Today’s super rich engorge themselves on federal dollars and evade billions in taxes while ordinary Americans work themselves to the bone. Professor of Law and Public Policy Sheila Suess Kennedy maintains it’s high time we rethink who are the ‘makers’ and the ‘takers.’
Pundits and political scientists are always searching for that simple theory that’ll explain just what makes our politics tick. Where should they be looking? How about in the eyes of a billionaire at tax time?
Heiress Bunny Mellon lived a long and rich life that spanned the divide between the top-heavy United States of the early 20th century and the equally top-heavy United States of our own times. The mystery: How did her family’s fortune outlast America’s years of high taxes on the rich?
A prominent conservative in Congress, House Ways and Means Committee chair David Camp, has released a wide-ranging tax reform package that actually will not leave the rich significantly richer. Should America’s 99 percent be grateful for small blessings — or suspicious? Or both?
In the United States today, thanks to glaring tax loopholes, even modestly competent tax attorneys can help their wealthy clients sidestep the federal estate tax almost entirely. If we don’t plug these loopholes soon, some observers feel, we may as well not even bother.
If Europe successfully implements a financial transactions tax (FTT), it will demonstrate that it is possible to make banks pay for the privilege of trading financial instruments like stocks, bonds, and derivatives.
Exactly a century ago, decades of progressive struggle finally paid off and outfitted America with a tool for braking the unlimited accumulation of grand private fortune. On this 100th anniversary, a noted historian looks back on the birth of the modern federal income tax.
Call their bluff. Take the plunge. Go over the cliff. Let the government default on its bonds.
House Oversight Committee chair Darrell Issa has failed to pin the “IRS scandal” on President Obama — or even prove the existence of a major scandal. But if his goal all along has been a weaker IRS, and happier days for wealthy tax avoiders, he has certainly scored a major triumph.
Over half America’s financial wealth, about $34 trillion, is generating income not subject to current federal income taxation. One key reason: Congress has been making the retirement savings rules more friendly to wealthy taxpayers eager to defer income from tax as long as possible.