HomeBernie Sanders5/16 News Roundup – Sanders Emerges As Washington’s Leading Voice Against Gaza Violence, Bernie Speaks @ CAP & More

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jcitybone

The Battle of Woodstock. Very good and very detailed article by Matt Taibi about the race in NY19, focusing mostly on Jeff Beals

https://www.rollingstone.com/politics/features/jeff-beals-new-york-midterms-w520302

In the case of the 19th, millions of dollars did indeed quickly pour into the primary race. As of May, north of $5 million has been raised for Democratic candidates. Both Beals and Clegg, along with an agronomist named Erin Collier, soon found themselves bringing up the rear financially against a gaggle of candidates who clearly did a better job of proving their “fundraising potential.”

To Beals, his worst suspicions seemed confirmed when he learned that the top four Democrats in the field by fundraising turned out to be, in no particular order: a defense contractor, a health care executive, a partner at a famed lobbying firm and a former press aide to Gov. Andrew Cuomo. In Beals’ mind, this lineup was like a Rogue’s Gallery of centrist caricatures.

“You couldn’t make this stuff up,” he says.

Where he differs from Sanders in the most extreme way is in his path to politics. While Sanders was an anti-war and civil rights activist practically in the womb, Beals began his professional life as a CIA intelligence officer and diplomat. He started off working in the West Bank and the Gaza strip, but ended up in the Iraqi War theater, working for a time out of Saddam Hussein’s occupied palace and even helping American viceroys draft the Iraqi Constitution in the Bush years.

This part of his bio has been something of a millstone around Beals’ neck, as Internet sleuths and opponents alike have used it to portray him as everything from a deep-state plant to an outright “manufactured, faux-progressive candidate” surreptitiously inserted into the race by forces loyal to Hillary Clinton.

According to a theory espoused in Counterpunch, Beals was designed to so perfectly imitate a progressive campaign that evil Clintonites are “using the Beals campaign as a laboratory for [a] strategy of winning elections without raising millions of dollars.”

If Beals is really in deep cover, trying to look like a broke-ass history teacher running a threadbare campaign in order to undermine progressivism by failing to raise money or national party support, he’s doing a hell of a job. The motive for such a plan seems elusive, but such is life in the conspiratorial 2010s.

Benny

From the bastion of capitalistic thought…

Corporate Tax Cuts Increase Income Inequality

This paper studies the effects of corporate tax changes on income inequality. Using state corporate tax rate changes as a setting, we show that cutting state corporate tax rates leads to increases in income inequality. This result is robust to using regression and matching approaches, and to controlling for a host of potential confounders. Contrary to the effects of tax cuts, we find no effects of tax increases on income inequality at the state level. We then use data from the IRS Statistics of Income to explore the mechanism behind the rise in income inequality. We find tax cuts lead to higher reported capital income and a decrease in wage and salary income. These effects are concentrated among top earners, and we find no effects for those reporting less than $200,000 in income. This result provides evidence that one mechanism for the relation between tax cuts and inequality is that wealthy individuals shift their income to reduce taxes while others do not. Finally, we explore the effects of corporate tax cuts on capital investment using data from the Annual Survey of Manufactures. We find that tax cuts lead to an increase in real investment, suggesting a trade-off between investment and inequality at the state level.

The working paper is posted at HBS Working Knowledge.

I’m posting this because it never hurts to have newer data (and different ways to test empirical data without selection bias) to support what we know already. If OR, Sanders Institute, or any of Bernie’s staff read this blog, I hope they will read the paper.

Benny

I noticed Feinstein decided to co-sponsor with a few others. Bernie is the lead.

humphrey

Scratch her off of the list! (even though she wasn’t there anyway.)

humphrey

This is what they call “More and Better Democrats’. OY!

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