Joseph E. Stiglitz: A Tax System Stacked Against the 99 Percenttags: NYT, taxes, tax reform, Tax Day, progressive income tax, Joseph E. Stiglitz
Joseph E. Stiglitz is an economist and professor at Columbia University.
LEONA HELMSLEY, the hotel chain executive who was convicted of federal tax evasion in 1989, was notorious for, among other things, reportedly having said that “only the little people pay taxes.”
As a statement of principle, the quotation may well have earned Mrs. Helmsley, who died in 2007, the title Queen of Mean. But as a prediction about the fairness of American tax policy, Mrs. Helmsley’s remark might actually have been prescient.
Today, the deadline for filing individual income-tax returns, is a day when Americans would do well to pause and reflect on our tax system and the society it creates. No one enjoys paying taxes, and yet all but the extreme libertarians agree, as Oliver Wendell Holmes said, that taxes are the price we pay for civilized society. But in recent decades, the burden for paying that price has been distributed in increasingly unfair ways....
What should shock and outrage us is that as the top 1 percent has grown extremely rich, the effective tax rates they pay have markedly decreased. Our tax system is much less progressive than it was for much of the 20th century. The top marginal income tax rate peaked at 94 percent during World War II and remained at 70 percent through the 1960s and 1970s; it is now 39.6 percent. Tax fairness has gotten much worse in the 30 years since the Reagan “revolution” of the 1980s....
comments powered by Disqus
- New Hampshire professors at odds with library over discarded books
- Troubled history fuels Japan-China tension
- Independent Scotland's last gasp forgotten in Panama jungle
- LBJ was the ‘most-threatened president in American history’
- New exhibit at the World War I Museum ... Over by Christmas: August-December 1914
- Ken Burns on Colbert to promote his new documentary, "The Address"
- UC Santa Barbara History Department featuring a series on the Great Society at 50
- Historians are trying to recover censored texts from World War I poets
- Diane Ravitch blasts the NYT for failing to understand the controversy over Common Core
- Mormon history professors debate atheists in bid to foster greater understanding