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View Diary: The 1 Percent Indifferent to Their Indebtedness (15 comments)

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  •  Leo - your diary is based on a false premise (0+ / 0-)

    Your diary is based on the premise that the 1% have a moral or ethical duty to support higher taxes on themselves to pay down the debt that has accumulated over the past ten years because top marginal rates, as well as tax rates on capital gains and dividends, were reduced.  The premise is false. No one owes more than the current IRS code requires and everyone has the right in a democratic society to influence lawmakers to adopt laws, including tax codes, that are favorable to themselves. It is the role of Congress to look after the public interest and to set tax rates that provide for fiscal stability and long term public debt reduction.  The 1% feel no spacific obligation to increase their taxes to pay down the debt because they have no obligation, beyond what Congress writes into the tax code.

    Specifically regarding the moral or ethical issue of paying higher  taxes I am very fond of this quote by a noted progressive, and one of the most quoted appellate US Federal judges of all time.

    "Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands."

    Judge Learned Hand
    Gregory v Helvering (1936)
    69 F 2d 809

    "let's talk about that"

    by VClib on Wed Nov 30, 2011 at 09:16:50 AM PST

    [ Parent ]

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