Max Ghenis
@MaxGhenis
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Co-founder and CEO of @ThePolicyEngine . He/him. Views my own.
Washington, DC
Joined January 2011
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Update: French people now produce 7% less carbon emissions of the average person on Earth
It's incredible that French people have about triple the income as the average person on Earth, but produce basically the same carbon emissions.
Nuclear is a hell of a power source.
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Always baffling that "it should be legal to build apartments on lots where you can currently only build mansions" is remotely controversial on the left.
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Literally every top comment on NPR's housing story is shortage denial
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It's incredible that French people have about triple the income as the average person on Earth, but produce basically the same carbon emissions.
Nuclear is a hell of a power source.
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Should Biden step aside?
All Democrats: +8
Democrats 65 and older: -35
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Last Friday, a driver killed my friend Supervisor
@carmen4oxnard
as she was crossing the street. Today, the police released that the driver used a 2020 GMC Sierra 2500. These machines make me sick.
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Friends, colleagues, may I present to you: the California Marginal Tax Rate Schedule
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Just looked up my friend's house in Palo Alto, which his dad bought in 1972.
Redfin estimate: $3.5 million
Assessed value: $158,000
They're paying a property tax rate below 0.05%.
If imputed rents were treated as income, this would be an income tax rate below 2%.
End Prop 13.
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For every 5 likes this gets, I will ask ChatGPT to make this marginal tax rate schedule look more absurd.
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"BlackRock owning half a percent of single-family home rentals is why inflation is the highest it's been in 40 years" is peak Dan Price
@business
this is especially rich considering this "entitled generation" hasn't been able to buy homes largely because BlackRock buys up all the homes and jacks up rents (which is also the biggest source of inflation).
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Riding a Megabus back from NYC to DC because it was $200 cheaper than Amtrak (one way), and remembering the NIMBYs who demonized these exact cramped buses as "luxury" when Googlers had to take them because Mountain View City Council wouldn't let them live near their job.
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It's peak DSA to take an opportunity to house 170 families, including 24 low-income ones, and oppose it for aesthetic reasons under the guise of anti-"luxury" sentimentality.
(This is DSA LA's housing & homelessness chair.)
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Senior
@BernieSanders
staffer's pinned tweet compares inflation-adjusted wages to nominal costs
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The mortgage interest deduction literally makes the same home cheaper for a rich person than for a poor person.
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The Child Tax Credit already has a work requirement: you have to spend 18 years turning a nonverbal neonate into a functional human being.
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Imagine for a moment: You've lost your job and decide to apply for SNAP (food stamps) to feed your family. You go to the county human services agency for your qualification interview. The waiting room is filled with homeless people and you worry about your life trajectory. 1/
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"My folks helped me buy a home" is a funny euphemism
Bro your parents just handed you six figures of wealth
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Well I'll be damned
Inflation occurs when employers raise prices. Profit drives their decisions. But they dare not publicly admit that reason. Instead they blame gov't or rising wages or "shortages" etc.: anything/anyone but themselves. Dont be fooled.
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Not in their executive summary, not in their full report, but in a separate methodology note, Oxfam mentions that “since 2020” means “since March 18, 2020” (the trough of the Covid downturn) for billionaires, but it means “since 2019” for the 5 billion who they claim lost wealth.
Inequality is out of control.
Our new report
#InequalityInc
finds that the 5 richest men doubled their wealth since 2020, while 5 billion people were made poorer.
Thank you
@RBReich
for sharing.
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The policy question is pretty simple: Should families have to buy mansions to live in a place, or should we allow them to share an apartment building with other families?
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These are the experiences our safety net puts people through. 40 million people are on SNAP, and other programs can be even more burdensome. We gate access, we surveil, we restrict choices. We humiliate. We spend billions in administration to do this.
Just. Give. Cash. /end
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For every 10 likes this gets, I'll ask ChatGPT to further illustrate how Land Value Tax Would Solve This
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With 5% interest, your fortune would be 100,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000 times larger than the average fortune of the 5 richest billionaires.
It's 2589 BC. The Egyptians are building the Giza Pyramids. You are immortal.
You have $0. You decide to save $10,000 every day, never spending a cent.
4609 years later, it's 2020.
You only have only one-fifth the average fortune of the 5 richest billionaires.
Tax the rich.
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If this single parent of two in California earns $10k, they take home $38k. If they earn $50k, they take home $49k.
That's a 73% marginal tax rate over a $40,000 earnings range. And that's without childcare and housing subsidies!
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This is cringe. If NYC and California want to ban soda, so be it. But don't ban it just for poor people.
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Romney's child allowance would have over 5x the poverty impact of raising the minimum wage to $15 per hour, and it would do it immediately instead of waiting until 2025.
