Today Kansas City voters are likely to overwhelmingly endorse a tax and economic model that's quickly becoming obsolete.
Definition of terms . . .
In modern usage, late capitalism often refers to a new mix of high-tech advances, the concentration of (speculative) financial capital, post-Fordism, and a growing income inequality.
However . . .
In KCMO the E-Tax exemplifies "late capitalism" in a few frightening ways . . .
- As a selling point, the E-tax is leveled against people who don't get to vote. Supporters proudly proclaim: "Half the revenue generated by the e-tax is paid by people who live OUTSIDE Kansas City." And so, an effectively exploited and longstanding loophole in representative Democracy maintains this crucial revenue source.
- Telecommuting could quickly make the E-tax obsolete. The pandemic hastened workers simply avoiding KCMO and current world of wireless work threatens to siphon revenue from an old school economy based on internal combustion engine commuting.
- There is no viable backup plan. For a decade we've heard promises that local leaders will find other revenue sources but nothing has manifested over that time. Instead, taxpayer support of developer speculation and tourism schemes simply hope to distract voters.
Accordingly, economist critics of capitalism need look no further than Kansas City as an example of unsustainable "late capitalism" that risks implosion by way of divisive politics and poor planning for the future.
Check big picture further reading . . .
You decide . . .