Robert Reich is Chancellors Professor of Public Policy at the University of California at Berkeley. Professor Reich was Secretary of Labor in the Clinton administration from 1993-1997. He has written thirteen books, including the best sellers Aftershock (2011) and The Work of Nations (1992). His latest is an e-book, Beyond Outrage (2012). He is also a founding Editor of the American Prospect magazine and Chairman of Common Cause. He writes his own blog about the political economy at robertreich.org.
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To hear the media report it, President Obama is proposing a tax increase on wealthy Americans. Thats misleading at best. Hes proposing that everyone receive a continuation of the Bush tax cuts on the first $250,000 of their incomes.
America has a huge budget deficit hanging over our heads. If the rich don't pay their fair share, the rest of us have to pay higher taxes -- or do without vital public services like Medicare, Medicaid, Pell grants, food stamps, child nutrition, federal aid to education, and more.
The 5 basic features of the Paul Ryan economic plan.
Hyper-polarized Washington hasnt shown itself capable of rational behavior, Reich writes; It's why the nation is heading over a fiscal cliff that may begin to look more like a hill whose slope remains uncertain but will almost surely be gradual.
Romney admits to an income of over $20 million a year for the last several decades. Which makes his 13 percent or even 20 percent violate the principle of equal sacrifice that lies at the core of our notion of tax fairness.
The Buffett Rule would generate only about $47 billion in extra revenues over the next decade, according to congressional estimates. Why not restore top rates to what they were before 1980, and match the capital-gains rate to the income-tax rate?
Robert Reich and Stephen Moore discuss taxes on the Chris Matthews show.