Do the Rich or the Poor Pay More Taxes?

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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

Commercials:
Egberto Willies
Organization for Competitive Markets
Common Cause
Move to Amend
Local Food Shift

Music Featured:
“A Tramp’s Thoughts” by Tom Neilson

American History Minute:
Senator Hank Brown and the WTO

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The Tim Danahey Show started in July, 2010 at internet station Castle Rock Radio. It started as a one-day-per week endeavor and quickly grew to five days per week. The show discusses economics, government, social issues, history, and non-fiction books in a magazine format featuring in-depth conversations with guests. Politics and inflammatory conversations are discouraged as they are divisive and counter-productive. Instead, the show seeks under-reported topics and delves into facts, different perspectives, and ramifications of each perspective.