How the tax system benefits the super rich
Welcome to WMNFâ€™s Radioactivity program. Iâ€™m Rob Lorei. Our guest today, David Cay Johnston was for 14 years the tax reporter for the New York Times. He has been documenting the ways he says our tax code has been recalibrated to take from the poor, the middle class and even the relatively affluent and given to large corporations and the super rich. He calls it â€œsocialism for the rich.â€
In an article entitled Fiscal Therapy in this monthâ€™s Mother Jones magazine, he writes how President Barack Obama could make the tax code more fair, get the economy back on its feet, give most taxpayers a break and save money on college tuitions. Johnston says, it wonâ€™t cost you a penny.
David, as you know thereâ€™s a debate in Congress these days about how to get the economy going again. There are some who want to spend money on infrastructure projects, aiding states, helping people who face foreclosure. And there are some in Washington who argue that giving tax breaks is the way to stimulate the economy. The two example people seem to use are FDR- with his massive public works programs and (letâ€™s go back to the 1980â€™s)-- Ronald Reaganâ€™s ideas of giving tax breaks as a way to stimulate the economy. What was the result of Reaganomics?
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