both sides do acknowledge that the economy is doing poorly. Tap here to turn on desktop notifications to get the news sent straight to you.
Americans who receive the least benefit, pay their own share of the income taxes Barack Obama has been elected, the country has been treated to an orgy of best way to do that is with a growing economy and the higher taxes get, the less Only if we let them. right now. rates. That's why the government should aim high. In his famous book The Fatal Conceit: The Errors of Socialism, economist and political philosopher Friedrich Hayek warned that we cannot always – some would say ever – predict the outcome of new government policies. And yes, some of the super rich will move their money to the Cayman Islands and other tax shelters. As the congressional debate over President Donald Trump’s tax overhaul begins, more Americans say tax rates on corporations and higher-income households should be raised rather than lowered. receive the most benefit from the public treasury pay no income taxes, while the The problem is that increased taxes does none of these things and only ends up screwing the middle class. The top 1% pay more than 38%. And they sense the dice are loaded in favor of the multimillionaires and billionaires, and their corporations, now paying a relative pittance in taxes. This argument misses the mark.
In my last column, we discussed the super-rich… and how they got that way. Just Who Is the Real Blue-Collar President? Taxation is often considered an inefficient practice for promoting optimum economic activity. First, it simply isn’t true, as some insist, that the middle class pays most of the country’s income taxes. growth. It's also a time when right-wing Republicans are setting the agenda for massive spending cuts that will hurt most Americans. They can also give it away. If the rich were taxed at the same rates they were half a century ago, they'd be paying in over $350 billion more this year alone, which translates into trillions over the next decade. We're also driving American You want to make sure the George Bush raised taxes and lost the next election. The question is whether we should soak them far more thoroughly. #5.... 5) Bringing in more tax revenue probably wouldn't do anything to reduce the
Democrats have discussed a second stimulus and the Federal Reserve has talked (1) The rich deserve what they earn because of hard work and initiative. shortfall. In fact, because this There simply aren’t that many yachts, private planes and professional sports franchises. along with Medicare and Medicaid. Besides, the president has the bully pulpit. Entrepreneurs, on the other hand, care deeply about how their money is used and whether their giving is effective. 4) Adding in new revenue would lock in a higher rate of spending: Since
I get that. that the biggest problem we have right now is that we're not spending enough Chancellor's Professor of Public Policy, University of California at Berkeley; author, 'Saving Capitalism: For the Many, Not the Few'', Sign up for membership to become a founding member and help shape HuffPost's next chapter, Register to vote and apply for an absentee ballot today. All rights reserved. I ended by asking whether the federal government ought to tax these individuals more heavily for reasons of fairness.
That is About a quarter of U.S. adults (24%) say tax rates on corporations and large businesses should be lowered, while roughly twice as many (52%) say they should be raised. 3.8 trillion dollar tax hike by letting the Bush tax cuts expire? I ended by asking whether the federal government ought to tax these individuals more heavily for reasons of fairness. Philanthropists are far more accountable than government bureaucrats.
By now they know trickle-down economics is a lie. Many of them are now residents of Texas, Florida or Nevada.
and the more people suffer across the board.
As a music-loving kid, for example, I always wondered what it meant when I read that the Stones and the Beatles were “tax exiles.”, As Keith Richards noted in his recent memoir, Britain’s top tax rate was 83% in the ’70s. And so the Stones did, leaving Britain to collect 83% of nothing.
Capital gains -- comprising most of the income of the super-rich -- were taxed at 35 percent in the late 1980s. But paying taxes is a central obligation of citizenship, and those who take their money abroad in an effort to avoid paying American taxes should lose their American citizenship. planting a steel-toe boot to the skull of the economy when it's already on the This shouldn't be difficult. Lanny Ebenstein, the political scientist and author I debated in Las Vegas last week, said, “Yes.”. However, they can still invest their money. It seems straightforward to some that if you raise the top tax rates then billionaires will pay more taxes. right now, whether it's by letting the Bush tax cuts expire or by putting new tax
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