Ways and Means (3.3)
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Ways and Means (3.3)
a deduction or an exemption from income gives a larger tax benefit to the rich, which he considered unfair favoritism. A tax credit, in contrast, gives the same benefit to all taxpayers.
T. R. Reid • A Fine Mess: A Global Quest for a Simpler, Fairer, and More Efficient Tax System
“These guys all talk about the deficit, but there’s not a single tax benefit for the wealthy they’ll get rid of,” Dan Pfeiffer, Obama’s former communications adviser, later pointed out. “What really made them furious,” he said, “was when we started talking about closing the loopholes for private jets!”
Jane Mayer • Dark Money
They were represented by a handful of front groups, including the American Family Business Institute, which strove to cast the tax break as necessary to preserve family farms. Unfortunately, in 2001, the group couldn’t find a single family farm put out of business by the estate tax. After Hurricane Katrina, the same group scoured the country to fin
... See moreJane Mayer • Dark Money
The last time Republicans wrote a party-line tax bill, in 2017, he vowed to oppose the package as he pushed for better treatment of so-called “pass-through” businesses, which comprise most privately held companies. Formerly an executive for a Oshkosh plastics manufacturer, Johnson argued that the bill needed to benefit smaller businesses as much as... See more
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“Those taxes were never a matter of economics,” FDR said later. “They are politics all the way through. We put those payroll contributions there so as to give the contributors a legal, moral, and political right to collect their pensions and their unemployment benefits. With those taxes in there, no damn politician can ever scrap my social security
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