,” wrote budget expert Len Burman ... The new backdoor into the Roth opened in 2010 and set off a frenzy of conversions among hedge fund managers, industrialists and heirs, the tax records reviewed by ProPublica show.

Weschler, the Berkshire Hathaway executive, amassed a giant traditional IRA in his years as a private equity partner and hedge fund manager. He converted a whopping $130 million. .. After paying the one-time tax, both men saw their Roth accounts soar. In his statement, Weschler .. added that he paid more than $28 million in federal taxes to convert his account to a Roth. Some of the wealthy managed to avoid even that one-time tax bill...."

Why You Can't Turn Your Roth IRA Into a Billion-Dollar Tax ...​

https://www.propublica.org ›
Jul 1, 2021 — Last week, ProPublica published the story of how ..tech investor Peter Thiel was able to turn a Roth IRA initially worth ...

House Bill Would Blow Up the Massive IRAs of super wealthy -​

https://www.propublica.org ›
Sep 21, 2021 —

Proposal to Rein in Mega IRAs Faces Lobbying Resistance ...​

https://www.propublica.org ›
Oct 25, 2021 — Several companies, including one backed by Peter Thiel, are fighting a proposal ...

Super-Rich Americans Feel Relief as Tax Hikes Are Canceled ...​

https://www.bloomberg.com ›
Dec 20, 2021

Since the Democrat party controls all 3 branches of government, probably not.

 

[BahamaBob]

I think you got it exactly right. 14 billion dollars was spent on the 2020 election not counting the billion plus on the January 2021 Georgia senate runoffs. Where did most of that money come from, corporations, wall street firms, lobbyist, special interest, super, large, individual money donors.

It's these corporations etc. that have bought our political parties, it’s our political parties elected officials who run our government. Although government, the political parties go to great length to convince us our vote counts, we are nothing more than a necessary evil in the grand scheme of things, pawns on the political chessboard.

We end up with the best government money can buy, but our government isn’t owned by the people. It’s owned by the moneyed elites, corporations, wall street firms, etc. Call them globalist, call them whatever one likes. Left, right doesn’t matter to them, as long as they have control.

2020 election to cost $14 billion, blowing away spending records

The total cost of the 2020 election will nearly reach an unprecedented $14 billion, making it the most expensive election in history by far.

www.opensecrets.org

Unfortunately, you are 100% correct. It has become a pay to play system and corrupt politicians are cleaning up. The Clintons are worth over $100 million and some sources say over $200 million, Obama is worth over $70 million. Pelosi is worth $135 million. Hunter is lining up mega bucks for papa. As Truman said "you can't get rich in politics unless you are a crook".

 

[PoliSciPulse]

Right now it is. It will go back to being the same but with Democrats eventually, and then back to Republicans. Such is the case of U.S. Politics. We've just reached a phase now where the truth of this statement on the Republican side is very in your face. There will be a time when the Democrats being in charge will be very in your face as well. Give it time.

 

[Hamish Howl]

Other: The GOP doesn't dominate it completely, but the dems are a hot mess that couldn't organize a church picnic.

 

[X Factor]

One can only hope.

 

[Centrist]

No, when the US system was designed, the people that designed it, in my opinion, -> do not allow for one group or one person to maintain full control.

The "engineers" saw ahead of the forces of populism that some disguise via intellectual discussions or spam in my view. Nobody is denying shifts happen in society though as that is how society is. Sometimes it might be even 1 step backward, 2 steps forward later.

This thread reminds me of someone from the right stating how the left-wing "is stealing the freedom of speech." Both cases step into the land of paranoia in my opinion. I will be voting "No".

Good day

 

[post]

No, when the US system was designed, the people that designed it, in my opinion, -> do not allow for one group or one person to maintain full control.

The "engineers" saw ahead of the forces of populism that some disguise via intellectual discussions or spam in my view. Nobody is denying shifts happen in society though as that is how society is. Sometimes it might be even 1 step backward, 2 steps forward later.

This thread reminds me of someone from the right stating how the left-wing "is stealing the freedom of speech." Both cases step into the land of paranoia in my opinion. I will be voting "No".

Good day

In my opinion, "the people that designed it," were the dominant oligarchy. All were , or were the sons of slave owners. They
restricted the right to vote to....?

Oligarchy - Wikipedia

en.wikipedia.org

"..In the early 20th century Robert Michels developed the theory that democracies, like all large organizations, tend to turn into oligarchies. In his "Iron law of oligarchy" he suggests that the necessary division of labor in large organizations leads to the establishment of a ruling class mostly concerned with protecting their own power..."

