Another tax related post. It appears that taxes, in particular, taxes on the top income bracket will be a major topic of debate propaganda for the next year and a half until the next presidential election. Part of the reason is because the tax deal done last December (2010) between Republicans and Obama last December (2010) perpetuated the Bush-era … Continue reading Can We Afford to Raise Taxes On High Incomes? Can We Afford Not To?
Hugh Pickens at Slashdot reports how a Wisconsin Congressman has been complaining that it's tough to make ends meet on his meager $175,000 congressional salary (complete with extensive benefits including healthcare, defined benefit pension, paid staff, etc). But once a video got out of him complaining about his low pay (which is more than 3 … Continue reading Pity the Rich and Powerful – Won’t You Help?
A couple of items that remind me of the discussions last year about tax cuts. The major bone of contention in last December's tax cut deal was over whether the Bush era tax rate cut for the top income bracket should be extended. You may remember that it the Bush tax cuts were originally scheduled … Continue reading Pity the Rich. It’s So Hard to Get By.
One argument often provided for against raising the state taxes on rich individuals and large corporations is the belief that higher taxes will simply cause them to move to low-tax states. Now there's data on how serious the threat to move is: not very. Yves Smith at naked capitalism writes of a study by Young … Continue reading Empty Threats
Well, so much for the idea that the foreclosure crisis is /was due to those "irresponsible low-income people buying stuff they can't afford". It seems the rich are even less responsible: the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population. More than one in seven homeowners … Continue reading Seems the Rich Default Even More