Welcome to Bennett's Study

From the Author of No Land an Island and Unconscionable

Pondering Alphabetic SOLUTIONS: Peace, Politics, Public Affairs, People Relations




UNCONSCIONABLE: http://www.unconscionableusforeignrelations.com/ http://www.unconscionableusforeignrelations.com/author/ http://www.unconscionableusforeignrelations.com/book/ http://www.unconscionableusforeignrelations.com/excerpt/ http://www.unconscionableusforeignrelations.com/contact/ http://www.unconscionableusforeignrelations.com/buy/ SearchTerm=Carolyn+LaDelle+Bennett http://www2.xlibris.com/books/webimages/wd/113472/buy.htm http://www.prweb.com/releases/2014/08UNCONSCIONABLE/prweb12131656.htm http://bookstore.xlibris.com/AdvancedSearch/Default.aspx? http://bookstore.xlibris.com/Products/SKU-000757788/UNCONSCIONABLE.aspx


Sunday, February 17, 2013

Penetrating bipartisan propaganda: who pays, who suffers, who hogs the pie

Dark money and politics
Who pays for policy
Who pays/avoids paying taxes 

Taxes and the Economy CRS report
Excerpt, minor edit, brief comment by 
Carolyn Bennett

As we know, income tax rates have been at the center of recent policy debates over taxes, CRS lays the background for its report. Some policymakers argue that raising tax rates, especially on higher income taxpayers, to increase tax revenues is part of the solution for long-term debt reduction.

The Senate passed the Middle Class Tax Cut (S. 3412), which would allow the 2001 and 2003 Bush tax cuts to expire for taxpayers with income over $250,000 ($200,000 for single taxpayers); and considered legislation, the Paying a Fair Share Act of 2012 (S. 2230), that would implement the [billionaire Warren] ‘Buffett rule’ by raising the tax rate on millionaires.
ower tax rates advocates argue “that reduced rates would increase economic growth, increase saving and investment, and boost productivity (increase the economic pie).”

igher tax rates proponents argue “that higher tax revenues are necessary for debt reduction: that tax rates on the rich are too low (that is, they violate the [billionaire Warren] ‘Buffett rule’) and that higher tax rates on the rich would moderate the increasing income inequality. …  

Throughout the late-1940s and 1950s, the top marginal tax rate was typically above 90 percent. Today it is 35 percent.

The September 14, 2012 Congressional Research Service report “Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945” attempted to sort out “whether or not there is an association between the tax rates of the highest income taxpayers and economic growth.”
The report concluded that the analysis suggests ─

Changes over the past 65 years in the top marginal tax rate and the top capital gains tax rate do not appear correlated with economic growth.

The reduction in the top tax rates appears to be uncorrelated with saving, investment, and productivity growth.

White House
1600  Pennsylvania Ave
The top tax rates appear to have little or no relation to the size of the economic pie.
Capitol Hill

he top tax rate reductions, however, appear to be associated with the increasing concentration of income at the top of the income distribution.

As measured by IRS data, the share of income accruing to the top 0.1 percent of U.S. families increased from 4.2 percent in 1945 to 12.3 percent by 2007 before falling to 9.2 percent due to the recession of 2007-2009.

At the same time, the average tax rate paid by the top 0.1 percent fell from over 50 percent in 1945 to about 25 percent in 2009. Tax policy could have a relation to how the economic pie is sliced—lower top tax rates may be associated with greater income disparities.

n my opinion, it is impossible to govern effectively for the public good when politicians pander to narrow interests and for any number of their own reasons  even as they have enormous varieties of impartial sources at their disposal ─ they stand before millions of people and bald-facedly lie. 

This is why the entrenched corruption sweeping across all political parties and partisans in Washington must be swept out of office. From Capitol Hill to the house at 1600 Pennsylvania Avenue, all must be swept clean.

Sources and notes

“Taxes and the Economy: An Economic: Analysis of the Top Tax Rates Since 1945” by Thomas L. Hungerford, Specialist in Public Finance, September 14, 2012
CRS Report for Congress
Prepared for Members and Committees of Congress
Congressional Research Service, 7-5700, www.crs.gov, R42729
PDF: http://graphics8.nytimes.com/news/business/0915taxesandeconomy.pdf

See also
“The Simple Truth: You Can’t Have Growth and Austerity at Once” (Imara Jones),
Wednesday, February 13 2013, 10:17 AM EST, http://colorlines.com/archives/2013/02/the_simple_truth_we_wont_face_you_cant_have_growth_and_austerity_at_once.html

Imara Jones is Economic Justice contributor for Colorlines.com. He holds a master’s degree in economics from the London School of Economics and a baccalaureate in political science from Columbia University. Jones has worked on international trade policy with the U.S. government and has been an executive at Viacom.  http://colorlines.com/archives/author/imara-jones/


Bennett's books are available in New York State independent bookstores: Lift Bridge Bookshop: www.liftbridgebooks.com [Brockport, NY]; Sundance Books: http://www.sundancebooks.com/main.html [Geneseo, NY]; Mood Makers Books: www.moodmakersbooks.com [City of Rochester, NY]; Dog Ears Bookstore and Literary Arts Center: www.enlightenthedog.org/ [Buffalo, NY]; Burlingham Books – ‘Your Local Chapter’: http://burlinghambooks.com/ [Perry, NY 14530]; The Bookworm: http://www.eabookworm.com/ [East Aurora, NY] • See also: World Pulse: Global Issues through the eyes of Women: http://www.worldpulse.com/ http://www.worldpulse.com/pulsewire http://www.facebook.com/#!/bennetts2ndstudy


No comments:

Post a Comment