'In the church of our nation's religion, innovation, we've been brainwashed,' says Professor Scott Galloway on big tech's growing product monopolies (via profgalloway)
Bezos will not pay taxes, as he will borrow against his stock, at 1.8%, versus sell it. The average tax rate on big tech is now 12%. Coincidentally, the Congressional Budget Office this weekgovernment expenditures of $4.5 trillion and tax revenues of $3.5 trillion … yielding a deficit of almost $1 trillion. Deficits aren't necessarily bad, since investments can spur growth. Each of these is a bet, similar to a CEO deciding where to best allocate capital.
What is our trillion-dollar bet — where are we spending the trillion our kids will be saddled with? Simple: rich people. Lower tax rates on the wealthy and corporations were supposed to inspire growth and investment. They haven't. If it feels as if there is a connection between idolatry of innovators, monopoly power, tax avoidance, Jeff Bezos being worth more than the GDP of Morocco, and your indebted grandkids … trust your instincts. We. Have. Lost. The. Script.
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