All we have, on both sides, are 'mobs'

Fear of 'mob rule' was a thing by Messrs. Hamilton and Madison. They were rich, white, educated men of property, whom they believed were the only...

politicalforum.com

By OscarLevant aka Patricio Da Silva
"...
Madison argues that "the most common and durable source of factions has been the various and unequal distribution of property."[16] He states, "Those who hold and those who are without property have ever formed distinct interests in society."[16]

You see? He's arguing that lessers of society, when the rubber hits the road, he's afraid that the lessers of society, 'factions united for some singular purpose' should they acquire power, would vote for policies that were to their benefit, and not for the 'good of society as a whole'. but what the hell does that mean?

I'll tell you what it means, it means not Rich White Man's Society, as a whole..
..
In other words, men like Messrs. Hamilton and Madison. God forbid anyone like Pelosi, Cheney, Obama, AOC, etc., be allowed in leadership roles.

The point is, the concerns of the founders, the mechanisms they thought would prevent today's reality, no longer is that world, a world were lessers of society, smaller groups united for a singular purpose, are excluded.

Today, we are more enlightened, we are more inclusive, allowing blacks, women, minorities, affluent and not so affluent, allowed in leadership roles, even factions united for a singular purpose, and this is as it should be, but it is not the world the founding fathers wanted.

So, this idea that we are not a democracy, that only the minority is the better group, and that only the majority is a 'mob' is an absurd notion, and this idea what, in modernity, we must clinging to the nations of men who lived in world far removed from modern times, who lived 250 years ago, is utterly ridiculous.

We'll keep the constitution, of course, no one is suggesting getting rid of it, noting that it was, in many places, written in generalized language, intentionally so, because they knew that nations evolve, values evolve, and the document must be allowed to be flexible, to be reinterpreted as societies evolved, and that is why they created the Supreme Court.

So, let's apply what is still relevant that they wrote of, long ago, and discard what no longer applies, and have the wisdom to know which is which.

Apparently, Republicans, at least those on the hard right, do not.."

 

[Centrist]

1. "the people that designed it," were the dominant oligarchy. All were , or were the sons of slave owners.

2. You see? He's arguing that lessers of society, when the rubber hits the road, he's afraid that the lessers of society, 'factions united for some singular purpose' should they acquire power, would vote for policies that were to their benefit, and not for the 'good of society as a whole'. but what the hell does that mean?

3. Rich White Man's Society

1. I am not denying that. Such is the reality and brutality of newly formed empires. I have stories all the way from the Roman Empire. At least the English left something behind in terms of government and democracy compared to other cultures although the initial imperialistic rule was brutal. What did the Russians, even the French to take a western power left behind?

2. I don't use such words however can you name some systems where "the people" had full power and it turned out well in the long term? Long-term, not short-term results. I knew one of the short-term results, his name was Ceausescu, everyone loved him in the '70s in the name of "the people". In the long term starvation and death were such that sometimes it was rare to find 2 eggs in the market, so in the name of "the people," you -> starve. That is what the system told us.

3. I don't know, I came here with no English skills, just my diploma that the *Securitatea militia didn't manage to confiscate. Nobody gave me a pass or a free ticket to have the life that I have today. I had to work harder, and face struggles that people that were born here do not have to face. As Bill Gates said, "Life is not fair". But -> if you really believe that, then you should unite yourself with right-wing populists from the Trucker Convoy. They are not part of the "Rich White Man's Society". They can barely make an income with the AI technology taking over now.

*Securitatea militia:

Securitate - Wikipedia

en.wikipedia.org

 

[post]

Oligarchy Yes. Right Wing Dominated? Not even close: Kennedys, Bloombergs, Bezos, Zuckerbergs, ad nauseum. The Left has most of the money. Nasty old Koch brothers don't even come close.

Please post examples of "the Left" writing, passing, and signing tax legislation almost exclusively benefitting the wealthiest
donors to the democratic party.

The wealthiest 10% of Americans own a record 89% of all U.S. stocks

The top 1% gained over $6.5 trillion in corporate equities and mutual fund wealth during the pandemic, according to the latest data from the Federal Reserve.

www.cnbc.com

October 18, 2018
"The wealthiest 10% of American households now own 89% of all U.S. stocks, a record high that highlights the stock market’s role in increasing wealth inequality..."

Tax Cuts and Jobs Act of 2017 - Wikipedia

en.wikipedia.org

"...however, corporate tax cuts are permanent...
The Senate passed the final bill, 51–48, on December 20, 2017. On the same day, a re-vote was held in the House for procedural reasons; the bill passed, 224–201. The bill was signed into law by President Donald Trump on December 22, 2017. ."

