Friday, December 28, 2012
For Paul Krugman: Please
analyze, if you can, the effect of the Bush era tax cuts on creating jobs in
America. My notion is that we gave the super rich a nice piece of lagniappe,
which largess they then took and actually did create jobs -- in China. So, if
it is possible to track differential rates in overseas investments by
America's wealthiest as a result of the Bush era tax cuts, I believe the study
would be extraordinarily entertaining to most of your readers. It is now
possible, I think, to describe the Republican party as being in thrall to
Currency Cranks, Abortion-Nots, Teahadi partisans, whose elected members are in
thrall to big money contributors like Sheldon Adelson. Lundberg's book The Rich
and the Super Rich could be updated by a bright graduate student to cover the
last 30 years of criminally silly tax cuts for the wealthiest Americans -- and
to track the lobbying money that supported ramming this down the throats of
ordinary Americans. It is possible to speculate that higher tax rates on the
wealthiest Americans would (a) balance the government's books and (b) spur the
kind innovation in domestic industries that brings augmented profit. I'd be in
favor of a direct tax on shares similar to the real estate tax -- if it would
do any good. Corporations not registered in this country, and whose shares
aren't traded here could be taxed at a higher rate to encourage them. My very
best to Sarah Murphy, and best wishes for the coming year.
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