Economists Peter Morici and Jared Bernstein talk about the taxing times for millions of struggling Americans and how President Barack Obama has promised to change the situation.
Make no mistake about it; the destiny for investment, the destiny for enterprise, the destiny for public services all revolves around tax policy. Taxes is not just about how much you pay the government. Tax incentives and tax penalties dictate the flow of money, the flow of capital, the flow of investment into everything…
Just how much are taxpayers being ripped off by businesses that can’t compete, and so they go to the government for subsidies while the government tries to annihilate teachers? There are strong efforts underway to take food and bargaining power away from the poorest of those in Wisconsin while 2/3 of the corporations in that state don’t pay a single penny in taxes.
Watch the Steel on Wheels Town Hall meeting at The University of Rochester. It’s time, America. Americans need work. Americans need jobs. And right now, our government’s main job must be to help create these jobs. The unemployment rate has lingered 9% for 19 straight months; the longest postwar stretch on record. And with our list of challenges ranging from overpriced health care to evaporating manufacturing, where can we start? Here are four steps our country must take now to get Americans back to work. Each tackles a bottleneck to jobs that must be fixed now.
Let me know what you think we need to do to put America back to work on our new collaborative website at www.SteelOnWheels.com!
The Tax Rate Fallacy, from Zero Hedge:
“When anyone starts lecturing you that the US has the highest tax rate in the industrialized world, just turn around, walk away, and pretend you never heard of them. This person is either ignorant about this country’s taxation system, or is deliberately trying to deceive or mislead you.
According to a report released by the Internal Revenue Service, America’s tax collection agency, the top 400 individual tax returns filed in 2009 reported an average gross income of $358 million each. The average amount of tax paid by these individuals came to under 17%, less than half the maximum Federal rate of 35%, which kicks in on annual income over $372,950 (click here for the 2009 tax tables at http://www.irs.gov/pub/irs-pdf/i1040tt.pdf ). This explains why Warren Buffet pays a much lower tax rate than his secretary. It really is true that in America, only the poor people pay taxes.”
That’s just the tip of the iceberg for a tax code riddled with loopholes, favors, and downright theft.
Listen to David Cay Johnston’s previous conversation on Radio Free Dylan on all the dirty laundry in America’s Tax Code.