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To Reduce Inequality, Tax Wealth, Not Income
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Daniel Altman's proposal for a tax on wealth over $1 million. He makes the case for taxing wealth not incomes to reduce inequality as this is where the situation in terms of inequality has worsened for the U.S. in recent decades. To support this proposal Altman cites the change in the U.S. Ginni coefficient, which measures inequality. The Ginni coefficient is anumber from 0 to 100 which goes up with higher income inequality. From the late 70's to the 1990's, the Cnesus Bureau showed this to be in the low 40's. By 1992 the Ginni coefficient went up to the mid-70's, according to the Federal Reserve data. It increased to about 80 in 2010. In 1992 the top 10% in the U.S. population controlled 20 times the wealth of the bottom 50%. By 2010 this figure triples to 65 times. and the graduated income tax even if it redistributes a small share of the wealth does little to affect the trend of wealth extremes from building up and threatening the social fabric of America, reducing mobility and opportunities for the bottom 50% to unprecedented levels since the 1950's.
Increasing U.S. taxes on the middle class
04/12/2009
The Wall Street Journal points to the facts that Warren Buffett does not cover in his plea for higher taxes on billionaires like himself who paid only 17% in taxes in 2010. Buffett made most of his income in capital gains and dividends that are taxed at 15%. That income was already taxed at 35% as corporate income and the 15% on top of that brings the total tax to about 45%. Buffett could write the IRS a check or support taking away the deduction for charitable contributions which is how Buffett contributes to his foundations. For most of the middle class couples making $250,000 for a few years of their life- and much of it going to high university tution payments for kids- the higher taxes make a difference compared to the Buffetts of the world. This is part of the debate on taxes in the U.S. at the time of the fiscal cliff negotiations in Dec. 2012.
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Google's U.S. federal tax liability of 18%. GE's low tax rate.
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The US tax rate for corporations at 35%, but the $1.5 billion federal tax liability of Google comes to an effective 18% tax rate. GE's consolidated tax rate of 11.6% from 2005 to 2009. This is also true of other large American companies, raising questions of fairness at a time of budget cuts in education, Medicaid and Medicare. Many U.S. companies, such as Apple, also use offshore tax havens to protect profits from taxes.
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Linked Articles
To Reduce Inequality, Tax Wealth, Not Income
New York Times 11/18/2012
New York Times 11/18/2012
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