---- The Covert Campaign to Rig Our Tax System to Benefit the Super Rich - and Cheat Everybody Else.
by David Cay Johnston
published by Portfolio
© 2003 by David Kay Johnston
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One of the country's top investigative reporters reveals how the richest people within the top 1 percent of the country have rigged the tax code and other laws in their favor. Pulitzer Prize-winning investigative reporter David Cay Johnston has been breaking pieces of this story on the front page of The New York Times for nine years, work for which one business school professor calls him the de facto chief tax enforcement officer of the United States. With Perfectly Legal, he puts the whole shocking narrative together in a way that will stir up media attention and make readers angry about the state of our country. He also has sound advice on what to do.
Since the mid-1970s, there has been a dramatic shift in who benefits from the American economy and who bears the burden of taxes. CEOs, big investors and business owners can delay paying their taxes for years and sometimes escape them almost entirely, while wage earners have them taken from each paycheck. Discreet lobbying by the political donor class has made tax policies and enforcement a disaster. Because of obligations to these donors, Washington has been unable, or unwilling, to fix these problems. The news media have largely ignored official favors to those who are supposed to pay the corporate income tax, the estate tax, and the gift tax. Millions of families expecting tax cuts are losing some or all of them to a stealth tax that was originally enacted only to apply to the tax-avoiding rich, but that now stings single mothers making as little as $28,000.
The cumulative results are remarkable: the 400 richest Americans pay a smaller share of their income in taxes than someone making $100,000. The 400 richest pay less and less of their income in taxes while the middle class pays more and more. And while the incomes of the very rich skyrocketed over three decades, the average income for the bottom 90 percent fell.
Johnston exposes exactly how the middle class is being squeezed to create a widening income gap that threatens the stability of the country. By relating the compelling tales of real people across all areas of society, he reveals the truth behind:
The real scandal of our federal tax system, though, isn't so much what the rich don't pay, it's what the rest of the middle class folks with $50,000-$500,000 incomes must pay now to subsidize Bush's "political donor class."
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