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[I]n 1997... Congress passed what its sponsors promoted as a tax cut for the middle class... Buried in that law were many tax breaks for the rich... … - David Cay Johnston
" "[I]n 1997... Congress passed what its sponsors promoted as a tax cut for the middle class... Buried in that law were many tax breaks for the rich... notably a sharp reduction... on long term capital gains, the source of two thirds of the incomes of the top 400. ...For years the IRS found big tax evaders by looking into people whose reported income did not seem sufficient to support their lifestyle... But the 1997 law stopped such inquiries. ...Lee Shepherd ...said the law "should be called the mobsters and drug dealers tax relief act of 1997." ...1997 cuts for the rich were not enough ...Under ...President Bush in 2001 ...their income going to taxes would slip further ...
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About David Cay Johnston
(born December 24, 1948) is an American investigative journalist and author specializing in economics and tax issues. He won the 2001 , and from 2009 to 2016 he was a Distinguished Visiting Lecturer at Syracuse University, Martin J. Whitman School of Management and College of Law, teaching tax, property, and regulatory law of the ancient world. From 2011 to 2012 he was a columnist for , writing, and producing video commentaries on worldwide issues of tax, accounting, economics, public finance and business. In recent years he has also written for and , and is the board president of , Inc. (IRE).
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Birth Name:
David Cay Boyle Johnston
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DC Report
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Additional quotes by David Cay Johnston
We decided in 1980 to go down a different path when we elected Ronald Reagan. We have gotten the results that Mr. Reagan said, if you listen to him carefully in 1980, we would get, which is that those people that are wealth holders would realize the income from that wealth, and they have. Their actual tax rates, for people at the very top, are 60% lower than what they paid in the 1960s. But at the same time, by getting rid of unions... by having these "free trade deals," which are really deals to drive down the cost of labor; we have driven down the wages and the salaries of the vast majority of Americans... We have also weakened these environmental laws... that were pretty good. So we've put in place a whole mechanism in which we favor profit over labor. ...When you look at the data you can see it ...Returns to labor in the Federal Reserve data go [down with time] and returns to capital have been rising, and since 2009 it's like looking at one of those jet fighters going straight up.
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George Will had a column in The Washington Post this week in which he said that the proof that the failed after 50 years was people trusted the government under LBJ and now they don't any more. ... [I] would argue... the facts show just the opposite. People don't trust the government anymore because they recognize it does not work in their interest, it works against their interest...
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