The House Republican budget resolution proposes $4.5 trillion in tax cuts favoring the wealthy, offset by $2 trillion in cuts to programs like Medicaid and SNAP. These cuts, totaling $2 trillion in “mandatory spending” over a decade, would disproportionately harm low-income families and are intended to fund the tax breaks. Critics argue this prioritizes the rich while jeopardizing healthcare access and food assistance for millions. The resolution directs committees to enact specific spending cuts to achieve these targets.
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Germany’s Left Party, currently polling near the parliamentary threshold, has unveiled a sweeping tax plan aiming to halve billionaire wealth within a decade. The proposal includes reintroducing a wealth tax with a sliding scale, a one-time levy on the wealthiest 0.7%, increased inheritance and income taxes for high earners, and a revised capital gains tax. Despite these ambitious goals, the party’s prospects for implementing this plan remain uncertain due to their historically low support and potential difficulties in forming coalitions. The plan’s release comes as Germany prepares for national elections.
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Hedge funds are wagering billions of dollars on a market crash during the Trump presidency, a gamble fueled by a confluence of factors and the belief that economic instability will benefit their bottom line. This isn’t simply a calculated investment strategy; it feels like a deliberate manipulation of the economic system, leveraging the uncertainty and volatility generated by a particular political climate.
The sheer scale of these bets is staggering, with some sources suggesting a tenfold increase in wagers on a market downturn compared to bets on market growth. This disparity highlights a deep-seated skepticism about the economy’s trajectory under the current administration.… Continue reading
President-elect Trump’s inauguration featured a prominent display of billionaires, including Mark Zuckerberg, Jeff Bezos, and Elon Musk, signaling a potential prioritization of the wealthy in his administration. Progressive critics decried the presence of these individuals, citing their history of allegedly exploiting workers and the record-breaking $200 million in corporate and lobbying donations to the inauguration. This, coupled with Trump’s proposed cabinet appointments—at least 13 billionaires—further fuels concerns about an administration serving the interests of the ultra-wealthy rather than working-class Americans. The incoming administration’s potential combined net worth exceeding $460 billion underscores these worries.
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Oxfam’s new report, “Takers Not Makers,” reveals that billionaire wealth surged by $2 trillion in 2024, a rate three times faster than in 2023, reaching a daily accumulation of $5.7 billion. This dramatic increase, driven largely by rising stock values and property prices, now projects the emergence of at least five trillionaires within a decade. Simultaneously, the number of people living in extreme poverty remains stubbornly high near 3.6 billion, highlighting a stark contrast between the extreme wealth accumulation at the top and persistent poverty for a significant portion of the global population. Oxfam advocates for bold policy changes, including higher taxes on the super-rich, to address this widening inequality gap.
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Oxfam’s latest inequality report reveals the world’s billionaires earned an average of $3.2 million daily in 2023, with the top ten exceeding $150 million daily. This extreme wealth accumulation, totaling a $3 trillion increase globally, far outpaces the growth of average incomes and highlights the widening gap between the rich and poor. The report, released during the World Economic Forum in Davos, criticizes the disproportionate influence of wealthy nations in global financial institutions and argues that historical colonialism continues to fuel this inequality. Oxfam advocates for wealth taxes as a means to address this disparity, suggesting even a small tax on the ultra-wealthy could significantly benefit the public.
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Senator Sanders warns of a rapidly developing oligarchy in the U.S., citing unprecedented wealth concentration among a small number of billionaires who wield significant political influence. This influence was evident in the 2024 election, where a mere 150 billionaire families contributed nearly $2 billion to campaigns. The trend continues with Trump’s administration appointments, featuring billionaires with a combined net worth exceeding the GDP of 172 countries, further solidifying concerns about the growing power of oligarchs. This situation mirrors Senator Murphy’s assessment of the U.S. heading toward an oligarchy where the wealthy leverage government for personal enrichment.
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In his Oval Office farewell address, President Biden warned of a burgeoning oligarchy in America, characterized by extreme wealth and power concentrated in the hands of a few, threatening democracy and equal opportunity. This concentration of power, exacerbated by record corporate lobbying and the influence of billionaires in the recent election, has resulted in a dramatic increase in wealth for the ultra-rich while hindering reform efforts. Biden’s concerns echoed those of Senator Sanders, who has long sounded the alarm about this issue. The incoming Trump administration, packed with corporate figures, further underscores this growing threat to American democracy.
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Nominee Scott Bessent, President-elect Trump’s pick for Treasury Secretary, testified before the Senate Banking Committee, prioritizing the extension of the 2017 Tax Cuts and Jobs Act as the most crucial economic issue. He argues that failing to extend these cuts, which disproportionately benefit the wealthy, would lead to economic calamity. Despite accusations of tax evasion and opposition to raising the minimum wage, Bessent’s confirmation is anticipated. The proposed extension would cost an estimated $4 trillion over a decade, a cost Bessent claims could be offset through other budget cuts.
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John Q. Hosedrinker 
Matt Underwood