You can see the numbers here below, from the Daily Treasury Statement.
Once again I will repeat that the vast majority of tax revenues come from employment taxes, which are taken from working people. Both the president and Congress decided to raise those last year.
Republicans crying about the estate tax is ludicrous and seriously whiny.
6 comments:
I first read that Republicans are seriously whinny. But that would be from the other end of the horse.
http://www.washingtonpost.com/blogs/wonkblog/wp/2015/04/09/the-rich-get-government-handouts-just-like-the-poor-here-are-10-of-them/?tid=sm_fb
The GOP can just pass a law deeming that the deceased rich never really died.
You know, just deny that death affects the rich, sort of, if not much the same approach taken with global warming, facts and science.
Problem solved !
The estate tax is mostly symbolic because it can usually be avoided with good estate planning.
Likewise the gift tax is almost never paid because there is a $5 million lifetime limit before the gift tax kicks in.
If we want to tax unearned wealth then we probably should just tax wealth, period.
If we want to tax unearned wealth then we probably should just tax wealth, period.
This is pretty much Michael Hudson's approach. Assume that economic rents and rent-seeking increase with increasing wealth and really kick in at the level of great wealth that translates into power.
As Hudson points out, the economy did just fine under a top tax bracket above 90%. The Laffer curve is a joke based on which the wealthy laugh all the way to the bank leaving everyone else crying..
Right. It hinges on whether you buy into the "just desserts" theory of wealth and income, as most Americans have been brainwashed to believe.
I tend to agree with Ian Welsh that absolutely nobody "earns" exceptionally high wealth or high income.
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