Family Security Act: 5.1 million (
@NiskanenCenter
)
Raise the Wage Act: 0.9 million (
@USCBO
)
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A single person with a disability and no earnings takes home $14,411 in 2024
A single person without a disability earning $30k takes home $25,920
Separate, they take home $14,411 + $25,920 = $40,331
If they marry, they take home $31,862
$8,469 marriage penalty, or 21%
Many politicians believe that when someone with a disability is married, it's the job of the spouse to pay for their disabled spouse's survival and thus PwD lose their SSI checks as a result of marriage and thus often "choose" to remain unmarried.
Basic income would change this.
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Remember when 40% of Americans couldn't cover a $400 emergency expense with cash?
That was 2017. Today, it's down to 32%, from 50% in 2013.
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@TheOmniZaddy
Until we nationalize the catering industry, marriage equality is nothing but a corporate handout
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You're telling me the IRS couldn't get a better URL than freefilefillableforms dot com/#/fd/childtaxcredit ??
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"WE'RE FULL" chanted the YIMBYs as the vehicle tried to enter their utopia of density and walkability
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I love this graphic from
@alfred_twu
and
@cayimby
so much. It's beautiful both at an abstract level and more specifically with respect to the situation it depicts: multifamily housing enabling a multigenerational family to live comfortably together. That's what community's about.
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The extent to which MMT has harmed liberal policy is severely underrated. Kelton & co took a whole generation of people most demographically inclined to support taxes, and turned them against the only path to a sustainable, generous welfare state any country has ever taken.
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If this person is eligible for the EITC (likely), she will get it automatically when using TurboTax for tax filing. If that's "OK", what makes SNAP different?
Oh my god this Ethicist response is insane. How can they possibly think this is OK?
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This
@PreetBharara
interview is the most compelling one I've heard of a 2020 candidate.
@SenatorBennet
is the kind of thoughtful, caring, liberal, policy-oriented leader this country needs. Interview starts at 13:35.
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The effective tax rate on the annual income from this home's rental value in California is 26-28%. That's with no other income. Our aristocratic, anti-renter tax code gives a tax break of over 90% to those who've been made millionaires through sheer luck and then kept in place.
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They really did it.
@MayorSiddiqui
took a guaranteed income pilot and made it a full policy--welfare cliffs and all. If a family of four earns $75,000, they get $9,000 from
@riseupcambridge
. If they earn $75,001, they get $0.
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The police haven't arrested the killer.
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A real failure of regulation is noisy vehicles. Most regulations come with some real economic cost, but removing mufflers doesn't benefit anyone, it just wakes people up and makes it impossible for people with soft voices or hearing loss to communicate on city streets.
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Because land use in America is undemocratically controlled by the tiny share of the population that attends local meetings, and these people overwhelmingly hate anything that threatens car-centrism, including transit and the density required to sustain transit.
How come Japan gets cool shit like suspension monorail trains, and we don't? 😠😖
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STOP making fun of reasons for UBI
Ending poverty is MORALLY IMPERATIVE
Supporting people without traditional employment is INCLUSIVE
Avoiding bureaucracy and welfare cliffs is EFFICIENT
Saving the world from tech apocalypse
Giving cash over in-kind benefits is LIBERATING
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Broke: Child Tax Credit
Woke: Child Allowance
Bespoke: Universal Baby Income
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a) Canada's $2,000/month ($500/week) was only for people who lost their job due to Covid, like our $600/week FPUC program
b) You couldn't claim it on top of normal unemployment, unlike FPUC
c) $2,000 CAD = $1,560 USD
Canada's program was way less generous than our program.
Canada did $2,000/monthly. The US is the richest nation on earth and a 2nd stimulus check is getting blocked bc GOP want corporate bailouts & austerity in “exchange” for it.
Maybe if everyone in the US incorporated as an LLC, Mitch McConnell would actually do something for them.
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My op-ed in today's
@NYDailyNews
summarizes my analysis of
@AndrewYang
's "Basic Income for NYC" plan, and concludes it's a step ahead of his rivals' economic plans.
"It’s not UBI, but it moves toward the more unconditional, inclusive safety net we need."
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Last Sunday, my stepdad Marc
@GIdocgalaxy
chose to end his 30-year battle with MS.
I miss him terribly, but I'm profoundly grateful that Oregon lawmakers gave him a choice in his suffering. Still, we can do better. 🧵
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Megabus is the budget alternative to Amtrak for a reason. It's crap, and spending 2-3 hours on a bus every dau is soul-sucking. Anyone on those gBuses would have taken Caltrain if they could, But because the seats had Google stitched in, they were somehow luxury. Total bad faith.
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Heard a novel NIMBY complaint last night: residents in new apartments will slow down the internet.
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Good to have confirmation of what was obvious at the time: giving people money is way more progressive than giving businesses money. If not for everyone in charge having Small Business Brain, we could have doubled every stimulus check and cut poverty dramatically.
