Tag: tax the rich

“While these companies report billions in profits, they often pay no income tax to the IRS and leave hardworking families holding the bag.”

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.

Imagine what programs we could fund, how many people we could help, if the IRS was able to recoup that $163 billion that the top 1 percent shorts the government every year. Fully funding the IRS should be a no-brainer.

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.”

It’s not radical to rein in this irresponsibility. It’s radical to let it continue.

“The working class and the middle class and the poor are getting shafted.”