One must look at the party platform as a whole
Reader comment on: Glenn Hubbard in Politico
Submitted by benjamin (United States), Aug 5, 2010 13:57
Two posts ago you showed that the GOP is in favor of eliminating the inheritance tax, slashing corporate taxes and eliminating the capital gains tax. These would overwhelmingly favor the rich. Lifting the cap on Social Security, couple with these other changes disproves your theory that the GOP is out to soak the rich. Of course, it is a matter of degree. Theoretically, the payroll tax could be so progressive to hit harder than the change in capital gains tax rates, but call me a skeptic on that one.
And yes, the rich should pay more than others - too bad they currently don't. With all of the tax avoidance schemes, those with the good tax lawyers often end up paying less than those making a lot less money. Has anyone been able to win Warren Buffett's challenge to find an administrative assistant who pays a higher percentage in taxes than the CEO?
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The Future of Capitalism replies:
That was the Republican Study Committee (House Conservatives). This post is about some center-right congressmen and academics. The Republicans did manage to eliminate the estate tax for one year (2010) and cut the capital gains tax when they controlled Congress and the White House, but they stopped short of doing the rest of the stuff. Incidentally, Obama, during his presidential campaign, also made noises about cutting the corporate tax.
"He would like to cut the corporate tax rate, and it's a question that we're studying," Jason Furman, Obama's director of economic policy, told Forbes.com in an interview this week.
Democrat Barack Obama said he would consider trimming corporate tax rates as part of a simplification of the tax code if he is elected to the White House, the Wall Street Journal reported on Tuesday.
Does that mean Obama favors "the rich"?
With the top 1% of taxpayers now paying more federal income tax than the the bottom 95%, I don't see how one can claim the rich don't pay more than others.
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