Bill Gross, managing director of the investment firm PIMCO, urges the 1% to get some common economic sense:
1) Growth depends on investment and investment in part depends on an equitable rebalancing of personal income taxes, capital gains and carried interest.
2) The era of taxing “capital” at lower rates than “labor” should end.
3) Investors in the U.S. and elsewhere must look for investment in the real economy, not share buy-back maneuvers that artificially elevate stock prices.
Read his blog on the “Scrooge McDucks” of the world and the need for real tax reform here.
Econ4′s Jerry Epstein breaks downs the fallacy of ‘tax incentives’ as a lure to investment:
Source: The Real News Network.
Read the New York Times story on corporate tax giveaways here.
Mattea Kramer of the National Priorities Project writes:
Ironically, those in Washington arguing for urgent deficit reduction claim that we’ve got to do it “for the kids,” that we must stop saddling our grandchildren with mountains of federal debt. But if your child turns 18 and finds her government running a balanced budget in an America that’s hollowed out, an America where she has no chance of paying for a college education, will she celebrate?
Read her guide to what’s missing from the presidential debates here.