Congress is never constrained by the amount of taxes received. So when we raise federal taxes on those with high incomes it should be either to help maintain a strong currency or because doing so serves some benefit to the economy or society.
Trump’s legal exploits demonstrate the critical need to reform our tax code and stop money’s toxic influence over politicians and legislation. Right now millions of Americans are frustrated because they believe the scales are intentionally tipped towards the already wealthy, and stories like this only confirm this belief.
Professor Mankiw seems to be advocating for a system under which taxes are paid by people who work for a living, but not by people who get rich owning businesses that their parents and grandparents created
Some people think that the American economy will totally fall apart if venture capitalists are required to pay the same income tax rates the rest of the working population.
Congress passed a new rule that did remove some of the gaming and tax sheltering that people used to do. But it also replaced one loophole with another.
Patriotic Millionaire Eric Schoenberg is issuing a personal challenge to Presidential candidate Donald Trump – if Mr. Trump releases his taxes, he will as well.
Consider what Trump himself said last January: “My whole life I’ve been greedy, greedy, greedy. I’ve grabbed all the money I could get, I’m so greedy.”
Consistent on producing terrible, recreations of failed policies, that is. There is nothing creative, new, or substantive in any of his proposals.
Yesterday, former Treasury Secretary Larry Summers echoed Patriotic Millionaires Chair Morris Pearl in an aggressive attack against billionaire David Rubenstein for his inexcusably corrupt stance on the carried interest tax loophole.
Tax day will come again next year with the same inequality. The headache will last all year and the years after that, until changes are made.
Two hundred and thirty years later, the cancer of money in politics — as epitomized by the gross wealth and political power of players like Rubenstein — threatens to destroy that very same democracy.
We would expect a more serious analysis from the largest newspaper in the Wisconsin, but they missed the fundamental issue.
Quick comebacks to the regressive tax rhetoric you hear on the radio and around the dinner table.
“For too long, multinational corporations have used the tax code to force countries to compete in a race to the bottom, depriving nations of the revenue needed to build up their own economies – the Treasury Department’s ruling is not only the fiscally responsible thing to do, it send a clear signal that the United States is not going to allow corporations to hold American jobs hostage,” Patriotic Millionaires Chair Morris Pearl, former Managing Director of BlackRock Inc.
Why have you, as Chairman of the Senate Committee on Finance, continued to “pick winners” in the tax code by refusing to hold a hearing or a vote on The Carried Interest Fairness Act (Bill S. 1686) which would end preferential tax treatment for Wall Street fund managers?
Today in a strongly worded letter to House and Senate leadership, the Patriotic Millionaires demanded action on the carried interest loophole saying a vote would offer members “a unique opportunity to demonstrate to the American people that Congress is capable of conducting the people’s business; and that it is not, in fact, a wholly-owned subsidiary of Wall Street fund managers and other special interests.”
As global wealth concentrates in fewer hands, the world’s wealthy are shifting trillions to offshore havens to escape taxation, accountability, and publicity.
The tiered raise, which is part of the New York state proposed budget, represents a major victory for wage earners and the New York economy. In time, the nation will follow suit, shortening the economic gap, strengthening the American economy, and granting true sustainable living wages to a valued part of society.
This year, the Patriotic Millionaires crafted a campaign that took the fight to close the loophole to the individual states. New York, a financial hub of the US, has become the lead state in this year’s attempts to bypass inaction and see results. There has been resounding support following Senator Klein’s recent endorsement in the New York State Senate.
Some part of our national income is spent on collective purposes — the common good. Should decisions on how to spend that money be made by (a) individuals who earn the money deciding how to spend it or (b) representatives elected by the voters deciding?