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?
Detroit’s property tax base, diminished and badly-assessed, could still fund a renewal if Michigan would only read its history and find the political will.
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.
Call it vote-buying if you want, but when a government effectively buys the votes of 80 or 90 percent of the population, I call that government of the people, by the people, for the people.
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.
Who won in the fiscal cliff deal? The lawyers, the doctors, the dentists, the middle managers, the advertising executives, the whole MBA crowd.
For a small business, a tax is a cost like any other. It’s important to keep costs down. But it’s even more important to keep costs lower than your competitors.
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.