Six on "our" Economy: The Real Cost of Cheap Shirts; Do Taxpayers Know They Are Handing Out Billions to Corporations?; A Plut

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philip panaritis

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Apr 26, 2018, 12:28:36 AM4/26/18
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Six on "our" Economy: The Real Cost of Cheap Shirts; Do Taxpayers Know They Are Handing Out Billions to Corporations?; A Plutocratic Coup, The Wall Street Putsch of 1933; Billionaire Dan Loeb Gives $15 Million to Eva’s Success Academy for More High Schools; the Best (and Worst) Cities to Make a Living; The Trump Administration Is Letting Wells Fargo Get Away with Grand Theft Auto

A Plutocratic Coup, The Wall Street Putsch of 1933.

"The Wall Street Putsch of 1933. The financial establishment — along with its media and political henchmen — rushed out to bury the story and protect the gentlemen of Wall Street implicated in the part. It's a heck of a story about capitalist skullduggery by a few Lords of Wealth trying to overthrow the government and enthrone a fascist regime friendly to them."









Do Taxpayers Know They Are Handing Out Billions to Corporations?

"Every year, states and local governments give economic-development incentives to companies to the tune of between $45 billion and $80 billion. Why such a wide range? It’s not sloppy research; it’s because many of these subsidies are not public.

For the known subsidies, such as Maryland’s recent $8.5 billion incentive bid for Amazon’s second headquarters, the support includes cash grants for company relocations, subsidized land, forgiving company taxes on everything from property taxes to sales taxes and investments in infrastructure for the company. Maryland is even offering to give 5.75 percent of each worker’s salary back to the company, which is the maximum state income tax rate for individuals. Employees will pay taxes that will be routed back to Amazon.










To be clear, Maryland isn’t a model of transparency. Its offer is known not because the state made its bid public, but because these extreme incentives required special legislation. The legislature didn’t call it the Amazon Bill. They called it the Prime Act, which is a tortured acronym from “Promoting ext-Raordinary Innovation in Maryland’s Economy Program.” The bill was revealed only after an initial offer was made to the company.







Economic development all across the country is getting less open — and both Democrats and Republicans are doing it. In fact, in many cases, the politicians themselves aren’t even the ones negotiating for the public."







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