Read

User menu

Search form

Facts That Privileged Americans Don’t Want Us To Know

Facts That Privileged Americans Don’t Want Us To Know
Wed, 11/28/2018 - by Paul Buchheit
This article originally appeared on Nation of Change

Many of us are ill-informed about certain critical economic and social issues. The following facts should have been reported by the mainstream media, but unfortunately most of that media is controlled by the very people who have reason to hide the facts.
 

Tax haven cheating is much costlier than the annual safety net – but the IRS keeps getting CUT

Offshore hoarding of private American wealth is estimated to be $3.3 trillion (4% of U.S. $82 trillion financial wealth).

The safety net costs about $400 billion per year, or, including Medicaid, about $900 billion per year.

Taking on the tax cheaters seems like an obvious response, instead of cutting the safety net. But the IRS budget itself has been steadily cut. Amazingly, and perversely, the Internal Revenue Service, which could be recovering much of our hidden money, has seen its staff and budget slashed 14 to 18 percent since the recession.
 

Our own country is the world’s second biggest tax haven

While the privileged American tax cheaters are taking money from their own country, they’re not shy about taking from the rest of the world. According to the Financial Secrecy Index of the Tax Justice Network, the U.S. is second only to Switzerland as a tax haven. Their report states: “Financial secrecy provided by the U.S. has caused untold harm to the ordinary citizens of foreign countries, whose elites have used the United States as a bolt-hole for looted wealth.”
 

Record low unemployment? Yes, because ONE HOUR of work counts as employed

Part of that ‘booming’ economy is a low unemployment rate. As noted recently, the Bureau of Labor Statistics bases the official unemployment rate on employees “who did any work for pay or profit” during the week being surveyed. That includes part-time workers who are employed for just one hour a week.

The unemployment rate also fails to include those who have given up looking for work – 4% more Americans than in the year 2000.
 

We’re gradually giving away our country’s wealth to the children of the rich

It’s not a Death Tax, it’s a Deadbeat Tax.

Anywhere from 35 percent to 55 percent of U.S. household wealth is inherited. It’s going to get worse. A Boston College study estimated that $59 trillion will be transferred from American estates by 2061. The study calls it “the greatest wealth transfer in U.S. history.” That’s almost as much as the total financial wealth in the U.S. today. But, as Robert Reich notes, in 2014 only 1.4 out of every 1,000 estates owed any estate tax. So most of the money to be passed down from Baby Boomers will be going to kids who never earned any of it and won’t have to pay any taxes on it.

One might argue that the loss of all this tax revenue is a good thing, because then philanthropists will step up and fund the needs of society. Not much chance of that. The super-rich have little incentive to provide housing or education or infrastructure or clean water to poor neighborhoods. Here’s their incentive: Donor-Advised Funds (DAFs). These ‘philanthropic’ funds allow big tax writeoffs, and the ‘donated’ money can be invested and reinvested with little of it going to real causes. The report “Gilded Giving” by Inequality.org states that “this charitable revenue can be warehoused, sitting for years or decades after a charitable deduction has been taken, before any significant payout is made to public nonprofits.”
 

As we keep shooting each other, our leaders keep cutting mental health care

Why should privileged Americans want to avoid this issue? Because they’re not about to make a financial commitment to the root cause of most of the violence in our country, which is the overwhelming stress and suffering brought on by deprivation in the richest nation in the world. According to the National Institute of Mental Health, anxiety affects nearly one-third of both adolescents and adults.

But instead of therapy, we use drugs to treat patients with mental problems, and as a result pharmaceutical companies make billions of dollars at the expense of incapacitated Americans. Incredibly, over 96 percent of “last-resort” mental health hospital beds have been eliminated in the past sixty years. More incredibly, the 2019 budget for the Department of Health and Human Services includes a 21 percent decrease from the 2017 level.

Most incredible of all is the hypocrisy accompanying this disdain for the needs of American adults and children. As when Donald Trump says, “To every parent, teacher and child who is hurting so badly, we are here for you whatever you need, whatever we can do to ease your pain.”

Originally published by Nation of Change

 

Sign Up

Article Tabs

Pete Buttigieg, money in politics, Citizens United, Medicare for All, 2020 presidential field, progressive candidates

The 37-year-old Democratic mayor of South Bend, Indiana, is a graduate of Harvard, a Rhodes Scholar, a former Naval Intelligence officer and the first openly gay person to seek a major party’s presidential nomination.

actout 197

First off, some GOOD NEWS! From the environmental justice front lines and the streets of Queens, here's some inspiration to fuel your activism.

refugee impacts, anti-refugee sentiment, anti-immigrant policies, Trump, xenophobia, refugee workers

While the influx of refugees to Europe and the U.S. is generally portrayed as a crisis, immigrants also bring many benefits as they settle down in new places and start their lives anew.

