Bill Bradley Quotes
If America is about fairness, it is about equal incomes paying equal taxes.
William W. Bradley, U.S. Senator (Democrat, NJ), Candidate for Democratic Presidential Nomination, PBS The Charlie Rose Show, August 17, 2011
Sourced by: Eigen's Political and Historical Quotations
This became known as the Buffet Principle—that the very rich should not pay a lower tax rate than the workers who make far less money than they do. President Barack Obama used this principle by name in calling for the 2011 Jobs Act which would eliminate some of the loopholes and exemptions by which the rich could avoid some or much or their tax obligation.
Throughout most of the world, the rich and the aristocrats have been able to reduce or eliminate their tax obligations with the burden falling more heavily on the common people. Progressive taxation was thought to be a solution, but even in the United States by the 21st century many huge corporations paid little or no taxes while there was a heavy tax burden on small companies. Rich people generally paid a smaller percentage of their income than middle class people.
Reacting to proposals to reduce the capital gains tax:
The George W. Bush administration when they had a Republican-controlled Congress, had amended the tax laws to treat the earnings of the hedge fund managers differently from people who manage other enterprises in the nation. They gave a group of very wealthy managers whose earnings were already amongst the highest of any managers in the country a huge tax break, while little public attention was paid to the subtlety of complex tax laws. Daschle and others began to draw public attention to the inequity.
An income tax had been instituted during the Civil War but had lapsed. Existing taxes were all excise or head taxes—very regressive. Later there was a political movement to bring back the income tax with the intention of taxing all income equally. There was a titanic struggle which culminated in a Constitutional Amendment allowing the income tax. None of the original politicians, for or against, the income tax could never imagine an income tax that would charge lower rates for investment income. That was the entire purpose of the income tax at the beginning—to tax investment (unearned) income. The “capital gains tax” was the creative way of the rich getting back some of what they thought the lost when the income tax was instituted.
Two decades later, in 2011, the fact that the very wealthy often paid tax at a much lower rate than the middle class and even some working poor became a major political issue.
As a result of years of lobbying many vested interests were getting tax exemptions for their activities. Some of the richest corporations and people paid little or no taxes. This was like the old European monarchies where the dukes and nobles got tax exemptions from the king and the middle class and poor people paid a much larger percentage of their income and wealth than did the nobility. Fairness in taxation is very difficult in practice. See {633629}
The nation rejected the flat tax that was favored by conservatives in the 1930s. However, in the Republican Presidential Primary Campaign of 2000, candidate Steve Forbes made the flat tax a centerpoint of his campaign. He lost badly, but the idea caught on amongst some conservative Republicans, and has had some support since.
William Warren Bradley is an American politician and former professional basketball player. He served three terms as a Democratic U.S. Senator from New Jersey (1979–1997). He ran for the Democratic Party's nomination for president in the 2000 election, which he lost to Vice President Al Gore.
