Texas: What the Hell? The Lone Star State’s government, a wholly-owned corporate subsidiary, solidified its ranking this year as America’s #1 innovator of really bad public policies.
Branching out from their usual corrupt collusion with Big Oil, industrial polluters, and other profiteering hucksters, the governor and top lawmakers came up with a whole new batch of legalized slick-um, specifically to protect and profit a new Texas stock market for big money dealers. Who needs it? After all, beaucoup markets already exist for speculators and such. Yes – but those markets are at least loosely regulated to protect investors – plus, some states want to tax stock-trading profits.
So here come Texas politicos, pushing a cutely-named “Y’all Street” stock exchange, promising that it’ll be “speculator friendly.” Friendly means limp regulation, little public disclosure of schemes, and hostility to taxation.
For example, to spare rich stock profiteers from paying their share of taxes (like working stiffs do), Republican leaders have graciously acted to prevent state taxation on the massive profits speculators get from selling stocks, bonds, real estate, etc. And, to prove their undying plutocratic love for the rich, lawmakers plan to engrave this special tax break in the Texas Constitution, effectively closing off rich people’s ill-gotten gains as a source of revenue for the state’s future needs.
This Lone Star stock market is a cynical big-government scam to further enrich the privileged few hoping to shift the cost of basic public services away from those most able to pay onto the backs of workaday families. If you wonder how inequality happens, study the Texas example. And hurry – the right-wing intends to bring it to your state next.
