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Nov 22, 2010

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Chuck

It's certainly interesting to hear that tax expdenditures disproportionately benefit the wealthy, though that's not surprising upon reflection. The wealthy, are, after all, the ones who can afford lawyers and lobbyists.

In a way the commission's plan sounds a bit like Ryan's plan with a top rate of 25%.

John

I found that the essay titled Roll Back the Reagan Tax Cuts by Thom Hartmann over at Truthout provided an interesting perspective on the relation between tax cuts for the already wealthy and e health of the USA body politic altogether.

Michael W. Kruse

Chuck, 97% of federal taxes are are paid by the top 50% of earners so obviously the wealthy. I think the justification for cutting taxes for the wealthy is that beyond disposable income. The very wealthy have their wealth invested in debt and equity that funds business enterprise. Raise taxes on the very wealthy and you don't so much reduce their standard of living but rather pull wealth out of productive service. The thought is that this helps stimulate the economy. But

I do agree that the wealthy are certainly the ones with the resources to influence policy and work it to the max. I generally support a lower tax rate with all the subsidies and tax waivers eliminated.

John

I didn't read the whole article yet, but thanks for the link. I was not persuaded by what I read in the opening paragraphs. Denmark is tiny homogeneous country, 1/60 the size of the USA, with a much different economy. Furthermore, while Scandinavian countries have personal income tax rates, the corporate taxes are negligible. Its apples and oranges. We need to talk about the total tax picture to get legitimate comparisons.

The Bush tax cuts cut the rates more for the bottom of the income ladder than for the top while also raising the floor above which people have to pay any income taxes. The net result was a significant shift toward the wealthy paying an even greater percentage of the taxes.

I don't have time right now to deeply analyze Thom's thoughts but I really weary of the conspiracy theory approach to these issues from right and left.

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