| About 6 in 10 of us believe that the tax system is unfair -- and they're right: put simply, the very rich don't pay their fair share. The richest 400 individual taxpayers, with an average income of more than $200 million, pay less than 20 percent of their income in taxes...One of the reasons for our poor economic performance is the large distortion in our economy caused by the tax system. The one thing economists agree on is that incentives matter -- if you lower taxes on speculation, say, you will get more speculation. We've drawn our most talented young people into financial shenanigans, rather than into creating real businesses, making real discoveries, providing real services to others. More efforts go into "rent-seeking" -- getting a larger slice of the country's economic pie -- than into enlarging the size of the pie. |
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At opinionator.blogs.nytimes.com
At opinionator.blogs.nytimes.com
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