Joseph E. Stiglitz: A Tax System Stacked Against the 99 PercentRoundup: Media's Take
tags: 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
- Legendary Explorer’s Long-Lost Ship May Have Been Found Off Rhode Island
- More Doubts, Opposition To Sale Of Unique, Hartford Collection Of Political History
- How the Curse of Sykes-Picot Still Haunts the Middle East
- Kennewick Man Will Return Home to Native American Tribes
- Now it’s the University of Louisville’s turn to remove a Confederate statue
- Daniel Aaron, Critic and Historian Who Pioneered American Studies, Dies at 103
- Liz Covart's amazingly popular podcast helps her audience understand early American history
- Justus Rosenberg is still teaching at age 95
- Glenda Gilmore chides Yale for deciding to keep the name of Calhoun
- The historian and cartographer Bill Rankin has developed a new way to visualize slavery