Monday, April 15, 2013

"Our Tax System Has Actually Fostered Inequality"

"The fiscal problem we face is not, then, a lack of revenue sources. We can finance any amount of transfer payments and 'entitlements' by taxing corporations’ profits in the same way we tax personal income, using a progressive formula. If necessary, give them a mortgage deduction—they already get something like it in the form of accelerated depreciation allowances on their purchases of capital equipment—but make them pay higher taxes on their income. Do that, and the federal deficit goes away."

On tax day, James Livingston in The New York Times makes a proposal.

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