The rich say they pay 40% of all taxes and that's "unfair"...

[hfojvt]

21. well Nixon was kinda cheating on his taxes

http://www.taxhistory.org/thp/readings.nsf/cf7c9c870b600b9585256df80075b9dd/f8723e3606cd79ec85256ff6006f82c3?OpenDocument


although for myself, I would allow the real estate deduction. The White House was his principle residence, but it was also a temporary one.

And looking at THAT loophole today, his gain on that sale would not be taxable (or at least $250,000 of it would not be, his $142,000 gain in 1969 is equivalent to $900,000 today) even IF he did NOT buy another residence.

I remember from my senior year of high school in 1980 that the top rate did not kick in until $300,000 income, which would be $848,000 today. And today our top rate kicks in at a much lower income.

The really amazing thing to me is seeing the Wall Street Journal of 1973 NOT being part of the Right Wing Noise Machine.

Imagine today's WSJ writing an editorial like this

"With the Watergate story unfolding, American confidence in government again was shaken. A Wall Street Journal editorial on November 13 spoke to the heart of the issue:


It does seem unseemly that the President of the United States should almost completely escape taxation. Since he is in some way supposed to set a national example, a case can be made that he ought to bend over backward to make sure his taxes are not too low.

The editorial then called for a strengthening of the minimum tax to close loopholes. The editorial concluded with:

There is a great deal to be said for it [the minimum tax] on the basis of simple equity. Considering what the average citizen pays, a President earning $200,000 should pay more than a few hundred dollars in tax. And so should anyone else earning $200,000."


It's like I am looking at the good old days, and the United States had a "free press" instead of an M$M catapaulting propaganda for the rich.

How much we have lost...