Many in Congress want to lower taxes for the rich because (they say) the rich or over-taxed. Meanwhile, they are also trying to get the poor to pay more taxes because we’re getting a “free ride”. What’s the truth? When you add up all the regressive taxes that fall disproportionately on the poor – things like social security and sales taxes – and then you subtract the tax breaks for capital gains and dividends for the rich, well, then percentage of incomes paid for taxes are pretty darn close. What’s also surprising is that self-employed individuals pay the highest combined rate for taxes. So much for all that talk about entrepreneurial America. Also, hear why Rand Paul’s idea for a flat 14.5% income tax is a bad deal for everybody in America except the very wealthy. And while we’re at it, why is income from working stiffs taxed at a higher rate than income from investments? Listen to Wall Street Journal personal finance columnist Jonathan Clements tell us the truth about taxes.
Also: Some thoughts about renewing the Export/Import Bank and using China as a bogeyman for some bad trade deals
Guest: Jonathan Clements
Learn more at: Jonathan Clements 2015 Money Guide
“A Tramp’s Thoughts” by Tom Neilson
American History Minute:
Senator Hank Brown and the WTO