Workers & Economic Inequality

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Taxing the Wealthy Promotes Economic Growth

The nearing 2016 presidential election is likely to bring up the tricky question of taxing the wealthy on their capital gains, dividends, interest, and inheritances, says TCF fellow Mark Thoma. Thoma goes through the advantages and disadvantages of imposing an additional tax on the wealthy including the effects that such a situation would have on innovation and economic growth.

When each individual strives to get ahead, when we truly have an equal opportunity meritocracy that rewards each individual according to her contributions, we collectively propel ourselves forward. The more people who are subject to this meritocracy rather than relying upon inherited wealth, the faster we will grow.

Read the full piece here.

Tags: wealth gap, republicans, mitt romney, 2016 election

Economic Inequality and the U.S. Tax System

TCF fellow and USC professor Edward Kleinbard is interviewed by Peter Slen on C-Span regarding his new book "We Are Better Than This: How Government Should Spend Our Money." Watch the interview below:

The link to the interview can be found here.

Tags: taxes, government spending, book releases

White House Rolls Out Tax Proposals Before State Of The Union Address

TCF fellow and USC professor Edward Kleinbard was interviewed on NPR's Morning Edition with host David Greene among other tax experts. They discuss the segment of the 2015 State of the Union address in which President Obama spoke on tax reform and the increase taken from the wealthiest 1 percent. Here is the interview:

Access the audio transcription here.

Tags: wealth gap, tax reform, state of the union, 1 %

California Tax Reform Should Reflect Shift To Service Economyx

TCF fellow and USC law professor Edward Kleinbard and his colleagues California Senator Bob Hertzberg and UC Berkeley professor Laura Tyson elaborate on the state funding crisis in California. Despite its progressive tax structure, California is leaving many students unable to afford the rising cost of tuition as well as small business owners struggling to pay good wages to employees. They explain further saying:

If California's future is to be as promising as its past, we need a tax system that reflects our real economy in the 21st century while ensuring that new revenue is invested in strengthening the ladder of mobility for all residents.

Here is the full article from the San Jose Mercury News.

Tags: taxes, small business, higher education, california

A Republican Ruse to Make Tax Cuts Look Good

TCF fellow Edward Kleinbard tells of the models that are used to determine the federal deficit as it relates to raising or cutting taxes. He explains the difference between dynamic and conventional scorekeeping, and why Republicans favor one over the other.

The Republicans’ interest in dynamic scoring is not the result of a million-economist march on Washington; it comes from political factions convinced that tax cuts are the panacea for all economic ills. They will use dynamic scoring to justify a tax cut that, under conventional scorekeeping, loses revenue.

Check out the full article from the New York Times.

Tags: taxes, tax cuts, republican party, dynamic scoring

The Real Grand Bargain That is Within Congress’ Reach

TCF policy associates Neil Bhatiya and Jacob Anbinder tell how Republicans and Democrats might use strategic negotiation to achieve successes on both the crude oil and gas tax fronts. They explain that if the U.S. was to repeal the current law that restricts crude oil exports while also raising the federal gas tax, which has largely lost its efficiency since it's last raise in 1993, it is likely that runaway emissions growth would be contained.

...the key to the plan is the fact that, contrary to popular belief, allowing U.S. companies to ship crude oil overseas would actually lower the price of gas at the pump. According to a recent Brookings report, the decrease would be about 9 cents per gallon. As a result, the aggregate reduction in prices caused by adding more crude oil to the global market will, all other things being equal, balance out an increase in the gas tax.

Check out Neil and Jacob's full article.

Tags: tax reform, gop, gas, exports, crude oil, carbon emissions

 

Workers & Economic Inequality

Workers & Economic Inequality

In recent decades, and especially since 2000, the richest Americans have enjoyed soaring income and wealth while the rest of the population's living standards have stagnated. The Century Foundation was one of the first institutions to raise serious concerns about these trends and propose ideas for improving economic conditions for all Americans- not just the fortunate few.

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