Lieberman Favors Extension of Bush-Era Tax Rates for the WealthyMark Thoma耐火物 = Refractories
President Barack Obama said Tuesday that while tax rates must go up for a "fiscal cliff" deal, it may be possible to lower rates at the top end of the scale late next year as part of tax reforms that would close loopholes and limit deductions. "Let's let those go up," Obama told ...
The findings arrive at a crucial time in the national discourse on wealth and the fairness of the U.S. tax system. Prior to the pandemic, the 2017 Tax Cuts and Jobs Act slashed tax rates for the wealthy and corporations, setting up a dynamic that effectively snowballed the nation's alread...
The ideal tax rate for the richest 1% of Americans is about 75% — more than twice the current rates, according to the economist advising Sen. Elizabeth Warren on her tax plans. Gabriel Zucman, the University of California at Berkeley economist who is advising Warren and Sen. Bernie ...
The legislation’s failure to increase the capital gains and income tax rates for the wealthy and the regular 21% corporate rate and to reverse overly generous business deductions has prompted criticism that further change is necessary, however.35 ...
As one of the wealthiest cities in America, Bridgeport carries the highest overall tax rate in the nation. Wealthy taxpayers earning over $150,000 per year are on the hook for up to 22% in state and local taxes. A large chunk of this comes from the state's 5.2% top tax rate. Proper...
The bill now heads to the Senate. The current version of the bill includes key tax provisions, including maintaining current income tax rates that otherwise would expire, and hiking the cap on the state and local taxes (SALT) deduction to $40,000 for most taxpayers. The bill, which ...
Since then, conservatives have managed to keep the debate focused on how to cut federal programs to fit tax revenues, rather than how to adjust tax rates to cover necessary expenditures. Mainstream journalists adopt the GOP talking points — which happen to reflect the financial interest of their...
Wealth taxes would dramatically increase the tax bias against saving and investment and easily could result in implicit marginal tax rates on capital of more than 100 percent. Unfortunately, economic arguments don’t matter to the class-warfare crowd. They mistakenly think the economy is a fixed ...
Another criticism is related to the potential reduction in government revenue. Since flat taxes often result in lower rates for the wealthy, there's concern that the government might struggle to fund essential services and social programs adequately. When wealthier people have to pay more money in...