Georgia audited its own data center tax breaks and found that the state gave up $474 million in sales taxes in one year—and got back just $41 million from the industry. At least 38 states have deals like this. (It's not clear whether all that money the state waived was needed to attract the construction: in Georgia's case, by the state's own estimate, 70% of the data center construction would have happened anyway.)
A top 5 reason to implement a wealth tax is related to this point below about China eating our lunch. If our super rich class was leading the world when it came to frontier industries, that would be a strong case to let them keep cooking.
Instead, their focus the past 15-20 years has been on building monopolies and moats, propping it up with ever-more-absurd financial engineering, media consolidation with the aim of stoking culture war and blunting criticism of Israel, which for some odd reason is supposed to be a national priority for us — all while falling behind China on robotics, batteries, EVs, and so on. We’re barely winning on AI if at all. They cheered as Trump effectively repealed the IRA, the biggest investment in new energy production in decades, and are now crying that there isn’t enough energy production for their AI.
If our billionaires were winners, we might consider defending them.
But our billionaires are losers, in several senses of the word, and they embarrass us on the international stage. A wealth tax will take them down a few pegs and hopefully let some winners rise up. We no longer have a meritocracy so it’s time to strip the participation medals from these monopolists.
So no, a wealth tax is not punishing you for your success. It’s punishing you for failure. Don’t like it? Stop losing.
The New York Times shows the damning evidence that ICE is offloading its racial profiling onto local cops, as we predicted. Abhorrent behavior. A conspiracy against our rights.
Jaylen Brown to @ramonashelburne on if he believes he's the NBA MVP:
"Analytically probably not honestly. But I put my blood, sweat & tears into this season … also from a leadership standpoint. Galvanizing guys, getting everybody on the same page in the midst of uncertainty to help keep us in contention at the top of the league. The analytics don't quantify who I am and who my spirit is.”
-
(via @ESPNNBA)
The Cost of Living Crisis is fake, the Energy Companies boosted their profit margins by 4.5x, Supermarkets quadrupled their profits, and now we are paying their excess profits forever.
It's that magical time of year when private jets descend on a Swiss mountain village to discuss climate change and poverty! Anyway, here's my annual reminder. I'll stop posting this when they stop avoiding the real issue: their own massive tax avoidance 💰