How will new tax policy affect copper prices? During America’s “golden” years, the wealthy paid their fair share in taxes
Many voters do not understand that oligarchs, CEOs, heirs, and the uber-rich pay far lower taxes today than they used to. From the 1930s until the mid- 1980s, America’s top earners paid over 60% of their income in taxes, and the percent fluctuated according to federal need.
When Trump bemoans the passage of a “great” America from yesteryear, he never acknowledges that the “greatness” was built on the backs of labor and from the wallets of wealthy taxpayers.
Musk bought the presidency to write his own rules
Elon Musk, with a reported annual income of $141,475,524,215, spent over $250 million to get Trump elected through dubious means including a fraudulent “lottery” of $1 million a day. Musk pays an effective tax rate of 3.27%.
Musk also paid $44 billion to purchase Twitter, which he then used to amplify far right messaging and weaponize election disinformation. Musk now manipulates algorithms on X to boost his own opinion, and had special code written to force his posts into more people’s feeds whether they want them or not. Musk’s own AI program identified him as the chief disinformation superspreader of the 2024 campaign. According to the Center for Countering Digital Hate, Musk’s false pro-Trump election claims resulted in over 1.2 billion views on X.
To Musk, spending billions to spread election disinformation and funding Trump PACs was just the cost of doing business. Over the past ten years, Musk has received at least $15.4 billion in federal government contracts. The snag is that lucrative federal contracts come with not-so-lucrative regulatory oversight, as Musk’s SpaceX, Neuralink and Tesla have discovered. When Space X discharged polluted/toxic water into nearby bodies of water in Texas, for example, Musk found out that even in MAGA-crazed Greg Abbott’s state, where they’re itching to build concentration camps for immigrants, some people still prefer clean water.
For Musk, spending $250m to choose his own low-information boss, re-write pesky regulations, and set his own tax rate was an obvious bargain."
Here's what happens when the world's richest man buys the presidency | Opinion
Less entitlements means less money in our nation's communities, restricting consumer spending, and decreasing the demand for copper.