Nine things the rich don't want you to know about taxes

[cameozalaznick]

Great Article by an expert on taxes...

April 13th
By David Cay Johnstone
Willamette Week


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.

For the past decade, we have doubled down on this theory of supply-side economics with the tax cuts sponsored by President George W. Bush in 2001 and 2003, which President Obama has agreed to continue for two years.

You would think that whether this grand experiment worked would be settled after three decades. You would think the practitioners of the dismal science of economics would look at their demand curves and the data on incomes and taxes and pronounce a verdict, the way Galileo and Copernicus did when they showed that geocentrism was a fantasy because Earth revolves around the sun (known as heliocentrism). But economics is not like that. It is not like physics with its laws and arithmetic with its absolute values. 

More at... http://www.wweek.com/portland/article-17350-9_things_the_rich_dont_want_you_to_know_about_taxes.html

[gateley]

1. K&R! nt

[cameozalaznick]

2. Thanks for that

But it still sank like a stone.

I especially like number 7 - how some Corp tax breaks actually destroy jobs.

Good stuff. But I guess Palins pregnancy hoax is sexier.

[gateley]

4. No, Palin's pregnancy hoax was more fun to toss around. This is frustrating

and causes our blood pressures to rise, but we need to know it (and pass it along!)

Thanks again! :hi:

[cameozalaznick]

6. Yes... We do need to know it and be able to quote

From it to "refudiate" RW talking points.

[gateley]

7. I printed it out! Otherwise I'll forget. DU = information overload. I can never

remember it all! :hi:

[Hissyspit]

9. Kick & Recommend

and I emailed it to myself.

[Wilms]

3. Great compilation. I recommend bookmarking. n/t

[midnight]

5. Last night I watched the beginning of Capitalism: A Love Story..

There is a seen where Donald Regan at the N.Y.Stock exchange tells the president to hurry up? Michael Moors question is who tells the President of the United States to Hurry up? Then Don Regan moves into position as chief of staff as Ronald Reagan starts to show signs of decline.... The movie makes the claim that Corporate America went shopping for a spokesman to put into the White House,,, and they found one in Reagan.... Ronald Reagan dismantled unions in the 80's, and our manufacture infrastructure....

[gateley]

8. That's pretty much been my sense of Reagan -- that he just did that he was told, but

because it was easy to convince him that his actions were right. I just get the sense that he didn't realize the damage he was doing. Regan, et al did -- but not Ronnie. IMO, natch.

[cameozalaznick]

10. You could be right...

And who better than a washed up actor?

[gateley]

11. Knows how to follow direction. nt

[cameozalaznick]

12. Don't want this to sink....

The author has spent YEARS studying our tax code. This article rebuts all the BS RW talking points you've ever argued with your brother-in-law about. Please read...

http://www.wweek.com/portland/article-17350-9_things_the_rich_dont_want_you_to_know_about_taxes.html

[cameozalaznick]

13. And please kick if you agree with me. Eom.

[Nikia]

14. I agree

With how badly the lower taxes on business and wealthy individuals have failed, it is amazing how these myths perpetuate.

[cameozalaznick]

15. Thank you nt

[lonestarnot]

16. other than they don't pay any, why would we bother with the other 8?

[cameozalaznick]

17. +1

[Overseas]

18. Excellent article.

[WillyT]

19. Kick !!!

Thanks For posting that!!!

:yourock:

:kick:

[B Calm]

20. K&R

[one_voice]

21. I don't know how I missed this post...

Thanks for the info. A lot of good stuff all in one place. Wish I could rec.

[cameozalaznick]

22. You missed it because it kept sinking...

I know it's not as sexy as Palin pregnancygate, but I think it's important.

[cameozalaznick]

23. +1 nt

[Quixote1818]

24. kick

[I Drink Water]

25. Only one thing matters. They have stolen from us. They have captured the

productivity gains of the last three decades.

This is what Bastiat calls Legalized Plunder.

[Earth_First]

26. Great (depressing) read... k&r n/t

[cameozalaznick]

27. One more time...

Although I know it doesn't stand a chance against Trump's comb-over

[SDuderstadt]

28. Let me also recommend the following books from...

David Cay Johnston:

Perfectly Legal

Free Lunch

[cameozalaznick]

29. I'm in the middle of Free Lunch...

Really interesting.

[cameozalaznick]

30. +1 nt