Here’s another clear indication that the federal tax code of the 1960’s and 70’s, which helped produce the biggest boom in American, if not world, economic history, is long gone. Today, with America’s wealthy elite manipulating dramatic shifts of the tax burden onto the shrinking middle class, that elite now “captures” a record level of available income. Many economists blame this rising level of “tax unfairness” for the record-breaking recession we’ve been in for the last five years. They contend there is simply not enough money left on the streets of the country to jump-start the economy. Harsher critics contend that it’s now more lucrative for the rich to pay tax-code-savvy lobbyists to further tip the tax code in their favor than outright campaign contributions – literally “capturing” more money by paying far less in taxes.
The discouraging details are in this story from The Oregonian. Click here.