In a down economy, apologists for the awesomely affluent are having to dig deep for inspiration. In the process, they’re getting dirty and looking dopey.
To achieve anything that resembles meaningful health care reform, activists are realizing, we need to focus on the grand concentrations of wealth inside the health care industry — and beyond.
Tax-cutters inspired by Jack Kemp have always argued that high tax rates give the rich an incentive to cheat on their taxes. The reality: So do low tax rates.
America’s states, says a new Center on Budget and Policy Priorities report, have a remarkably easy-to-administer alternative that can help avoid devastating budget cuts without putting any real pain on anyone. That alternative: tax the rich!
The global meltdown may be shoving high taxes on the rich back onto the political radar screen. The latest sign: a riveting debate in the world’s most prestigious business magazine.
The debate over the White House proposal to limit the tax deductions the rich can take on charitable donations has so far revolved around questions over whether the wealthy would give less if they couldn’t deduct as much as they do now. The better question: Just how much are the rich now really giving?
If Americans ever really digested the sort of statistics that appear regularly in the IRS research journal, the resulting storm of protest might make the rage over AIG seem about as fearsome as a tantrum from a toddler.
America’s most financially fortunate, the cagier critics of President Obama are claiming, can sidestep any hike in the tax rate on high incomes. But history tells a different story.
Lawmakers in the House, with their vote to tax bailout bonuses at 90 percent, have taken a
first step to real tax progressivity. But America’s rich, amid the AIG uproar, are still enjoying bargain-basement tax rates.
For the first time since America’s rich started getting phenomenally richer, a White House budget is linking the concentration of wealth at the top of America’s economic ladder to pain at the middle.