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Mark Sanford: I Support You, Donald Trump. Now Release Your Tax Returns.
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Mark Sanford, Republican Governor of South Carolina, cites Donald Trump in May 2014 on releasing tax returns. At the time Trump is quoted as saying: "If I run for office, I will release my tax returns, absolutely, I would love that." Sanford says he released his tax returns, and Mike Spence, the Republican vice presidential candidate has released his tax returns, and calls on Trump to release his returns as promised. Hillary Clinton has released her tax returns, which show she paid 34% of income in taxes. Sanford says it is important information both for transparency in the political process and in giving voters an opportunity to evaluate those who want to govern the country. He also says that this is the reason a banker asks for tax returns before making a loan, that talking is'nt enough tax returns tell the real story, and the reason why this is a precedent too important to be broken in 2016. This has become increasingly important in this election year with the public expecting corporations and wealthy individuals to pay their fair share of taxes, so that programs to aid workers left behind during the recession, provide job retraining, finance the infrastructure that will create new jobs, provide access to college for working class and poor, require adequate government revenues.
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The top 1% earn about $2.1 million on average and are considered to be the largest beneficiaries of tax and economic policy of recent decades, just as global competition severely hurt wages of factory workers. A Tax Policy Center (Brookings Institution and Urban Institute backed) study shows that increasing taxes on the 1.13 million households in the top 1% from a federal rate of 33.4% currently to 40% would generate $157 billion, enough to provide for tution free educaton in colleges and universities in the U.S., finance spending on infrastructure, and provide assistance to the middle class for high health premiums. Public opinion in the U.S. favors higher taxes for the top 1% to pay for programs that increase opportunity for the middle class and workers with low incomes. Education is a great leveler of income disparities over time, one of the reasons the U.S. offered tution free education to returning veterans after World War II. Incomes for people in this income group of the top 1% would still be about $1 million a year after the tax increase, according to the Tax Policy Center.
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Sanders, Trump, in the U.S., Marie Le Pen in France, and Brexiters in England appeal to white working class which has not benefitted from trade agreements and globalization. Globalization has produced very different outcomes for different industries and regions, benefitting some and hurting others. Leaders of existing political parties have failed to grasp and respond to these changes leaving room for others to take up the cause of the white working class. TPP trade agreement for instance benefits the information technology industry and hurts the automobile industry in the U.S., producing unequal outcomes that come after years of job losses and hollowing out in some industries- making it unpopular, and raising questions about the wisdom of such policies when most of the gains in free trade are already behind us according to Krugman and other experts.
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