One of the richest men in the 1920s was Andrew Mellon — an early prophet of trickle-down economics.

Yesterday we learned that his grandson, Timothy Mellon, gave a Trump super PAC one of the largest political donations ever.

This is how dynastic wealth works.

Wealth tax now.

⬆️ @rbreich

Athlete: “I now have 11 gold medals. It took a lot of hard work!”

Reporter: “But you’ve never competed in a sport for those medals?”

Athlete: “Does it matter? 4 of those were earned by my father, and 7 by my grandfather. Doesn’t the trend track?”

@rbreich
The apple did not fall far from the tree.
@rbreich One of the things the American colonists rejected was the rule of what Jefferson called the "artificial aristocracy" determined by inheritance and birth. As in so many other things, the modern Republican agenda is to undo the American revolution (see also: separation of Church & State, corporate personhood, etc.).
@rbreich It's how life-long criminals work too.
@rbreich See, money flowing from the rich to the poor (and trashy). So much trickling down.
@rbreich wealth for all--the America dream--has always been a hoax. Indeed, even the modern-day meaning of the word "profit" is. https://robertvanwey.substack.com/p/our-throw-away-society
Our Throw-Away Society

The road to value-less consumerism

The Evidence Files
@rbreich The crazy thing is that most Americans believe that "wealth is earned". No. Statistically most wealth is inherited. And then, of course, applied to maintain that comfortable status quo.
@rbreich the rich want to get richer. That’s all you need to know …
@rbreich the rich love to demonize "wealth redistribution" but when you think about it the opposite of it is the real demon. There's a whole wealth caste who are born to never have to work and pay little or no taxes for the privilege of their wealth dividend streams. For as long their are in control of the government representatives via "donations" aka BRIBES they will continue to hoover up more and more wealth like black holes.
@rbreich
This is how American corruption works...
@rbreich It was 50 million. From Forbes: “Mellon’s donation made up a lion’s share of the $68.8 million raised by MAGA Inc. in May”……not what I would call grassroots donations.
@rbreich I'm not sure we even need a wealth tax. Just force them to realize a small fraction of their capital gains each year, or after 30 years, or something. The whole idea that you can borrow against your fortune, never pay it back, and then let your estate resolve the debts while at the same time receiving a step up in basis is broken.
@rbreich Lets just skip that right to the "BBQ The Rich" part...they aren't going to let any wealth tax through....they would rather give the money to lawyers, lobbyists and politicians (who are literally felons) than see a dollar go to something to help others. I'm sorry, but capitalism stopped working the moment corporations were seen as "people" and that money was free speech.
@rbreich There exists a wealth tax--I believe it's $25000 free of tax from an estate-There Is No reason Anyone, including Farmer's kids that should Not pay this tax! We are All Created equal! Parents and Everyone can work their tails off doing what it is they do--why should only any rich kid benefit? Chuck Grassley?
@rbreich He expects some serious tax breaks for him and his buddies.
@rbreich Taxing the obscenely & grotesquely rich is a matter of public hygiene.