Comment by netsharc
14 days ago
John Oliver analyzed state's tax rebates, 8 years ago: https://www.youtube.com/watch?v=8bl19RoR7lc , he concluded that giving 1000 people Ferraris to drive around a pile of $30 million cash on fire would be more fiscally responsible...
I found it pretty funny when Mayor Mamdani of NYC pointed out that the people opposing him spent more money trying to stop him being elected than they would end up paying in increased taxes. It really is a game to those people. They can't bear to give up one cent or one ounce of control.
Another funny story was that some substack writer (whom I forget sorry) noticed that Bill Ackman subscribed to their substack and used a 30% off coupon ha ha.
Jeff Bezos in FY 2024 filed for, and received, a $2k child tax credit.
While the company he was the founder of passed over a trillion dollars in market cap.
The child tax credit starts tapering off if your adjusted gross income is more than $200k single ($400k joint). If Bezos is reporting less than that due to other deductions then that’s truly impressive.
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If it's a good tax credit, incentivising something society wants to incentivise, then everyone it applies to should get it; that helps social cohesion. If you make billionaires ineligible for tax credits they'll oppose them (and why shouldn't they?)
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