The President announces his proposal to crack down on overseas tax havens.
Under the final budget approved by the House and Senate, the Bush tax cuts for households with income over $250,000 would expire and the estate tax would likely remain at 2009 rates.
In the 3/9/09 edition of The New York Times, Emory University tax law professor Dorothy Brown argues that we have two tax codes: one for the very wealthy and one for everyone else: “The question of how to tax capital gains and dividends is one of fundamental fairness. Why should tax law treat income from savings accounts differently from income from a diversified stock portfolio? Either we push up the rates on corporate dividends and capital gains or we lower the rates on wages and interest: it’s all income and it should all be taxed at the same rate.”
Chuck Collins and Sam Pizzigati voice support for Obama’s plan to increase taxes for the highest-income Americans.