November, 10 2016, 02:00pm EDT
Greenpeace Responds To Trump Team
Trump team shaping up to be Team One Percent
WASHINGTON
In response to speculation regarding President-elect Donald Trump's cabinet and various appointees, Greenpeace USA Climate Liability Attorney Naomi Ages said:
"Contrary to President-elect Trump's populist message during his campaign, Trump is trying to stack his administration with industry executives and fossil fuel barons who will make life worse for everyone but themselves. These people will undoubtedly advocate for corporate interests that benefit only those at the top and continue to leave the rest of us behind, including the working class.
'Environmental protection' will take backseat to 'corporate protection' with Myron Ebell as head of the EPA, 'drill, baby, drill' will ring across this country with Sarah Palin in the Interior Department, and Harold Hamm's oil would flow through the Dakota Access Pipeline and so many others if he were Energy Secretary.
The American people must work harder than ever with allies in Congress and advocacy movements to actually make America great for all of us since it is looking unlikely that Trump knows how to do that."
Greenpeace is a global, independent campaigning organization that uses peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future.
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Why Can't We Fund Universal Public Goods? Blame the Tax-Dodging Billionaire Nepo Babies
"In 2024, these billionaire families used their enormous wealth to make record-breaking political contributions to secure a GOP trifecta," reads a new report.
Dec 13, 2024
The children of the richest families in the U.S. are well-known for spending their vast wealth on frivolous luxuries—constructing a replica of a medieval church on their acres of property, in the case of banking heir Timothy Mellon, or starting a brand of T-shirts described by one critic as "terrible beyond your wildest imagination," as Wyatt Koch, nephew of Republican megadonors Charles and David, did.
But a report released by Americans for Tax Fairness (ATF) on Thursday shows how "billionaire nepo babies" don't just waste their families' fortunes. They also benefit from "a rigged system" that allows them to "pass that wealth down over generations without being properly taxed–often without being taxed at all."
In addition, the heirs of the country's biggest fortunes spend vast sums "to elect politicians who protect their unearned wealth and manipulate the country's economy in their favor," said ATF.
Along with Mellon and Koch, the report profiles Samuel Logan of the Scripps media dynasty; Nicola Peltz-Beckham, daughter of billionaire investor Nelson Peltz; Gabrielle Rubenstein, whose family has made its fortune in private equity; and President-elect Donald Trump's son, Eric Trump.
The nepo babies are part of a small group of billionaire families in the U.S. who benefit from tax loopholes that ensure little of their immense wealth ever goes to benefit the public good.
At least 90 billionaires have passed away over the last decade, leaving their beneficiaries $455 billion in collective wealth.
But according to ATF, "$255 billion (56%) of that amount was likely entirely exempt from the capital gains tax because of a special break called 'stepped up basis.'"
"Trump and his allies in Congress are doing their donors' bidding by rigging the system in their favor and pushing a $4 trillion giveaway to wealthy elites and giant corporations."
Without loopholes included the stepped up basis tax cut, the current estate tax on billionaires and centimillionaires would yield enough revenue to fund universal childcare, preschool, and paid family leave for U.S. workers, with hundreds of billions of dollars left over, according to ATF's report.
The wealthy heirs profiled in the report and their families are some of the Republican Party's top donors—contributing hundreds of millions of dollars to candidates including Trump in the hopes of securing even more tax cuts.
Mellon, for example, is Trump's "biggest supporter, giving $140 million to a pro-Trump PAC in 2024 alone," reads the report.
A previous analysis by ATF found that as of late October, just 150 billionaire families had spent $1.9 billion on the 2024 elections.
As the Center for American Progress found earlier this year, Trump's plan to extend the tax cuts that he pushed through in 2017 would cost $4 trillion over the next decade.
