Thursday, September 17, 2020

 Regressive vs. Progressive Taxation.  From the NYT, September 17, 2020.  


Many states have tax systems that are regressive: They take a greater share of income from the poor than the rich. And because a disproportionate share of the richest taxpayers are white, these state tax systems also widen racial wealth gaps.

In Illinois, for example, the lowest-earning fifth of the population pays 14.4 percent of its income in state and local taxes, according to a new study by the Institute on Taxation and Economic Policy. The middle-earning fifth pays 12.6. The highest-earning 1 percent of residents pays 7.4 percent.

This year, Illinoisans will vote on whether to change this system, through a constitutional amendment to authorize a more progressive tax, called the Fair Tax. It would cut taxes for the 97 percent of residents who make less than $250,000 in taxable income — and raise taxes for the remaining 3 percent, according to the study. If the Fair Tax had been in place over the past two decades, it would have effectively transferred $50 billion in wealth from this richest 3 percent to everyone else.

Wednesday, September 16, 2020

 Listening to Bob Woodward discussing his book RAGE as regards General Mattis and Dan Coats and why he thinks they really haven't come forward yet to verify elements of his book.  

Recapping a Year of Covid19 in 2021  I haven't written much in the last few years but maybe its time to start again.  For the past year ...