Ultimi link in questa sezione

05/10/2015
Why we must end upward pre-distribution to the rich
17/07/2015
How Goldman Sachs Profited From the Greek Debt Crisis
14/07/2015
Solo lo spirito del Dopoguerra potrà salvarci dalla crisi eterna
12/03/2015
The Conundrum of Corporation and Nation
22/02/2015
La Grecia, le riforme e il giallo della tabella
10/02/2015
Basic Income Pilots: A Better Option Than QE
05/02/2015
Le coup de force inadmissible et irresponsable de la BCE contre la Grèce

A Minimum Tax for the Wealthy

26/11/2012

SUPPOSE that an investor you admire and trust comes to you with an investment idea. “This is a good one,” he says enthusiastically. “I’m in it, and I think you should be, too.”

Would your reply possibly be this? “Well, it all depends on what my tax rate will be on the gain you’re saying we’re going to make. If the taxes are too high, I would rather leave the money in my savings account, earning a quarter of 1 percent.” Only in Grover Norquist’s imagination does such a response exist.

Between 1951 and 1954, when the capital gains rate was 25 percent and marginal rates on dividends reached 91 percent in extreme cases, I sold securities and did pretty well. In the years from 1956 to 1969, the top marginal rate fell modestly, but was still a lofty 70 percent — and the tax rate on capital gains inched up to 27.5 percent. I was managing funds for investors then. Never did anyone mention taxes as a reason to forgo an investment opportunity that I offered.

Under those burdensome rates, moreover, both employment and the gross domestic product (a measure of the nation’s economic output) increased at a rapid clip. The middle class and the rich alike gained ground.

So let’s forget about the rich and ultrarich going on strike and stuffing their ample funds under their mattresses if — gasp — capital gains rates and ordinary income rates are increased. The ultrarich, including me, will forever pursue investment opportunities.

And, wow, do we have plenty to invest. The Forbes 400, the wealthiest individuals in America, hit a new group record for wealth this year: $1.7 trillion. That’s more than five times the $300 billion total in 1992. In recent years, my gang has been leaving the middle class in the dust.

continua

Tratto da www.nytimes.com
eZ Publish™ copyright © 1999-2015 eZ Systems AS