9 Things The Rich Don't Want You To Know About Taxes
This excellent article from last April is particularly apropos right now, showing the unfairness of the tax code rigged for the rich.
As Randi Rhodes says, "Information is the coin of the Realm"
9 Things The Rich Don't Want You To Know About Taxes--April 13th, 2011 DAVID CAY JOHNSTON | Cover Story
For three decades we have conducted a massive economic experiment, testing a theory known as supply-side economics. The theory goes like this: Lower tax rates will encourage more investment, which in turn will mean more jobs and greater prosperity—so much so that tax revenues will go up, despite lower rates. The late Milton Friedman, the libertarian economist who wanted to shut down public parks because he considered them socialism, promoted this strategy. Ronald Reagan embraced Friedman’s ideas and made them into policy when he was elected president in 1980.
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The Mad Men who once ran campaigns featuring doctors extolling the health benefits of smoking are now busy marketing the dogma that tax cuts mean broad prosperity, no matter what the facts show.
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As millions of Americans prepare to file their annual taxes, they do so in an environment of media-perpetuated tax myths. Here are a few points about taxes and the economy that you may not know, to consider as you prepare to file your taxes. (All figures are inflation-adjusted.)
1. Poor Americans do pay taxes.
2. The wealthiest Americans don’t carry the burden.
3. In fact, the wealthy are paying less taxes.
4. Many of the very richest pay no current income taxes at all.
5. And (surprise!) since Reagan, only the wealthy have gained significant income.
6. When it comes to corporations, the story is much the same—less taxes.
7. Some corporate tax breaks destroy jobs.
8. Republicans like taxes too.
9. Other countries do it better.
http://wweek.com/portland/article-17350-9_things_the_rich_dont_want_you_to_know_about_taxes.html
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