Ten A Dozen Essential Ideas For Fixing The American Economy — Robert Reich

Robert Reich has completed, not his scheduled ten, but an even dozen videos succinctly expressing the great ideas essential to making the American economy more robust for all its participants and transforming American society into one more committed to equality of treatment of all its members under the law.

The 12 Videos appear (in reverse order) in the right-hand column of Reich's blog, and each video runs about 2-3 minutes. I can't think of a better way for an adult or adolescent American to spend about a half hour than in watching these videos. (In addition to his insight, Reich has a great hand as a cartoonist, which he exercises along with voiceovers on the current topic. You'll have fun learning some excellently framed talking points!)

So THAT's Why Rmoney Was Concealing His Taxes

Bloomberg via Raw Story:

Bloomberg News: Romney ‘rented’ Mormon church’s exemption to defer taxes for 15 years

By David Edwards
Monday, October 29, 2012 15:08 EDT


Republican presidential nominee Mitt Romney used a loophole to “rent” the Mormon church’s tax exemption status and defer paying taxes for 15 years, according to a new report.

Tax returns obtained by Bloomberg News through a Freedom of Information Act request indicated that Romney set up a charitable remainder unitrust (CRUT) in June 1996 just before Congress cracked down on the loophole in 1997.

“In this instance, Romney used the tax-exempt status of a charity — the Mormon Church, according to a 2007 filing — to defer taxes for more than 15 years,” Bloomberg’s Jesse Drucker explained. “At the same time he is benefitting, the trust will probably leave the church with less than what current law requires.”

Estates lawyer Jonathan Blattmachr told Bloomberg that Romney’s trust benefits from the Mormon church’s exempt status because charities don’t pay capital gains taxes when they make a profit from the sale of assets.

“The main benefit from a charitable remainder trust is the renting from your favorite charity of its exemption from taxation,” Blattmachr said, adding that the charitable contribution “is just a throwaway” and the church would receive little if any financial benefit from the trust.

...

I don't know about you, but this infuriates me well beyond Rmoney's raw wealth, which is after all not that unusual among the 0.01% in America today. It's his sense of privilege. I can just imagine Rmoney saying: "I, wealthy scion of a high-ranking Mormon family, can shelter much of my income from taxes for fifteen years, while you, stupid schmuck, have to pay your full amount yearly. And you deserve it, slave, for being who you are. I've got mine because of who I am, and fuck you if you don't like it!"

American presidents have been on the whole relatively wealthy more often than not. Some, like both Roosevelts, were very wealthy... and did not for the most part exercise their privileges to the egregious disadvantage of ordinary Americans. They seemed to have some ability to comprehend what it is like to be ordinary, or poor, or flat broke and on the street, even as they never were themselves.

Then there's Myth Rmoney.

The class schism has grown almost without bounds in America in my lifetime. The 99% are struggling down here and the 1%, especially the 0.001%, live in the economic stratosphere. And they have absolutely no since of noblesse oblige... none whatsoever. Does this mean they are "bad people"? IMHO, yes. And Myth Rmoney is one of those bad people.

If you want to support the Myth Rmoneys of the world on your tired backs for the rest of your life, go ahead and install this one in the presidency, or allow him to steal it.

If not... fight like bloody hell for the next few days. Your grandchildren's lives may depend on it.

(H/T ellroon.)