HOME



Digby's Hullabaloo
2801 Ocean Park Blvd.
Box 157
Santa Monica, Ca 90405



Facebook: Digby Parton

Twitter:
@digby56
@Gaius_Publius
@BloggersRUs (Tom Sullivan)
@spockosbrain



emails:
Digby:
thedigbyblog at gmail
Dennis:
satniteflix at gmail
Gaius:
publius.gaius at gmail
Tom:
tpostsully at gmail
Spocko:
Spockosbrain at gmail
tristero:
Richardein at me.com








Infomania

Salon
Buzzflash
Mother Jones
Raw Story
Huffington Post
Slate
Crooks and Liars
American Prospect
New Republic


Denofcinema.com: Saturday Night at the Movies by Dennis Hartley review archive

January 2003 February 2003 March 2003 April 2003 May 2003 June 2003 July 2003 August 2003 September 2003 October 2003 November 2003 December 2003 January 2004 February 2004 March 2004 April 2004 May 2004 June 2004 July 2004 August 2004 September 2004 October 2004 November 2004 December 2004 January 2005 February 2005 March 2005 April 2005 May 2005 June 2005 July 2005 August 2005 September 2005 October 2005 November 2005 December 2005 January 2006 February 2006 March 2006 April 2006 May 2006 June 2006 July 2006 August 2006 September 2006 October 2006 November 2006 December 2006 January 2007 February 2007 March 2007 April 2007 May 2007 June 2007 July 2007 August 2007 September 2007 October 2007 November 2007 December 2007 January 2008 February 2008 March 2008 April 2008 May 2008 June 2008 July 2008 August 2008 September 2008 October 2008 November 2008 December 2008 January 2009 February 2009 March 2009 April 2009 May 2009 June 2009 July 2009 August 2009 September 2009 October 2009 November 2009 December 2009 January 2010 February 2010 March 2010 April 2010 May 2010 June 2010 July 2010 August 2010 September 2010 October 2010 November 2010 December 2010 January 2011 February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019


 

This page is powered by Blogger. Isn't yours?

Hullabaloo


Tuesday, January 08, 2019

 

New old ideas

by Tom Sullivan


Hadrian's wall just east of Cawfields quarry, Northumberland in October 2005. Public domain.

Here's some news that isn't from Huffington Post:

America has been doing income taxes wrong for more than 50 years.

All Americans, including the rich, would be better off if top tax rates went back to Eisenhower-era levels when the top federal income tax rate was 91 percent, according to a new working paper by Fabian Kindermann from the University of Bonn and Dirk Krueger from the University of Pennsylvania.

The top tax rate that makes all citizens, including the highest 1 percent of earners, the best off is “somewhere between 85 and 90 percent,” Krueger told The Huffington Post.
The above appears under the headline, "Economists Say We Should Tax The Rich At 90 Percent." The article dates from October 2014.

Nobel laureate in economics Paul Krugman believes 2019 data suggests the ideal figure is more like 73 percent, or maybe 80 percent, depending on which experts one consults.

Rep. Alexandra Ocasio-Cortez (AOC, for short), Democrat of New York, is the occasion for the discussion, you may have heard. In an interview with Anderson Cooper of 60 Minutes, AOC proposes a "Green New Deal" for moving the U.S. economy to renewable energy in 12 years, funded with a top marginal tax rate of "60 or 70 percent."

Thus, in her first week in office, AOC set conservatives' hair ablaze by saying the U.S. tax structure should resemble something more like the radical days of Dwight Eisenhower. The retired World War II general initiated construction of the now-crumbling interstate highway system in 1956. That national investment paid for in part by a more progressive tax policy has produced untold economic benefits for the country ever since, and explosive growth that would have been impossible without the 41,000 miles of tax-funded roads.

The alarmism and retro red-baiting on the right over AOC's proposal elides that little detail, writes The Week's Ryan Cooper. Sensible countries use such rates to pay for things such as "roads, bridges, trains, airports, and so on," national goods that benefit almost everyone. "Deliberately leaving the benefit part out of the tax equation is a hallmark of a great deal of conservative 'policy analysis,'" Cooper writes:
Sweden, by contrast, has a top marginal tax rate of 70 percent that kicks in at a mere $98,000 (and does not suffer any notable economic harms as a result, by the way). Here's how one Swedish person thinks about the high tax level:
Indeed, a friend in Massachusetts once brushed off the state's outdated reputation as Taxachusetts. She did not mind paying state taxes and felt the state-funded services were of real benefit, especially her kids' schools. No big deal. Grover Norquist would be drowning himself in the bathtub.

Cooper continues:
The second thing missing is that most Americans still have to pay for the things they don't get through taxation. Americans still need health insurance, child care, a college education, and so on (depending on circumstances) — we just have to finance some or all of that privately, and it often strains Americans' budgets terribly.
That minor detail is missing from plans for privatization of public services, public-private infrastructure partnerships, and fee-based access to what used to be covered by Americans pooled taxes. But no, the anti-tax gospel demand middlemen nickel-and-dime us — and hold our health and safety hostage — for what civilized countries provide as a matter of course. Free-market cultists believe America can no longer afford Americans.

And yet, the inquisitors of government waste, fraud, and abuse partially shut down the government until the deal-less president gets billions in taxpayer funding for a yet-undesigned wall (or fence or barrier, depending on the speech and day of the week) of indeterminate length that Mexico was supposed to pay for. This, to help us to keep out people who desperately want to be Americans, contribute to our economy, and pay into our treasury by requesting entry at official gates in the wall.