Tag: tax the rich

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.”

Candidates should pledge that the middle class won't pay $1 more in new taxes until billionaires put up at least $1 trillion.

Not only would a wealth tax raise revenue and help bring the economy back into balance, but it would also protect our democracy by reducing the influence of the super-rich on our political system.

“Taxing the annual gains generated by wealth closes a host of loopholes, while raising the sort of revenue needed to keep Social Security and Medicare secure for years to come.”

So the next time you hear one of these myths, know the truth.