Even in the face of an overwhelming wave of evidence that soundly contradicts their claim, they remain resolute in their conviction, undeterred by any well-grounded facts or presented documentation. They do so because their belief in this claim is based not on rational argument but rather on a deep hatred of the associated presidential candidate and what he stands for.
Read MoreJust this week, the Tax Justice Network published a report claiming that between $21 and $31 trillion of global financial wealth is “invested” in tax-free havens. That’s more than the GDP of the United States, China, and Japan combined.
Read MoreThe problem lies instead in a tax code that is ill-equipped to combat today’s highly mobile capital caused by technological advances. Instead of being put to work through domestic reinvestment, capital is stockpiled overseas. Furthermore, tax competition both between states and globally continues to drive tax rates downwards and exacerbates the problem of insufficient revenue.
Read MorePresident Bush is leading a major tax code overhaul. For more than two decades, a growing number of free-market economists and conservative politicians have been planning to overthrow the entire federal taxation system. If successful, these radical reformers would effectively shift the burden of taxation from wealth onto wages and therefore onto lowerincome Americans. This idea is known as the consumption tax.
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