The Eerie Concentration of Returns
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Thanks David, very insightful as usual.
Great post
Big tech pays very little tax and employs very few people as mentioned.
US corporate tax is some of the lowest globally as % of total tax take, at less than 10%
It’s always laughable when they claim Silicon Valley is “democratising” something or the other, as it’s doing the exact opposite, by centralising power, driving the wealth divide and yet paying very little tax. Ironically individuals pay much more tax than corporates in America, which proves how “bought” the system is
It seems crazy to think their tax bills won’t increase. They should be the most heavily taxed companies, especially as AI takes off
Let's say we are going through a revolution as great as the Industrial Revolution of the 19th century. In that case, a few privileged companies will rise to the top. Standard Oil. Southern Pacific Railroad. Carnegie Steel. And that would prompt two things. A boom as everyone tries to own shares in these companies. And increased market power, as these companies buy influence. In some states, I am sure these big trusts controlled the legislature or could appoint senators and congressman. Is that different than Pfizer and Raytheon having board members who serve in the government?
Nvidia, Microsoft, Google are priced like they will control the machines in the future. Karl Marx would say they own the means of production.…
Hello David, Thanks for your post.
Do you have any data on how much federal tax these big 7 are paying or not paying and what the tactics they employ to avoid those taxes ?
Thanks,
Rob S.