Tag archives: profits
Privatized Profits and Socialized Losses?
The recent failures, negotiated bailouts, and buyouts of Silicon Valley Bank, Signature Bank, First Republic Bank, and Credit Suisse are a reminder of how life is different for different classes of people. “Socialism for the rich and capitalism for the poor” is how Michael Harrington described it in his 1962 book, The Other America. Detroit […]
Windfall Profits Tax Give it Back!
Just what is a “Windfall” or “Excess Profits Tax”? The words “windfall profits” is your first clue. Wikipedia defines an excess profits tax as “a tax on any profit above a certain amount.” The definition clarifies that this fiscal instrument is typically used in a wartime setting, and is designed to capture the upside profits […]
