You know the ones… for three easy payments on $39.99
But wait there is more we will cut one payment now is you order in…
But wait we will throw in another…
And I thought, wait a minute I doubt very much is they are losing money on it so that means they are making a huge profit selling it at full price.
So I asked Google’s Bard about corporate profits…
Trends by Period:
1950-1970: The profit share was relatively stable, bouncing near 16% of GDP.
1970s-Early 1980s: The profit share declined, reaching a low of less than 7% in the early 1980s.
Mid-1980s-2000: The profit share started to rise again, reaching around 17% by 2000.
2000-Present: The profit share has surged upwards, cycling around 22% over the past decade.
Trump cut billionaires tax rates. The Republicans did away with the Estate Tax which they call a “Death Tax” so now we have billionaires who are passing along billions to their children making dynasties. In the 1890s we called them “The Robber Barons” you know the ones… Andrew Carnegie, John D. Rockefeller, J. P. Morgan, and John Jacob Astor. You see their mansions in Newport Rhode Island.
Robber Barons: Definition, Significance, Criticism, and Examples
By Will Kenton
December 2, 2022
What Is a Robber Baron?"Robber baron" is term used to describe America’s most successful industrialists. This derogative term was primarily used during the era of the late 19th century often known as the Gilded Age. The term robber baron is also sometimes used to describe any successful businessperson whose practices are considered unethical or unscrupulous. This behavior can include employee or environmental abuse, stock market manipulation, or deliberately restricting output to charge higher prices.
KEY TAKEAWAYS
- "Robber baron" is a term used frequently in the 19th century during America's Gilded Age to describe successful industrialists whose business practices were often considered ruthless or unethical.
- Included in the list of so-called robber barons are Andrew Carnegie, Cornelius Vanderbilt, and John D. Rockefeller.
- Robber barons were accused of being monopolists who earned profits by intentionally restricting the production of goods and then raising prices.
- On the other hand, some of the most famous of these tycoons became noted philanthropists later in life, giving away hundreds of millions of dollars to a variety of worthy causes.
Ever since the passing of the Sherman Antitrust Act of 1890 the Republicans have been hacking away at it. The Republicans did away with the Estate Tax, cut the income tax rates for the billionaires from over 70 percent to in the 30s, and they are…
The Republicans want to create a new Gilded Age of Robber Barons.It’s no secret that many Republicans believe in taxing the rich lightly, if at all. For decades now, they’ve seized every opportunity when in power to cut taxes for the rich. The top federal income tax rate has been chopped from 70 percent in 1980 to barely half that, 37 percent, today. The corporate tax rate, which stood at 46 percent in 1980, has been more than halved, to only 21 percent. As a percentage of their wealth, the tax payments of billionaires have fallen a jaw-dropping 79 percent since 1980.
Is this just a logical outgrowth of Republicans’ belief in trickle-down economics and limited government? Or does the logic flow in the other direction — are trickle-down economics and limited government merely justifications developed to protect the rich from taxation? Judging from the nearly non-existent track record of trickle-down economics success stories and Republicans’ idea of limited government involving nothing beyond shredding the social safety net, it seems protecting the rich from taxation is the end, not the means.”
The real tell, though, is an insistence on protecting rich tax cheats from taxation.
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