[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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Bill O'Reilly... called me a socialist, and I said "Interestingly, my books champion competitive markets," but I understand people like Bill think that competitive markets are a socialist scheme, because they just want to mine the public and make all the money they can, with no regard for anybody else.
We were promised that... markets would provide solutions. A lot of my book is a defense of markets. The Supreme Court says a market is where independent parties, neither under duress or coercion, and with knowledge of the facts, come to an agreement on a price. That's not what a lot of our new markets do. We now have markets designed to thwart competition... Adam Smith's invisible hand of the market, in which there are lots of sellers, and smart consumers who can compare prices, and this drives prices down... to the lowest level at which businesses can continue to operate. We've replaced that, through government policies, with practices that artificially restrict competition... raise prices... inflate profits; all under the guise of conservatism, and "the markets will solve our problems."
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[T]o the extent that people have said... "I don't care what the government's doing..." politicians fall under the influence of other people... in our age they have fallen heavily under the influence of their [political] donors. ...We have a government that is increasingly estranged from the needs of the people, and focused on the needs of the moneyed people and large corporations.
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