Tag Archives: Taxes

Report: Fundamentally Unfair Tax System In Every State

Report: Fundamentally Unfair Tax System In Every State
A review of all 50 state tax systems finds: Virtually every state tax system is fundamentally unfair, taking a much greater share of income from low- and middle-income families than from wealthy families; The lower one’s income, the higher one’s overall effective state and local tax rate; In the 10 states with the most regressive tax structures the bottom 20 percent pay up to seven times as much of their income in taxes as their wealthy ... Read more

Economists Say We Should Tax The Rich At 90 Percent

Economists Say We Should Tax The Rich At 90 Percent
Above: Members and supporters of Welfare Rights Committee stand in front of banner after April 15 “tax the rich” protest. (Fight Back! News/Kim DeFranco) Kindermann and Krueger say that a top marginal tax rate in the range of 90 percent would decrease both income and wealth inequality, bring in more money for the government and increase everyone’s well-being — even those subject to the new, much higher income tax rate. ... Read more

14 People Made More Money Than the Entire Food Stamp Budget for 50,000,000 People

14 People Made More Money Than the Entire Food Stamp Budget for 50,000,000 People
Above: Billionaire investor Warren Buffett.  (Photo: Fortune Live Media / flickr / cc) For the second year in a row, America’s richest 14 individuals made more from their annual investments than the $80 billion provided for people in need of food. Nearly half of the food-deprived are children. The fruits of American productivity go to the richest Americans, who can afford to hold onto their fortunes, defer taxes indefinitely, and then ... Read more

Corporations crossing the border cause more problems than individuals

Corporations crossing the border cause more problems than individuals
A recent report by the Congressional Research Service describes a new wave of companies going through a process politely known as “inversions.” What’s really happened is that these firms have renounced their U.S. “citizenship” and reincorporated themselves in tax haven countries in order to escape federal taxes. Dirt Digger Digest - These companies go on operating as before, keeping their U.S. offices, their U.S. sales and all the other ... Read more

The Limits of Corporate Citizenship

The Limits of Corporate Citizenship
By treaty, the U.S. government can’t (and shouldn’t) discriminate against foreign corporations offering as good if not better deals than American companies offer. So if Walgreen as a Swiss company continues to fill Medicaid and Medicare payments as well as, say, CVS, it’s likely that Walgreen will continue to earn almost a quarter of its $72 billion annual revenues directly from the U.S. government. But as a foreign corporation, Walgreen ... Read more

One percent’s twisted new heist: What’s really behind privatization

One percent’s twisted new heist: What’s really behind privatization
As most experts and layman enthusiasts will tell you, there’s no one, single explanation for the past 30-plus years of growing economic inequality. Its drivers are multiple and separating one from the other is often quite complicated. Low taxes on wealthy individuals and corporations, the gutting of labor unions, the increased mobility of capital, technological gains, overly protective intellectual property law; the list goes on. In fact, ... Read more

What Would You Do If You Had Political Power?

What Would You Do If You Had Political Power?
We're continuing our series of interviews with Gar Alperovitz about what's next. What might a new economy look like? And in this segment of the interview we're going to ask Gar a question which we're going to be trying to answer over the next few years: what would you do if you ran Baltimore? What would you do if you ran Maryland? Read more

Inequality Data & Statistics

Inequality.org   Inequality data and statistics give us an important incite into the state of our economy and the health of our society. In this section, we offer quick takes on economic inequality, as categorized in five key areas: income, wealth, global, health, and racial. In each category, we chart some inequality statistics and discuss the basic numbers. You can click on each of the section headings to find more data on that topic ... Read more

Barack Obama hints at tax rises after US debt bill goes through Senate

US president refuses to rule out tax rises for wealthiest Americans as he signs debt limit bill into law By Ewen MacAskill The Guardian, August 2, 2011 Barack Obama came out fighting in an attempt to undo the damage to his reputation caused by the long-running debt standoff, and pacify Democrats who feel betrayed by the deal that will result in spending cuts totalling trillions of dollars. The president, who turns 50 on Thursday, faces a ... Read more

US debt deal: how Washington lost the plot

Politicians and the media are obsessing on debt, deficit and cuts, but the real story is a stalled economy and rising unemployment   Dean Baker guardian.co.uk, Monday 1 August 2011 Debt relief? Senate Republican leader Mitch McConnell gives a thumbs up when asked if a deal had been agreed. Photograph: Astrid Riecken/Getty Images President Obama and the Republicans in Congress have finally worked out a deal over the debt ceiling. It appears ... Read more