The right’s favorite rationale for lowering the taxes rich people pay can make sense, but only if you believe that fairness demands taxing the first dollar of a person’s income at the same rate as the billionth.
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?
Today’s conventional wisdom in Congress on taxing America’s wealthy — that tax rates on income at our economic summit have gone as high as they can sensibly go — has no real evidence to support it, details a new Economic Policy Institute and Century Foundation study.
The George W. Bush years gave America’s rich new and unprecedented preferential treatment at tax time. The fiscal cliff deal enacted in the early moments of 2013 leaves that preferential treatment in place. The tax law now blesses a permanent discount for corporate dividend income.
Romney went to the trouble of filling out a Form 4684 (Casualties and Thefts) to report losses of $39. One can only wonder what was broken or stolen. I like to think that the $39 were lost in the world’s smallest shipwreck. I guess it’s just the romantic in me.
We can climb down the fiscal cliff in three steps: let the “temporary” Bush tax cuts for the rich expire on January 1, let military spending fall as the war in Afghanistan winds down, and wait for the economy to improve.
The fact that the average American household today has an income of $50,000 instead of $100,000 can be attributed entirely to the fact that inequality has risen over the past four decades instead of declining.
As the economic news in the United States gets worse and worse every week, a lot of Americans are saying “at least we’re not Europe.” To read the press accounts, it sounds like Greece is plunging Europe into a second Great Depression. Greece is having trouble paying its debts, and many people are worried that […]
Rich people-friendly lawmakers in Washington subscribe to a theory that brands all tax hikes on the rich as reckless. Two top economists have just published a new paper that takes on that theory and calls for a top federal tax rate over twice as high as the current top rate.