The very richest are able to quietly shape tax policy that will allow them to shield billions in income. They have financed a sophisticated and astonishingly effective apparatus for shielding their fortunes. It includes tax loopholes quietly slipped into law by their bought-and-paid-for politicians. It also involves a phalanx of high-priced lawyers, estate planners, lobbyists and anti-tax activists who exploit and defend a dizzying array of tax maneuvers not available to taxpayers of more modest means. Result: The effective tax rate of the 400 richest Americans is the same as the tax rate for a middle-class family of 4.
Read the rest of the story HERE:
Josh Mitteldorf, a senior editor at OpEdNews, blogs on aging at http://JoshMitteldorf.ScienceBlog.com. Read how to stay young at http://AgingAdvice.org.
Educated to be an astrophysicist, he has branched out from there to mathematical (more...)