Explaining Southern California's economy

Why we don't need a simpler tax code

Activists Critical Of Corporate Tax Rates Demonstrate Outside Of Financial Institutions

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They have nothing to do with Frank McCourt or Magic Johnson.

Tax day (extended to April 17 from the familiar April 15) just passed, but the Buffett Rule has been blocked in the Senate. That's the intertwined story from taxland over the past few days. The timing is interesting because, understandably, a lot of people get...more than mildly annoyed whenever they have to do their taxes AND there's a movement on the political left gaining steam to hit the wealthy with higher taxes. 

Those on the right are horrified. The impasse means that there just had to be a split-the-difference, "third way" solution on the horizon, and it arrived on Monday, in the form of a New York Times op-ed by Syracuse professor Leonard Burman. He doesn't like the Buffett Rule, but he does believe that capital gains taxes — the taxes that, for example, mega-rich hedge-fund managers pay in income treated as investment returns — should be restored to Reagan-era levels. 

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