Estate tax in the United States - Wikipedia

en.wikipedia.org

"...Because of these exemptions, it is estimated that only the largest 0.2% of estates in the U.S. will pay the tax.[7] For 2017, the exemption increased to $5.49 million. In 2018, the exemption doubled to $11.18 million per taxpayer due to the Tax Cuts and Jobs Act of 2017. As a result, only about 2,000 estates per year in the US are currently liable for federal estate tax.[8]

..The modern estate tax was temporarily phased out and repealed by tax legislation in 2001. This legislation gradually dropped the rates until they were eliminated in 2010. However, the law did not make these changes permanent and the estate tax returned in 2011.[51]

But late in 2010, before that clause took effect, Congress passed superseding legislation that imposed a 35 percent tax in 2011 and 2012 on estate in excess of $5 million. Like the 2001 legislation, the 2010 legislation had a sunset clause so that in 2013 the estate tax would return to its 2001 level. But then on New Year's Day 2013, Congress made permanent an estate tax on estates in excess of $5 million at a rate of 40 percent.[52]

The Bag of Tricks Is Almost Empty (Published 2008)

Regardless of who wins the election this fall, the next president will face at least three wrenching decisions that could reshape the nation’s tax system for years to come.

www.nytimes.com

February 10, 2008
"..And the decisions are becoming harder to avoid, because they involve huge tax cuts that will disappear if Congress fails to act.

The first issue is the future of President Bush’s tax cuts, all of which are scheduled to expire at the end of 2010. Those include lower rates for every income level; tax breaks for two-income families with children; an elimination of the estate tax on inherited wealth; and Mr. Bush’s signature tax cuts on stock dividends and capital gains.
...
Senator John McCain of Arizona, the front-runner for the Republican nomination for president, has flip-flopped on the issue. In 2001 and 2003, he alienated many Republicans by voting against the tax cuts, arguing that they were too heavily tilted toward the rich. But as a presidential candidate, Mr. McCain competed fiercely with his Republican rivals in vowing to not only make the tax cuts permanent but also to cut the corporate tax rate. “I will start by making the Bush tax cuts permanent,” he told a gathering of conservatives on Thursday, the day Mitt Romney, the former governor of Massachusetts, dropped out of the race..."

 

[post]

1. I am not denying that. Such is the reality and brutality of newly formed empires. I have stories all the way from the Roman Empire. At least the English left something behind in terms of government and democracy compared to other cultures although the initial imperialistic rule was brutal. What did the Russians, even the French to take a western power left behind?

-snip-
*Securitatea militia:

Securitate - Wikipedia

en.wikipedia.org

My point is, there are two major political parties, only one is completely beholden to and nearly exclusively responsive to only the
interests of its wealthiest donors, at the expense of all other U.S. residents,

Roth Conversions as Revenue Raisers: Smoke and Mirrors

The Tax Increase Prevention and Reconciliation Act of 2005 will extend the low tax rates on capital gains and dividends through 2010, grant temporary relief from the individual alternative minimum tax through 2006, and extend several expiring business tax breaks. To prevent Senators from raising...

www.taxpolicycenter.org

“It will have large and damaging effects on the federal budget for decades to come,” wrote budget expert Len Burman."

Rollover and Play Dead

Yesterday, Howard explained why the Roth rollover loophole, set to open in 2010, is horrible policy. By pre-paying tax on accumulated IRAs, rich folks can effectively increase their tax-free savings by close to half. (My 2006 article explains this point.) And the rollover option is worth most to...

www.taxpolicycenter.org

Rollover and Play Dead​

"Yesterday, Howard explained why the Roth rollover loophole, set to open in 2010, is horrible policy. By pre-paying tax on accumulated IRAs, rich folks can effectively increase their tax-free savings by close to half. (My 2006 article explains this point.) And the rollover option is worth most to people who don’t actually need retirement accounts to finance their old age."
September 4, 2009 Leonard E. Burman

Why--And How--Congress Should Curb Roth IRAs - Forbes​

https://www.forbes.com › deborahljacobs › 2012/03/26
Mar 26, 2012 — ... "who started PayPal with billionaire Peter Thiel in 1998, ... more in the future," says economist and FORBES contributor Leonard Burman."

TIPRA and Roth IRA: What You Need to Know About the Law That Legalized Backdoor Roths

TIPRA continues to help the wealthy avoid paying taxes on investment gains, but President Biden aims to put a stop to this.

www.investopedia.com

Published March 25, 2022

"The Tax Increase and Prevention Reconciliation Act (TIPRA) of 2005 has generated plenty of controversy since it was signed into law by then-President George W. Bush in 2006. One of the legislation’s boldest moves was to lift income restrictions on individual retirement account (IRA)-to-Roth IRA conversions, starting in 2010, which paved the way for the so-called backdoor Roth IRA. This gives high earners a way to access the benefits of tax-free growth on retirement investment gains.1

In late 2021, congressional Democrats almost found a way to close this loophole as part of President Biden’s Build Back Better (BBB) plan. The sweeping economic recovery and social welfare bill passed the U.S. House but stalled in the U.S. Senate. For now, higher earners can continue funding their Roth IRAs in 2022 even though their modified adjusted gross income (MAGI) should theoretically exclude them from being able to do so.23 .."

