Deep Tax Cuts for Corporations and the Rich Create Unfair Tax System for Poor and Working Families

Posted April 15, 2015

MP3 Interview with Matthew Gardner, executive director of the Institute on Taxation and Economic Policy, conducted by Scott Harris

wealth

With Republicans in control of both houses of Congress, the party leadership is moving to adopt legislation in keeping with its long-held support for trickle-down economics, a belief that giving the nation’s wealthiest citizens and giant corporations ever larger tax breaks will incentivize investment and result in a stronger economy and the creation of new jobs. But most mainstream economists have long ago debunked this theory, promoted largely by the super wealthy, the politicians they fund and paid lobbyists.

This week, the House of Representatives is moving to repeal the estate tax, which is now paid by only two-tenths of one percent of America’s wealthiest estates. In the estimation of economist Scott Klinger the repeal “would accelerate the nation’s already extreme inequality ensuring today’s merely wealthy become tomorrow’s obscenely rich.”

A new report by the group Citizens for Tax Justice, titled, “Who Pays Taxes in America in 2015?” underscores the unfair nature of the U.S. tax system, where the wealthiest sector contribute a decreasing share of the nation’s revenue. Between The Lines’ Scott Harris spoke with Matthew Gardner, executive director of the Institute on Taxation and Economic Policy, who talks about the Citizens for Tax Justice report, which focuses on the damaging effects of increases in state and local regressive taxation , and offers policy prescriptions for making the U.S. tax system more fair, while addressing rising income inequality.

For more information visit The Institute on Taxation and Economic Policy.

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