Monday, May 23, 2022

This win for Anthony Albanese is the most transformative election you can imagine

All parents are proud of their kids. But I reckon Maryanne Ellery is looking down from heaven particularly proud of her son tonight. Albo is what Labor is all about. Proud to serve in his team

Matt Thistlethwaite @MThistlethwaite

To understand the new prime minister, you need to know a bit about Uren, for this is how Albanese describes the relationship: “I grew up without a dad, but not without a father. Tom Uren was my father figure.”

Uren dreamed of Albanese becoming a prime minister. It seems cruel he didn’t live to see it.

‘I love the boy’: The gift our PM received from a bamboo prison

The son of a single mother, born into a life in public housing, Anthony Albanese has achieved a long-held ambition of becoming Prime Minister.

From public housing to Prime Minister, who is Labor leader Anthony Albanese?

There may have been lots of swirling currents but the results of the federal election were overwhelmingly that 2022 was, finally, the climate election.

But it was also an election that has profoundly changed the political geography and demography of Australia. And an election that rejected smarty-pant political tactics and messaging and a call for our political leaders to take the job of government seriously.

It wasn't just that the independent candidates running on climate change made spectacular gains. There was also a swing to the Greens – and at least one more seat in parliament for them, if not more.

Even in the so-called "coal" seats like Hunter and Flynn, there was not a huge swing, as had been predicted, towards the Coalition because of fear of loss of coal jobs but in fact towards Labor.

This win for Anthony Albanese is the most transformative election you can imagine

Grace Tame : A grateful nation is crying with you. And who said I didn’t smile at the prime minister?

As good as it gets’: The Labor faithful have waited a long time for this result

Scott Morrison sheds tears as he gives last prime minister’s speech at his Horizon church

Soon the antics of Scott Morrison and co will fade into the distance, never to be written about again. But not today, dear reader, not today. Because it turns out that the man who famously doesn’t hold a hose, does hold a whip — and he knows how to use it.

Nine News got some footage of the former PM’s leaving do at Kirribilli House overlooking Sydney Harbour, where the Morrison family thanked staff for their service in a very traditional way: Jenny served up some margs and Scott cracked the whip (no, really).

ScoMo cracks the whip one last time

A tribute to Scott Morrison

Americans For Tax Fairness: “American billionaires saw their collective net worth climb by $2 trillion, or 70%, during the first two years of the pandemic to a staggering $5 trillion, according to Forbes data analyzed by Americans for Tax Fairness (ATF). [See table below and all data here] But none of that wealth growth—the main source of billionaire income—may ever be taxed. The total number of U.S. billionaires increased from 614 to 741 over the two-year period from March 18, 2020, to April 5, 2022. Loopholes often allow billionaires to pay little or no federal income tax.

 An expose last year by ProPublica based on IRS data revealed that Elon Musk, Jeff Bezos and other top billionaires paid zero federal income taxin several recent years. It determined that the top 25 billionaires paid just a 3.4% tax rate between 2014 to 2018 when the growth in their wealth is counted as income. White House economists have determined the nation’s 400 richest billionaires paid a tax rate of only 8.2% over a recent nine-year span when the increased value of their corporate stock was counted as income. The average federal income-tax rate for all taxpayers was 13.3% in 2019. Billionaires and other very wealthy people overwhelmingly generate income not from a job or small business, but from the growth in the value of their investments. 

But that form of income is never taxed unless the investments are sold. Yet the very wealthy do not need to sell their assets to turn the increasing value of their wealth into cash income; instead, they use their swelling fortunes to secure special low-interest loans allowing them to live lavishly without paying income taxes. Moreover, a lifetime of such income growth from assets can be passed onto the next generation tax-free…”

$2 Trillion, or 70%, Pandemic Wealth Gain of Nation’s 740 Richest - Americans For Tax Fairness