France is experiencing unrest over President Macron’s proposal to raise the retiring age, when workers can start collecting their pensions, from 62 to 64 by 2030. Nationwide strikes have been called over this issue. As Kevin Drum points out, the unfairness of fixing by age when people can retire is true for the US too, because people whose work involves manual labor typically start work at an earlier age than those who go to college and get advanced degrees. Not only do the latter they put in fewer years of work, the work they do takes much less of a toll on their bodies and, crucially, they live longer.
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Republican speaker Kevin McCarthy is due to meet with president Joe Biden on Wednesday. What about? It depends. According to the White House, the talks will be about raising the debt ceiling and avoiding a default. According to McCarthy, it is about what kind of budget cuts Biden will agree to in exchange for raising the debt ceiling.

House Speaker Kevin McCarthy said Sunday he is looking forward to discussing with President Joe Biden a “reasonable and responsible way that we can lift the debt ceiling ” when the two meet Wednesday for their first sit-down at the White House since McCarthy was elected to the post.

McCarthy, R-Calif., said he wants to address spending cuts along with raising the debt limit, even though the White House has ruled out linking those two issues together as the government tries to avoid a potentially devastating financial default.
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Asked whether he would make a guarantee, McCarthy said, “There will not be a default,” though he suggested that declaration depended on the willingness of Biden and Democrats to negotiate.

The White House on Sunday confirmed Wednesday’s meeting on “a range of issues.” It said Biden looked forward to “strengthening his working relationship” with McCarthy and to asking about the speaker’s plan on spending, noting that the first House bill passed by Republicans this year to slash IRS funding would ultimately increase the deficit.

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Evan Osnos exposes the many ways in which the ultra-wealthy shield their income from taxes even when they die, using loopholes that are not available to ordinary people. They do this while claiming to be philanthropists by putting their names on things, which are also forms of tax avoidance. But one the main ways they avoid taxes is by means of creating elaborate trusts that ensure that their children and their children pay little or no taxes on their inheritances when they die. These trust fund babies continue their tax avoidance schemes. The consequences are apparent.

And yet, in recent times, the fortunes of many prominent American clans have soared…. In 1978, the top 0.1 per cent of Americans owned about seven per cent of the nation’s wealth; today, according to the World Inequality Database, it owns eighteen per cent.

A century ago, American law handled the rare pleasure of a giant inheritance with suspicion. Instead of allowing money to cascade through generations, like a champagne tower, we siphoned off some of the flow through taxes on estates, gifts, and capital gains. As the Supreme Court Justice Oliver Wendell Holmes wrote in 1927, “Taxes are what we pay for civilized society.” But, since the late seventies, American politics has taken a more accommodating approach to dynastic fortunes—slashing rates, widening exemptions, and permitting a vast range of esoteric loopholes for wealthy taxpayers. According to Emmanuel Saez and Gabriel Zucman, economists at the University of California, Berkeley, the average tax rate on the top 0.01 per cent has fallen by more than half, to about thirty per cent, while rates for the bottom ninety per cent have climbed slightly, to an average of twenty-five per cent.

That lucrative maneuvering is the realm of specialized attorneys, accountants, and money managers, many of whom work for family offices: in-house financial teams that typically include a dozen or so full-time attendants… They tend to have no public presence—Gordon Getty’s family office is known, inconspicuously, as Vallejo Investments—but by some estimates they control about six trillion dollars in assets, a larger sum than is managed by all the world’s hedge funds.

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