The Republicans push for a flat tax masks whats really going on.
Remember: The top 1 percent is now raking in over 20 percent of the nations total income and owns over 35 percent of the nations wealth. Under almost anyones view of fairness, these are grotesque portions. Theyre especially large relative to what they were as recently as thirty years ago, when the top 1 percent raked in under 10 percent. And these huge portions at the top continue to increase.
Meanwhile, the top tax bracket is now 35 percent the lowest its been in three decades. Between the end of World War II and 1980 it never fell below 70 percent.
Simple fairness requires three things: More tax brackets at the top, higher rates in each bracket, and the treatment of all sources of income (capital gains included) exactly the same.
Not only fairness demands it, but also fiscal prudence. A truly progressive tax would bring in tens of billions of dollars a year from the people at the top who are in the best position to afford it.
Regressives are pushing the flat tax as a smokescreen. Theyd rather not have anyone talk about the unfairness and fiscal absurdity of the current system.
Rather than merely oppose the flat tax, sensible people should push for a truly progressive tax starting with a top rate of 70 percent on that portion of anyones income exceeding $5 million, from whatever source.
Robert Reich (The Flat-Tax Fraud, and the Necessity of a Truly Progressive Tax)
Remember: The top 1 percent is now raking in over 20 percent of the nations total income and owns over 35 percent of the nations wealth. Under almost anyones view of fairness, these are grotesque portions. Theyre especially large relative to what they were as recently as thirty years ago, when the top 1 percent raked in under 10 percent. And these huge portions at the top continue to increase.
Meanwhile, the top tax bracket is now 35 percent the lowest its been in three decades. Between the end of World War II and 1980 it never fell below 70 percent.
Simple fairness requires three things: More tax brackets at the top, higher rates in each bracket, and the treatment of all sources of income (capital gains included) exactly the same.
Not only fairness demands it, but also fiscal prudence. A truly progressive tax would bring in tens of billions of dollars a year from the people at the top who are in the best position to afford it.
Regressives are pushing the flat tax as a smokescreen. Theyd rather not have anyone talk about the unfairness and fiscal absurdity of the current system.
Rather than merely oppose the flat tax, sensible people should push for a truly progressive tax starting with a top rate of 70 percent on that portion of anyones income exceeding $5 million, from whatever source.
Robert Reich (The Flat-Tax Fraud, and the Necessity of a Truly Progressive Tax)