'The bottom line: America’s indirect system of taxing the ultra-rich has been failing miserably for over four decades, producing a concentration of wealth at the top that threatens our democracy.'
Would you walk around the block to get to your next-door neighbor’s house? Of course not. Yet America’s system for taxing the ultra-rich, especially billionaires, works that same exact roundabout way.
But these taxes don’t work that way for the ultra-rich. These deepest of pockets can essentially make decisions on spending, work, and retirement without regard to taxes. Taxes impact the ultra-rich in only one way: as the primary constraint on how much wealth they can eventually accumulate. The most direct way to achieve that reasonable result would be to tax either the wealth of the ultra-rich or the growth of that wealth. In the United States, unfortunately, we don’t go about taxing the enormously wealthy in that fashion. We rely exclusively instead on a mix of indirect measures — from taxes on personal and corporate income to levies on consumption and property — to hold in check the wealthy’s share of our nation’s wealth.
Could we transition to taxes that take a more direct approach to constraining the wealth share of our ultra-rich? We certainly could. We have at least three choices.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
The Fed got inflation badly wrong --- and now it admits there's no quick fixHigher prices of gas, groceries, new cars and mortgage rates got you down? Americans may have to get used to it. The rate of inflation might not return to...
Lire la suite »
Dentist convicted of breaking patients' teeth, then charging to fix them'It seemed excessive, but I didn't know any better,' one patient said.
Lire la suite »
Modernizing the bottle recycling program in Mass. would have big benefits, report findsUpdating the recycling system for beverage containers in Mass. could have big environmental and economic benefits, a new report from Reloop North America finds:
Lire la suite »
Unemployed workers who did not receive big 2020 tax break may soon get itSome unemployed workers waited more than a year to receive their EDD benefits -- and missed out on a big tax break through no fault of their own.
Lire la suite »
Galaxy A53 5G hands-on preview: don't fix what's not brokenThe Galaxy A53 is out, and it's looking like yet another successful mid-range phone from Samsung!
Lire la suite »