Higher Tax Rates Won’t Boost Revenue

By: Nick Ottens (Diary)  |  August 3rd at 09:57 AM  | 

President Barack Obama and his Democratic Party would have liked to increase taxes as part of a “balanced” approach to deficit reduction. Republicans, adamantly opposed to raising taxes, especially during a time of fragile economic recovery, managed to prevent immediate tax hikes although revenue enhancement could be part of a broader plan that is supposed to be worked out by a bipartisan congressional committee later | Read More »

Should The Rich Pay More in Taxes?

By: Nick Ottens (Diary)  |  April 15th at 09:19 AM  | 

The United States, like most nations in the developed world, maintain a progressive federal income tax system, meaning people not only pay a given percentage of their income in taxes but that percentage increases for high income earners, from 10 percent for individuals making a little more than $8,000 a year to 35 percent on incomes over $370,000. As a result, in 2008, the top | Read More »