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.
The CEOs who belong to the corporate lobby group “Fix the Debt” are pushing for a tax “reform” that could, details a new Institute for Policy Studies report, cost the federal treasury as much as $173 billion. In the meantime, these same CEOs are complaining that the nation can no longer afford Social Security as we know it.
America’s deepest pockets, a new Congressional Budget Office report shows, are saving big bucks from the U.S. tax code’s wide assortment of income tax breaks. They’re saving even more, other studies help show, from the absence of an annual wealth tax.
The inequality and growth debate is a red herring. It just doesn’t matter. The problem is inequality, and its solution is simple.