Ten years ago today, the first Bush tax cuts were signed into law. The fiscal damage they have inflicted is still unparalleled. But while the tax cuts for the top 2 percent of American earners will stay off the table until December 2012, there is any number of other progressive tax increases that Washington could adopt, but won't even consider. Below are my picks.
When tax rates were steep, executives had more incentive to leave money in the company —investing for future growth, sharing with staff or hiring more people. Nowadays, with taxes so low, CEOs have more incentive simply to pay themselves. That’s a recipe for greed, not growth.
Two-thirds of American corporations and foreign corporations doing business in the United States pay absolutely no federal income taxes—despite taking in $2.5 trillion in sales.
The old tricks aren’t working any more. The government’s tools for a weak economy have been to lower interest rates, borrow and spend, or have a war. Now, interest rates are so low that you can’t earn enough on your savings to keep up with inflation, the government owes $31,666 for every man, woman and child in America, and we have two of the longest running wars in U.S. history. more »
My column last week criticizes ABC's Charlie Gibson for using his position as debate moderator to focus the presidential discourse on the supposed unfairness of asking very wealthy people to pay the same tax rate on their stock profits as their servants pay on hard earned wages. more »
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