Venezuela crisis, Venezuela regime change, Nicolas Maduro, Donald Trump, Washington geopolitical aims, U.S. overseas intervention

Our country is so divided, on so many issues, yet intervening in foreign countries is a united addiction we just can’t tear ourselves away from.

Senegal protests, Y’en A Marre movement, New Type of Senegalese, African social protests, economic justice, ending corruption, African protest movements, Senegal democratic movement

The Y’en a Marre ("We Are Fed Up") movement, which traveled the country raising awareness about the need to vote, played a crucial role helping defeat Senegal's two-term president in 2012.

Pete Buttigieg, money in politics, Citizens United, Medicare for All, 2020 presidential field, progressive candidates

The 37-year-old Democratic mayor of South Bend, Indiana, is a graduate of Harvard, a Rhodes Scholar, a former Naval Intelligence officer and the first openly gay person to seek a major party’s presidential nomination.

Oakland teachers strike, national teacher strikes, teacher pay, teaching conditions, privatized education, public schools, charter schools, Oakland Education Association, teacher strikes

They’re also demanding more support staff, smaller class sizes, and more oversight of charter schools.

voting rights, voting restrictions, voter enfranchisement, get out the vote, student voters, youth vote

States that put unnecessary and unjustified barriers in the way of young people voting are violating the Constitution and doing a disservice to the democratic process.

actout 197

First off, some GOOD NEWS! From the environmental justice front lines and the streets of Queens, here's some inspiration to fuel your activism.

A recent “60 Minutes” segment featured venture capitalist and author Kai-Fu Lee predicting that advances in artificial intelligence would “in 15 years displace about 40 percent of the jobs in the world.” (Photo: Shutterstock)

Training for the jobs of the future keeps workers trapped as long as workers can't shape how technology is used and who profits from it.

voting rights, voting restrictions, voter enfranchisement, get out the vote, student voters, youth vote

States that put unnecessary and unjustified barriers in the way of young people voting are violating the Constitution and doing a disservice to the democratic process.

Posted 1 day 12 hours ago
Andres Manuel Lopez Obrador, AMLO, Mexican worker strikes, Border Committee of Women Workers

During the past month, between 30,000 and 40,000 maquiladora workers in Matamoros plants have walked off their jobs – and now Mexican workers elsewhere are considering following their example.

Posted 3 days 10 hours ago
actout 197

First off, some GOOD NEWS! From the environmental justice front lines and the streets of Queens, here's some inspiration to fuel your activism.

Posted 2 days 23 hours ago
A recent “60 Minutes” segment featured venture capitalist and author Kai-Fu Lee predicting that advances in artificial intelligence would “in 15 years displace about 40 percent of the jobs in the world.” (Photo: Shutterstock)

Training for the jobs of the future keeps workers trapped as long as workers can't shape how technology is used and who profits from it.

Posted 2 days 23 hours ago
refugee impacts, anti-refugee sentiment, anti-immigrant policies, Trump, xenophobia, refugee workers

While the influx of refugees to Europe and the U.S. is generally portrayed as a crisis, immigrants also bring many benefits as they settle down in new places and start their lives anew.

Posted 4 days 1 hour ago
actout 197

First off, some GOOD NEWS! From the environmental justice front lines and the streets of Queens, here's some inspiration to fuel your activism.

Andres Manuel Lopez Obrador, AMLO, Mexican worker strikes, Border Committee of Women Workers

During the past month, between 30,000 and 40,000 maquiladora workers in Matamoros plants have walked off their jobs – and now Mexican workers elsewhere are considering following their example.

refugee impacts, anti-refugee sentiment, anti-immigrant policies, Trump, xenophobia, refugee workers

While the influx of refugees to Europe and the U.S. is generally portrayed as a crisis, immigrants also bring many benefits as they settle down in new places and start their lives anew.

Pete Buttigieg, money in politics, Citizens United, Medicare for All, 2020 presidential field, progressive candidates

The 37-year-old Democratic mayor of South Bend, Indiana, is a graduate of Harvard, a Rhodes Scholar, a former Naval Intelligence officer and the first openly gay person to seek a major party’s presidential nomination.

voting rights, voting restrictions, voter enfranchisement, get out the vote, student voters, youth vote

States that put unnecessary and unjustified barriers in the way of young people voting are violating the Constitution and doing a disservice to the democratic process.