Our tax system is too complex (40,000 pages long), too riven by loopholes and exemptions (they amount to about $1.2 trillion a year), and driven by vested interests rather than by a sense of fairness. It’s true enough when the author of the article from which the below excerpt is taken, Leslie
Andrew Gordon explains why the so-called supercommittee couldn’t have picked a worse time to come up empty.
President Hoover increased taxes in 1932. It was the decisive blow to an economy that began shrinking in 1930. So why did he do it? To help pay off a burgeoning debt. The parallels to today are obvious.
“I won’t pony up. It’s wrong.” This doesn’t come from our own frustration over taxes. This is a small business owner in Greece. Is the US paying attention?
Is Obama bleeding the small business owner with his proposal to end the Bush era tax cuts “for the rich?” A complete myth, says the Brookings Center…
Buffett’s plea to be taxed more has struck a chord in Europe. 16 of France’s richest people asked the government to tax them more. It’s another sign that…
In what surely will grab the headlines in the coming days Christine Lagarde, the Managing Director of the International Monetary Fund has proposed that countries around the world work together to solve the global recession by adopting a plan of higher taxes and overall tax policy reform coupled with overhauling entitlement programs. She has also called on countries to improve their unemployment situations by following through on infrastructure projects.
Our insane politicians should be commended for giving us cheap entertainment. Too bad the debt agreement solves NOTHING. Here’s why…
