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View Diary: Krugman is Wrong: The Real Reason to Raise Taxes on the Rich (133 comments)

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  •  There was quite a bit of that going on (4+ / 0-)
    Recommended by:
    Eikyu Saha, Roger Fox, Arenosa, The Raven

    back in the 50s and 60s when top marginal rates were way up there. There are limits to it, though: the cost of those cars and planes, shareholders perusing financial statements, accountants certifying financial statements, IRS auditors challenging perks as income.

    While those checks won't stop it from happening, of course, they will keep it within reasonable limits. I doubt a John McCain could justify 12 personal residences as a "business expense" even if he could get away with one or two.

    If you recall, back in those years, the chief complaint about business was "empire building" in which executives competed with each other not for the highest take home pay, but for the number of people they managed. I wouldn't mind putting incentives like that back in place, and I suspect most unemployed people would agree.

    "The problems of incompetent, corrupt, corporatist government are incompetence, corruption and corporatism, not government." Jerome a Paris

    by Orinoco on Sat Nov 26, 2011 at 01:10:31 PM PST

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