Energy policies exacerbate inequality by placing the costs of climate change on the most vulnerable Americans. The general public bears the costs in both higher prices and higher taxes at the same time that fossil fuel companies continue to enjoy massive subsidies.
More than enough, the latest statistical evidence suggests, to warrant a full-fledged federal search. A new banking law in effect this month, the Foreign Account Tax Compliance Act, has the potential to start that search in the right direction. But obstacles remain.
Comparisons of income inequality among the world’s major high-income nations usually rank the United States as the most unequal. Why? One prime reason: The governments of other major developed nations do a great deal more to narrow the gap between their rich and everyone else.
CEOs at America’s restaurant giants must be providing some mighty fine service. Their ‘performance’ is costing Uncle Sam, an Institute for Policy Studies report details, nearly a quarter-billion a year. Fast food’s CEO-worker pay gap, adds Demos, has become the nation’s largest.
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.