How Peter Thiel Created a $5 Billion Roth IRA Account - Ubiquity

Wondering how to turn $2,000 into $5 Billion? PayPal cofounder Peter Thiel was lucky, but Ubiquity helps regular Americans maximize wealth with 401(k)s.

www.myubiquity.com

Dylan Telerski / 22 Oct 2021
"..Back in 1999, the Clinton administration blocked Americans making over $110,000 per year from using the tax-free accounts and capped annual contributions at $2,000. Thiel was running a months-old startup venture, earning a modest $73,263 salary that came with a large stock grant. He bought a stake in PayPal with 1.7 million shares at $0.001 per share. Within a year, the value of Thiel’s Roth had shot up from $1,664 to $3.8 million. He made other savvy investments in Facebook and Palantir Technologies Inc that made him a billionaire.

A decade after the Roth was created, the Congress under President George W. Bush allowed a limitless “backdoor” Roth conversion of traditional IRAs to Roth accounts, regardless of one’s income. The option was created as a short-term way to raise tax revenue. Investors had to pay income tax at conversion time, but they’d benefit from tax-free growth and distribution. Investment gains in Roth IRAs are never taxed and Thiel won’t have to pay taxes when he takes the money out, as long as he waits until he is 59.5 years old to withdraw..."

 

[coyote505]

Please post examples of "the Left" writing, passing, and signing tax legislation almost exclusively benefitting the wealthiest
donors to the democratic party.

The wealthiest 10% of Americans own a record 89% of all U.S. stocks

The top 1% gained over $6.5 trillion in corporate equities and mutual fund wealth during the pandemic, according to the latest data from the Federal Reserve.

www.cnbc.com

October 18, 2018
"The wealthiest 10% of American households now own 89% of all U.S. stocks, a record high that highlights the stock market’s role in increasing wealth inequality..."

Tax Cuts and Jobs Act of 2017 - Wikipedia

en.wikipedia.org

"...however, corporate tax cuts are permanent...
The Senate passed the final bill, 51–48, on December 20, 2017. On the same day, a re-vote was held in the House for procedural reasons; the bill passed, 224–201. The bill was signed into law by President Donald Trump on December 22, 2017. ."

Estate tax in the United States - Wikipedia

en.wikipedia.org

"...Because of these exemptions, it is estimated that only the largest 0.2% of estates in the U.S. will pay the tax.[7] For 2017, the exemption increased to $5.49 million. In 2018, the exemption doubled to $11.18 million per taxpayer due to the Tax Cuts and Jobs Act of 2017. As a result, only about 2,000 estates per year in the US are currently liable for federal estate tax.[8]

..The modern estate tax was temporarily phased out and repealed by tax legislation in 2001. This legislation gradually dropped the rates until they were eliminated in 2010. However, the law did not make these changes permanent and the estate tax returned in 2011.[51]

The Bag of Tricks Is Almost Empty (Published 2008)

Regardless of who wins the election this fall, the next president will face at least three wrenching decisions that could reshape the nation’s tax system for years to come.

www.nytimes.com

February 10, 2008
"..And the decisions are becoming harder to avoid, because they involve huge tax cuts that will disappear if Congress fails to act.

The first issue is the future of President Bush’s tax cuts, all of which are scheduled to expire at the end of 2010. Those include lower rates for every income level; tax breaks for two-income families with children; an elimination of the estate tax on inherited wealth; and Mr. Bush’s signature tax cuts on stock dividends and capital gains.
...
Senator John McCain of Arizona, the front-runner for the Republican nomination for president, has flip-flopped on the issue. In 2001 and 2003, he alienated many Republicans by voting against the tax cuts, arguing that they were too heavily tilted toward the rich. But as a presidential candidate, Mr. McCain competed fiercely with his Republican rivals in vowing to not only make the tax cuts permanent but also to cut the corporate tax rate. “I will start by making the Bush tax cuts permanent,” he told a gathering of conservatives on Thursday, the day Mitt Romney, the former governor of Massachusetts, dropped out of the race..."

How about the SALT credit, which Dems. want to make larger? This allows Blue states to spend on everything and tell their taxpayers "Don't worry, the Feds will be picking up most of this." That of course means taxpayers in the less profligate states. How about forgiveness of unlimited student loans, which will primarily benefit people with graduate degrees and higher paying jobs, rather than being needs based. However, most Leftist sins are of the spending variety, which necessarily crowds out private economic activity, the union requiring activity, which makes it difficult for non-union contractors to get federal contracts, and the anti-school-choice activities, which do not stop the wealthy from sending their kids to good schools, but greatly hinder poor or average income folks from doing the same.