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IN AN ordinary American presidential election, a candidate who had earned a fortune in business and then paid an absurdly low tax rate would barely raise eyebrows. Americans have long considered wealth something to admire and pursue, not vilify and redistribute. Alexis de Tocqueville said he knew �of no country�where a profounder contempt is expressed for the theory of the permanent equality of property.�
But this is no ordinary election. That so much scrutiny has fallen both on how Mitt Romney earned his fortune (in the ruthless world of private equity) and his tax rate (15%, less than what some middle-class families pay) is a sign something has changed. For that, credit a decade in which the median family in America saw its real income fall by 7%, even as the top 1% grabbed a share of national income unseen since the 1920s (see article), and a level of unemployment that, though falling, remains troublingly high. Not many Americans like the tactics or fashion choices of Occupy Wall Street, but quite a few share the movement�s opinion that the economy is tilted in favour of the wealthy.
And so the rich are now a campaign issue. Barack Obama calls for �millionaires and billionaires� to �pay their fair share�: introduce a minimum tax rate on millionaires and return the top income-tax rate to 39.6% from 35%, and the other 98% of Americans would not have to pay more, he claims. Republicans shoot back that raising any taxes would destroy jobs and business confidence. They think you can fill the budget hole by spending cuts alone; many want to cut taxes further.
Neither side is talking sense. America�s rich should indeed pay more tax; but marginal rates should not go up.
History shows that deficit reduction works best when most of the burden falls on spending cuts. That means that middle-class entitlements will have to be reduced, no matter what Mr Obama tells his supporters. But, just as in every other budget squeeze, a portion must come from higher taxes, no matter what the Republicans say.
Democrats say only the top 1% need pay more; that�s misleading. Others will have to pay too. But more of the increase should be shouldered by the rich who have done so well from recent trends. Technological change and globalisation have sharpened demand for the most skilled workers, in particular superstars, be they athletes or hedge-fund managers, thus sharply increasing inequality. Tax policy has exacerbated this trend instead of mitigating it. George Bush junior slashed top income-tax rates as well as rates on dividends and capital gains, which explains why Warren Buffett and Mr Romney have such low tax rates.
Follow the money
However, restoring the top income tax rates, as Mr Obama proposes, is not the best way of extracting extra revenue from the rich. It would raise revenues of about 0.3% of GDP and do nothing to make America�s grotesquely complicated tax system more efficient. It would be far better to close or limit loopholes and deductions, currently worth up to 7% of GDP, which distort behaviour (by, for example, encouraging people to take out big mortgages) and mostly benefit the affluent. Some deductions, including mortgage relief, would have to be phased out in stages; but many could go immediately. In a similar way, equalising the rates on capital, dividends and ordinary income would make it possible to lower America�s corporate tax rate, currently one of the rich world�s highest.
The result would be lower rates, more revenue and a more efficient and progressive tax system. If that�s where the debate about wealth ends, it will have been worth it.
while the parties hope Berry to show sincerity.
In new network on 11 April,lancel, according to the United States of America's "world news" reports compiled,air jordan, American former Washington mayor Berry to Washington area eighth Asian shops to talk a public outcry,franklin marshall, the sides of the face encirclement,abercrombie france, he issued a statement stating that he is "some Asian shopkeeper" are not full,louboutin pas cher, hoped to resolve the crisis,moncler, but failed,louboutin.
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The 37 Washington area and national groups jointly issued a statement,, asked Berry to "sincerely apologize,sac longchamp, and ensure that our community to do meaningful communication".The statement said: "city councilman Berry do not acknowledge and appreciate Asian business and other ethnic community services to the city,sac lancel, his conversation seem to incite ethnic differences in flame, and suggested that Asian Americans of development benefit all inhabitants of the powerful economic interest,sac longchamp pas cher.
""Our organization is also extremely concerned about the conversation may have contributed to this other Asian Americans work stereotype of community members,louis vuitton, caused by racism and hostility......""In the light of these concerns,louboutin pas cher, we asked the city councilman Berry do meaningful apology, and formally retracted his conversation; don't on Asian and other immigrant community published harmful argument with us in the Columbia district,; the district developing meaningful relationships,franklin marshall, to understand the community member's contribution and the challenges they face,.
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The State Flood Control and Drought Resistance Headquarters issued 19 announced that,moncler, by the recent rainfall influence, the upper reaches of the Yangtze River tributary Jialing River,outlet hogan, river and the river has an alarm flood,abercrombie, a tributary of the Jialing River canal river, tributary of the Hanjiang River river dam and the river was record flood in upper reaches of the Yangtze River trunk stream, generating guarantee ultra water flood, and continue to rose; the middle reaches of the Yangtze River main control station in Jiujiang, chase reach still exceed the warning level,louboutin pas cher; the water level of Dongting Lake with basically the same as yesterday,abercrombie, the Poyang Lake water level drop slightly.
The upper reaches of Huaihe River flood occurred over warning, Taihu water level continued to rise,sac louis vuitton.A tributary of the Jialing River Jiang Department of hydrology station four thirty on the 19 flood peak appeared, than the guaranteed level of 5.
46 meters, the water level and flow were recorded over since 1977; its downstream control stations Luo Duxi hydrological station 19 days 8 when the water level and flow were recorded over since 1953,louboutin; the Jianggan stream of Beibei hydrological station in 19 days 8 when exceeding the alert water level 2.
73 meters, is expected to 19 days afternoon peak,louboutin pas cher.19 days 8 when, the upper reaches of the Yangtze River main stream Cuntan hydrological station water level rose to 183,jordan.56 meters,Moncler Sito Ufficiale, than the guaranteed level of 0,abercrombie paris.
06 meters,air jordan; Three Gorges reservoir water level rose to 146,hogan.93 meters, 1.93 meters above flood level.Jiujiang hydrographic station 0.61 meters above the warning level; the lower Yangtze River in Datong Hydrometric Station 0,chaussure jordan.
09 meters above the warning level,abercrombie france; Dongting Lake Chenglingji hydrological and water level flat; Huaihe upper reaches mainstream Wangjiaba station water 0,louboutin.12 meters, Taihu average water 0,louis vuitton pas cher.25 meters, Taihu river network area of 20 hydrological stations over warning, super the range of 0.
01 to 1,abercrombie.61 meters.According to the Bureau of hydrology of irrigation works ministry of the upper reaches of the Yangtze River, is expected in Cuntan hydrological station in the afternoon of the 19 day before and after of 67000 cubic meters per second flood,air jordan, the Three Gorges Reservoir in the early morning of 20 69000 cubic meters per second or so before and after storage of Three Gorges reservoir built since the peak, is the largest flood peak flow, storage will exceed 1998 maximum flow,franklin marshall.
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