Tag: tax the rich
Proposals in play to pay for the ambitious public investment plan could help reverse skyrocketing wealth inequality.
Fortunately for them, they’ve got the New York Times running interference.
It's far below the level of progressivity the United States embraced in the middle of the 20th century—when wealthier individuals paid a much higher share of their income in taxes than the poor.
A perverse loophole allows owners of profitable teams — and their heirs — to lower their tax bills by claiming huge paper losses.
Owners like Steve Ballmer can take the kinds of deductions on team assets — everything from media deals to player contracts — that industrialists take on factory equipment. That helps them pay lower tax rates than players and even stadium workers.
“Looks like the biggest tax story of the year, if not the decade.”
“The working class and the middle class and the poor are getting shafted.”
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