A Quote by Eliot Spitzer
Tax rates for the wealthy should revert to Clinton-era levels, both because it is necessary for long-term deficit reduction and because fairness dictates it. Moreover, there is no proof that higher marginal rates dissuade investment, all the rhetoric from the Right notwithstanding.
Related Quotes
If top marginal income tax rates are set too high, they discourage productive economic activity. In the limit, a top marginal income tax rate of 100 percent would mean that taxpayers would gain nothing from working harder or investing more. In contrast, a higher top marginal rate on consumption would actually encourage savings and investment. A top marginal consumption tax rate of 100 percent would simply mean that if a wealthy family spent an extra dollar, it would also owe an additional dollar of tax.
We need to consider a financial transactions tax. And we need to ask whether the top marginal tax rates are really appropriate, given that the effective tax rates paid by the wealthy are often actually lower than those paid by the rest of us.
Well, I think the reality is that as you study - when President Kennedy cut marginal tax rates, when Ronald Reagan cut marginal tax rates, when President Bush imposed those tax cuts, they actually generated economic growth. They expanded the economy. They expand tax revenues.
It's one thing to maintain that upper-income earners should pay higher tax rates because they are better able to shoulder the burden for essential government services. But it's constitutional blasphemy to claim that the tax code should be used as a weapon against the wealthy and that the state should be the tyrannical arbiter of how income is distributed.
High tax rates in the upper income brackets allow politicians to win votes with class warfare rhetoric, painting their opponents as defenders of the rich. Meanwhile, the same politicians can win donations from the rich by creating tax loopholes that can keep the rich from actually paying those higher tax rates - or perhaps any taxes at all. What is worse than class warfare is phony class warfare. Slippery talk about 'fairness' is at the heart of this fraud by politicians seeking to squander more of the nation's resources.
We need to lower marginal tax rates and increase investment.
If we think that high marginal tax rates are bad because they distort incentives, the same is then true for tax subsidies.
Well, the U.S. is running a current account deficit; we are creating lots of investment opportunities in the United States that exceed our own domestic savings rates, so the issue here is to encourage higher savings rates in the United States.
Budget deficits are not caused by wild-eyed spenders, but by slow economic growth and periodic recessions. And any new recession would break all deficit records. In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low, and the soundest way to raise the revenues in the long run is to cut the rates now.
It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.
When Republicans say, 'The first thing you do when you do deficit reduction is reduce rates,' it would be like Democrats saying, 'The first thing you do when you do deficit reduction is provide free Medicare at age 55.' We'd like to do that! But it won't bring the deficit down. That's for sure.
A lot of people out there working hard and finally building up to getting a pretty good income. Higher tax rates on them, you know, the income rates going up, the dividend rates are going up, the capital gains rates all going up before health care kicks in.
In general, higher rates of belief in and worship of a creator correlate with higher rates of homicide, juvenile and early adult mortality, STD infection rates, teen pregnancy, and abortion.
Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
A more productive economy in the long term will bring us higher tax revenues, but that requires long-term investment in infrastructure and the skills necessary to grow a balanced economy.
Right now the long-term investors are telling us that they're not as concerned about inflation and so we're seeing these rates now move into the marketplace and out to the street - rates that individuals can get.
Related Authors
Alan Dershowitz Quotes
American
Lawyer
Cass Sunstein Quotes
American
Lawyer
Cenk Uygur Quotes
Turkish
Lawyer
Clarence Darrow Quotes
American
Lawyer
Elizabeth Edwards Quotes
American
Lawyer
Elliott Abrams Quotes
American
Lawyer
James Carville Quotes
American
Lawyer
Judy Sheindlin Quotes
American
Lawyer
Prashant Bhushan Quotes
Indian
Lawyer
Ralph Nader Quotes
American
Lawyer
Robert Green Ingersoll Quotes
American
Lawyer
Robin S. Sharma Quotes
Canadian
Lawyer
Robin Sharma Quotes
Canadian
Lawyer
Valerie Jarrett Quotes
American
Lawyer
William Jennings Bryan Quotes
American
Lawyer
Zephyr Teachout Quotes
American
Lawyer