Fifty years of tax cuts for the rich didn’t trickle down, huge animal donations in honor of Betty White’s birthday, ten richest men doubled income during the pandemic, Ghislaine Maxwell ends fight to keep ‘John Dos’ secret, and more.
50 years of tax cuts for the rich didn’t trickle down, study finds
A study that examined fiscal policies in 18 countries over half a century found that the notion of trickle-down economics didn’t play out. Bloomberg reported that measures to limit taxes on the rich, with the idea that they would reinvest and create opportunities for others, did little to promote jobs or growth. The study found that the tax-cutting measures primarily benefited the directly affected individuals.
“Our research suggests such policies don’t deliver the sort of trickle-down effects that proponents have claimed,” said study co-author David Hope of the London School of Economics.
On what would have been Betty White’s 100th birthday, January 17, fans flooded animal groups with donations in her honor. The “Betty White challenge ” drove donations,” asking fans to donate to shelters. White died just shy of her birthday at the age of 99 and was an animal activist. The Calgary Humane Society tweeted that it had received over $91,000 from the Betty White challenge on Tuesday. A Nashville humane had over 30,000 donations and counting. Neuhaus wildlife rescue in Boston had over $17,000. FurKids in Georgia received over $10,000. Many more organizations also saw significant donations, CBS reported.
According to her attorneys, CNN reported, convicted associate of Jeffrey Epstein, Ghislaine Maxwell, will no longer fight to keep the names of eight ‘John Does’ secret. Maxwell will leave it to the court to decide whether the names should be unsealed. Maxwell, 60, was found guilty last month on five federal charges, including sex trafficking of a minor, and is facing up to 65 years in prison.
According to a report by economic justice and advocacy group Oxfam, the rich got significantly richer during the pandemic.
The ten richest men in the world doubled their fortunes, increasing the sum total of their salaries from $700 billion to $1.5 trillion from March 2022 to November 2021, USA Today reported.
Growers say citrus disease and bad weather will result in the lowest supply of oranges since World War II. Orange juice futures surged 50 percent during the pandemic and rose to a two-year high last week, climbing 5% alone last Thursday. Prices of all fruit juices spiked 5.7% this year, CNN reported.