That's more or less how Jeb Bush defended his tax plan to Fox News Sunday after he was slammed for giving lopsided tax breaks to the wealthy. He told Chris Wallace: “The simple fact is 1 percent of people pay 40 percent of all the taxes. So of course, tax cuts for everybody is going to generate more for people that are paying a lot more. I mean that’s just the way it is.”
According to Jay Bookman at the Atlanta Journal-Constitution, Bill believes that the rich and and powerful aren't rich and powerful enough. But before we examine Bill O'Reilly bearing false witness again, let's take a quick assessment of cable TV news in general, and then see where Bill fits in to the scheme of things (pun intended) — or you can just skip to Jay's rebuttal.
Are those our only choices? And if so, what's it going to be? Cutting defense spending or cutting Social Security? Because with a GOP-dominated Congress, it won't mean increasing revenues by raising taxes on those who are most able to afford a slight increase.
There are those (like Stephen Moore at the Heritage Foundation) who have persistently been saying for years that the U.S. should lower it's corporate tax rate to be more globally "competitive". They have repeatedly said that America has the highest [statutory] corporate tax rate in the entire world — although, in reality, American multi-national corporations usually have a much lower "effective" tax rate, because of all the Congressionally approved "loopholes" in our tax code.
James Kwak hit the nail(s) on the head about our corrupt tax system that mostly benefits the very rich. Here are three tax avoidance strategies that he brings to light --- and says these three tax schemes top his list for the ones most in need of tax reform...
A national political operation, organized by the multi-billionaire Koch brothers, is committing nearly a billion dollars ($889 million) to the looming 2016 presidential race in an unprecedented effort to help boost conservative/libertarian/Tea Party candidates. What You Want is a Koch.
Kansas Governor Sam Brownback had championed the largest tax cuts in the state's history, eliminating taxes on non-wage earnings for nearly 200,000 small businesses. Just like all Republicans these days, Brownback had made cutting taxes and shrinking government the centerpieces of his government. Now the great State of Kansas has a huge projected budget shortfall.
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