Billionaires don't want to pay taxes? Revoke their citizenship and passport!!
"Whatever its source, the broligarchs’ sense of their innate superiority has led many of them to positions on taxation quite similar to Trump’s. In 2016, the Republican presidential nominee bragged about avoiding tax payments for years—“That makes me smart,” he crowed from the debate stage. The broligarchs have quietly liberated themselves from one of the only certainties in life. As ProPublica reported in 2021, Musk paid zero federal income taxes in 2018 and a de facto tax rate of 3.3 percent from 2014 to 2018, during which his wealth grew $13.9 billion. Thiel used a government program intended to expand retirement savings by middle-class Americans to amass $5 billion in capital-gains income, completely tax-free. The Trump-friendly broligarchs’ political ascendancy turns the rallying cry of the Boston Tea Party on its head, achieving representation with minimal taxation.
In their hostility to taxation and regulation, the men who rule Wall Street and Silicon Valley resemble earlier generations of wealthy capitalists who enjoyed outsize influence on American politics. Even some tech barons who supported Kamala Harris clamored for the firing of Federal Trade Commission Chair Lina Khan, who favors vigorous antitrust enforcement. But the broligarchs are distinct from old-school American oligarchs in one key respect: Their political vision seeks to undermine the nation-state system globally. Musk, among others, has set his sights on the privatization and colonization of space with little or no government involvement. Thiel and Andreessen have invested heavily in creating alternatives to the nation-state here on Earth, including libertarian colonies with minimal taxation."
https://www.theatlantic.com/politics/archive/2024/11/broligarchy-elon-musk-trump/680788/
#USA #Trump #Musk #Billionaires #BigTech #SiliconValley
"Whatever its source, the broligarchs’ sense of their innate superiority has led many of them to positions on taxation quite similar to Trump’s. In 2016, the Republican presidential nominee bragged about avoiding tax payments for years—“That makes me smart,” he crowed from the debate stage. The broligarchs have quietly liberated themselves from one of the only certainties in life. As ProPublica reported in 2021, Musk paid zero federal income taxes in 2018 and a de facto tax rate of 3.3 percent from 2014 to 2018, during which his wealth grew $13.9 billion. Thiel used a government program intended to expand retirement savings by middle-class Americans to amass $5 billion in capital-gains income, completely tax-free. The Trump-friendly broligarchs’ political ascendancy turns the rallying cry of the Boston Tea Party on its head, achieving representation with minimal taxation.
In their hostility to taxation and regulation, the men who rule Wall Street and Silicon Valley resemble earlier generations of wealthy capitalists who enjoyed outsize influence on American politics. Even some tech barons who supported Kamala Harris clamored for the firing of Federal Trade Commission Chair Lina Khan, who favors vigorous antitrust enforcement. But the broligarchs are distinct from old-school American oligarchs in one key respect: Their political vision seeks to undermine the nation-state system globally. Musk, among others, has set his sights on the privatization and colonization of space with little or no government involvement. Thiel and Andreessen have invested heavily in creating alternatives to the nation-state here on Earth, including libertarian colonies with minimal taxation."
https://www.theatlantic.com/politics/archive/2024/11/broligarchy-elon-musk-trump/680788/
#USA #Trump #Musk #Billionaires #BigTech #SiliconValley
What the Broligarchs Want From Trump
Tremendous power is flowing to tech and finance magnates.Brooke Harrington (The Atlantic)