"The vast wealth inherited by centuries-old billionaire families is staggering. While these heirs and their billions go undertaxed, enormous sums are squandered on lavish mansions, private jets, and vanity projects instead of funding crucial public investments," said ATF executive director David Kass. "In 2024, these billionaire families used their enormous wealth to make record-breaking political contributions to secure a GOP trifecta. Now, Trump and his allies in Congress are doing their donors' bidding by rigging the system in their favor and pushing a $4 trillion giveaway to wealthy elites and giant corporations—all while advocating for cuts to vital programs that working and middle-class Americans depend on."
The report calls for Congress to pass "proven, pragmatic proposals to unrig the tax system that enjoy high levels of popular support," such as the Ultra Millionaire Tax Act that was proposed by Sen. Elizabeth Warren (D-Mass.) and Reps. Pramila Jayapal (D-Wash.) and Brendan Boyle (D-Pa.) this year. The bill would tax fortunes between $50 million and $1 billion at 2% and wealth above $1 billion at $1 billion.
The small tax on enormous wealth would generate "a whopping $3 trillion over 10 years," said ATF.
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Under the bill, the estate tax exemption would be lowered to $7 million per couple and the current 40% flat rate would be replaced with a sliding scale that would charge higher rates as a family's wealth grows.
"None of these tax reforms would impoverish the ultra wealthy, nor even inconvenience them in any meaningful way–but they would reduce the concentration of wealth that is so corrosive to society," reads the report. "At the same time, they would raise trillions of dollars that could be used to reduce inequality and improve the lives of families that can only dream of the kind of security and opportunity enjoyed by the nation’s richest clans."
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The Wall Street Journalreported Thursday that members of Trump's transition team and the new Elon Musk-led Department of Government Efficiency have asked nominees under consideration to head the FDIC and OCC if the bank watchdogs could be eliminated and have their functions absorbed by the Treasury Department, which is set to be run by a billionaire hedge fund manager and crypto enthusiast.
"Bank executives are optimistic President-elect Donald Trump will ease a host of regulations on capital cushions and consumer protections, as well as scrutiny of consolidation in the industry," the Journal reported. "But FDIC deposit insurance is considered near sacred. Any move that threatened to undermine even the perception of deposit insurance could quickly ripple through banks and in a crisis might compound customer fears."
The Trump team's internal and fluid discussions about the fate of the key bank regulators broadly aligns with Project 2025's proposal to "merge the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Reserve's non-monetary supervisory and regulatory functions."
The FDIC, which is primarily funded by bank insurance premiums, was established during the Great Depression to restore public trust in the nation's banking system, and the agency played a central role in navigating the 2023 bank failures that threatened a systemic crisis.
Observers warned that gutting the FDIC and OCC could catalyze another economic meltdown.
"The next recession starts here," tech journalist Jacob Silverman warned in response to the Journal's reporting.
Eric Rauchway, a historian of the New Deal, wrote that "even Milton Friedman appreciated the FDIC," underscoring the extreme nature of the incoming Trump administration's deregulatory ambitions.
Musk, the world's wealthiest man, is also pushing for the elimination of the Consumer Financial Protection Bureau, an agency established in the wake of the 2008 financial crisis.
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While Israel argues that its invasion of Syria does not violate a 1974 armistice agreement between the two countries because the Assad dynasty no longer rules the neighboring nation, Dujarric said Guterres maintains that Israel must uphold its obligations under the deal, "including by ending all unauthorized presence in the area of separation and refraining from any action that would undermine the cease-fire and stability in Golan."
Israel conquered the western two-thirds of the Golan Heights in 1967 and has illegally occupied it ever since, annexing the seized lands in 1981.
Other countries including France, Russia, and Saudi Arabia have criticized Israel's invasion, while the United States defended the move.
"The Syrian army abandoned its positions in the area... which potentially creates a vacuum that could have been filled by terrorist organizations," U.S. State Department spokesperson Matthew Miller said at a press briefing earlier this week. "Israel has said that these actions are temporary to defend its borders. These are not permanent actions... We support all sides upholding the 1974 disengagement agreement."
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