This article could go in a number of different threads, but i post here: Diehard capitalist republicans in the USA are beginning to rethink
"an increasing belief among thinkers within the GOP that the party strategy of pursuing unfettered rights for capital no longer delivers for the American economy, "
"Tucker Carlson’s populist turn on Fox News"
"Marco Rubio, for instance, has written reports on financialization and China, Senator Josh Hawley is taking on big tech and increasingly Wall Street, and Congressman Doug Collins and Texas Attorney General Ken Paxton are investigating Google for antitrust violations."
"Investors are not starved for capital, but rather productive investments are increasingly difficult to find. This retroactive tax cut creates a windfall for those who have already invested in capital assets based on past decisions, rather than encouraging future capital formation. "
"Romney is saying that such a cut would be bad for business, because the current finance-friendly model of capital deployment isn’t helping capital formation anymore. "
"the proposed change would accrue primarily to high-income Americans. In 2018, 91.4% of Americans reported no long-term positive gains, while the top 1% of income earners paid 72.0% of all capital gains tax. The average tax paid on gains for taxpayers in the middle quintile is $280 – far less than the top 1% that pays $157,890 on average."
" what is fascinating is to see how petty Norquist looks shorn of any intellectual rationale for what he’s doing. He seems silly and out of touch advocating capital gains tax cuts in today’s world, like the liberals in the 1970s seemed arguing from the premise America was endlessly affluent as stagflation was hitting. There’s a real lack of ideas within the libertarian right, and it shows. "
" Republicans are beginning a shift towards a party that is socially conservative but economically heterodox."
"My best proxy is the quiet collapse at Boeing, which combines a corrupt defense and political establishment, monopolization, financialization, Chinese power, all leading to crashed civilian airplanes. So far, neither party has grabbed this problem directly, because neither has a totally coherent way to understand the breakdown of productive integrity. But Romney’s observation about the role of excess financial power is getting close to the core of the problem."
https://mattstoller.substack.com/p/the-republican-debate-over-big-financeAmazing. Republican dinosaurs in the USA seem to be waking up. Slightly and slowly.
sidd