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In its current form, the Child Tax Credit cuts child poverty 7% and deep child poverty <1%.
Restoring the American Rescue Plan Act's Child Tax Credit would cut child poverty 37% and deep child poverty 72%.
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Yet another upside of Romney's child allowance: it violates Biden's Norquistian pledge not to raise taxes on Americans earning under $400,000 per year.
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New study finds that SNAP work requirements reduce enrollment and do not have a large impact on labor supply.
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@wwwojtekk
@GunnelsWarren
For the onlookers: the Majority Staff Director for the Senate Budget Committee Chair just wrote a bogus tweet and blocked an Economics professor at Columbia who's also the editor of the Journal of Public Economics and president of the International Institute of Public Finance
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If you had $500k to subsidize ebikes in DC what would you do with it?
Here's what
@DDOTDC
did:
* Set vouchers at up to $2k each
* Hold a two-week application window
* Limit to SNAP/Medicaid recipients (cliff)
* Select <10% by lottery
* Winners can apply to future ebike purchases
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The Americans for Tax Reform cover photo selection intern deserves a raise
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@SpicyLoop
@dwallacewells
Yeah though the gap between consumption- and production-based emissions is pretty similar between France and other high-income countries
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I think folks in the Effective Altruism community are currently overstating their interest in deontology to distance themselves from SBF's potentially utilitarian motives. That's probably the right thing to do in utilitarian terms, but I find it a bit deontologically off-putting.
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Unironically it's crazy how many people put >100% of their net worth into a single undiversified high-maintenance volatile asset. Renting is good!
Spending $400,000 on a house seems like the kind of thing to me that, intuitively, you do when you have like a couple million in wealth and make $400,000 a year.
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"I find that adopting a land value tax that replaces Proposition 13 based property taxes would increase housing production by 35%" !!
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I know I should be over it by now, but the frequency with which NIMBYs living in single family homes describe new apartments and condos as "luxury," despite them often costing half the alternative or less, still astounds me.
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Step 1: Get famous writing a book advocating UBI and open borders
Step 2: Endorse the most anti-UBI anti-open-borders candidate
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Economics shedding light on the notoriously endogenous question of nutrition. A regression discontinuity from the end of the post-WWII rationing of sugar and sweets in 1953 in the UK shows that sugar-rich diets early in life harm well into adulthood.
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.
@AndrewYang
's centerpiece policy would have reduced poverty more than anything in American history. He proposed the kind of broad-base taxation we need to fund European-level safety nets. He showed Sanders and Trump supporters the virtues of pragmatic liberalism. Thanks, Andrew.
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Limiting your means-tested EV tax credits to US-made union-labor vehicles is not how you demonstrate seriousness about climate change
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I'm working on scoring a negative income tax plan, and folks, let me tell you, UBI looks better and better the more you look at competing ideas. The cost of poverty alleviation shouldn't only be borne by people below 200% of the poverty line.
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@lee_ohanian
@HooverInst
It's literally regulatory reform. The teeth to the top down mandate are cities losing regulatory authority.
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Finally watched Crazy Rich Asians, and I have to say, it was a bit unrealistic that such a prodigy of an economist would be so enthusiastic about microloans in 2018. Read a Karlan paper, Rachel!
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Two single minimum-wage parents fall in love. 💘
If they get married, they lose over $600 per month together. 💔
For
#ValentinesDay
, let's fix marriage penalties.
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What do Amazon, Gilead, and Netflix have in common?
They're holding society together and preventing deaths amid a historic crisis. Should we also punish ventilator manufacturers for growing their revenues?
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Depending on their income, a UK family with three children repaying student loans can face marginal tax rates up to 96%. That means if their wage is £25/hour, they're only taking home £1/hour.
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Wow! Bernie acknowledges M4A would cost $30T. That's almost double the total revenue he's proposing, on his own website according to his own estimates. And that doesn't include the GND, which he's himself pegged at $16T.
"We have options that will pay for it." That's a lie.
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Y I K E S
So Republican support for protesting is cut in half when you simply add the word “Black” before the word “Americans”.
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California Republicans have introduced a half-billion-dollar bill that would give tax credits to homeowners if they live in fire zones. Also it's non-refundable. Also it has a welfare cliff. And a marriage penalty for parents.
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By removing parking mandates near transit, AB1401 would have made California's housing cheaper, its streets safer, and its air cleaner. But because it'd cost 0.00005% of the state budget, it had to go to an Appropriations Committee, where its NIMBY chair killed it without a vote.
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UBI community: Did you know that 29 House members today introduced a bill to give a monthly cash payment to every person in America?
This is not a drill! This is not April Fool's! Call your member of Congress and ask them to support the Energy Innovation and Carbon Dividend Act!
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Tax reforms don't go through decades of local pilots before being enacted. Benefit reforms shouldn't need to either.
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