Empathy appears to be a lost art... I was thinking about this the other day when I read a social media posting by former Twitter exec Esther Crawford about her experience at the company and working for Elon Musk. It's a great read, but one line in particular caught my attention...
EM is a pseudo-futurist. All his great ideas are a century old, the man is selling day old bread. His lack of empathy is a lack of vision. Like Bill Gates, he is a man who pretends to be a tech giant, who is really a business tycoon. or robber baron if you prefer. If Musk were living in 1900 America, he would have invented the electric horse.
The key to funding Biden’s vision that “[t]here’s nothing beyond our capacity” is an additional source of “withholding” in our current tax system that can metamorphosize the entire system into being an acceptable “little skimming” of 99% of all taxpayers.
An extremely modest 1-tenth-of-one percent “withholding” from all bank deposit transactions – not an additional tax, and not a new tax. (Note: 1-tenth-of-one-percent of $ 30,000 – what I believe is approximately considered a “poverty income level” – is only $ 30.)
This “first-step” would lead to a solution that would ultimately allow our country to become a “tax-haven” to the world’s wealth – in addition to restoring overwhelming stability to our “dollar”, and, effectively, managing our “debt crisis”.
Unfortunately, today if you Google "total bank deposits" the only information is the total of the balances in all bank accounts at a given instant in time. This makes evaluation of what I’m asking you to consider somewhat difficult.
A close equivalent is “Bank Debits” which are the withdrawals actually processed by banks. Those withdrawals represented a deposit to some other bank account, or cash received by someone. However, the Federal Reserve stopped publishing “Bank Debits” data in the early 1990s.
Using chatGTP on the topic of "Federal Bank Debits and Deposits Turnover" will produce data that leads to the conclusion: current “Bank Debits” from all types of bank transactions is in the neighborhood of $10+ Quintillion. 1-tenth-of-one-percent of that number is $ 10 Trillion. Perhaps Janet Yellen, Secretary of the Treasury, and President Biden might just find that helpful to achievement of his “vision”.
Also, U.S. financial institutions should be compensated for their participation by being allowed to “hold” 50% of that “withholding” which is associated with the accounts of individual persons, until the fiscal year to which it pertains results are announced. At which time - to keep the electorate annually focused on government spending - if the previous fiscal year’s results were balanced, or a surplus, the financial institutions would immediately refund that 50% to the accounts of the individual persons.
EM is a pseudo-futurist. All his great ideas are a century old, the man is selling day old bread. His lack of empathy is a lack of vision. Like Bill Gates, he is a man who pretends to be a tech giant, who is really a business tycoon. or robber baron if you prefer. If Musk were living in 1900 America, he would have invented the electric horse.
Herb how’s this for creativity:
The key to funding Biden’s vision that “[t]here’s nothing beyond our capacity” is an additional source of “withholding” in our current tax system that can metamorphosize the entire system into being an acceptable “little skimming” of 99% of all taxpayers.
An extremely modest 1-tenth-of-one percent “withholding” from all bank deposit transactions – not an additional tax, and not a new tax. (Note: 1-tenth-of-one-percent of $ 30,000 – what I believe is approximately considered a “poverty income level” – is only $ 30.)
This “first-step” would lead to a solution that would ultimately allow our country to become a “tax-haven” to the world’s wealth – in addition to restoring overwhelming stability to our “dollar”, and, effectively, managing our “debt crisis”.
Unfortunately, today if you Google "total bank deposits" the only information is the total of the balances in all bank accounts at a given instant in time. This makes evaluation of what I’m asking you to consider somewhat difficult.
A close equivalent is “Bank Debits” which are the withdrawals actually processed by banks. Those withdrawals represented a deposit to some other bank account, or cash received by someone. However, the Federal Reserve stopped publishing “Bank Debits” data in the early 1990s.
Using chatGTP on the topic of "Federal Bank Debits and Deposits Turnover" will produce data that leads to the conclusion: current “Bank Debits” from all types of bank transactions is in the neighborhood of $10+ Quintillion. 1-tenth-of-one-percent of that number is $ 10 Trillion. Perhaps Janet Yellen, Secretary of the Treasury, and President Biden might just find that helpful to achievement of his “vision”.
Also, U.S. financial institutions should be compensated for their participation by being allowed to “hold” 50% of that “withholding” which is associated with the accounts of individual persons, until the fiscal year to which it pertains results are announced. At which time - to keep the electorate annually focused on government spending - if the previous fiscal year’s results were balanced, or a surplus, the financial institutions would immediately refund that 50% to the accounts of the individual persons.
Michael J. Daillak, CPA-Retired