Today's
Stories
November 19 - 21 , 2010
Jeffrey St. Clair
Let Them Eat Oil
November 18, 2010
Diana Johnstone
NATO's True Role in US Grand Strategy
Mike Whitney
Ireland's Suicide Pact with the EU
Behzad Yaghmaian
Facing a Leaderless Globalization
Kenneth E. Hartman
Are They Really Opposed to the Death Penalty?
Norman Solomon
Wooing the Economic Royalists
Michael Winship
Don't Ask, Don't Care
Patrick Bond
Will Zimbabwe Regress Again?
Joel S. Hirschhorn
The Anti-Incumbent Movement Failed
Website of the Day
Free Speech on Trial
November 17, 2010
Vicente Navarro
The Hypocrisies of Mario Vargas Llosa
James Bovard
The Political Slaughterhouse
Jonathan Cook
Obama's Bribe
Dean Baker
Seoul Searching on Trade and Currency
Ralph Nader
Bush at Large
Nick Turse
Off-Base America
Sherry Wolf Alienation 101: the Online Learning Rip Off
Judith Scherr
Why Aristide's Party Won't Vote
Peter Certo
Defense Cuts Go Mainstream
Website of the Day
The Last Outsider Director: an Interview with Jean-Luc Godard
November 16, 2010
Pam Martens
How the Fed and the Treasury Stonewalled Mark Pittman to His Dying Breath
Richard Forno
TSA and America's Zero Risk Culture
Gareth Porter
The Unending Occupation of Iraq
Harry Browne
Bruce Springsteen's "Promise" and the Price You Pay
Peter Lee
QE2 as Self-Inflicted Wound
Alan Farago
How Much Gold Does George Bush Own?
Franklin Lamb
Is the American Public About to Toss Israel?
Frank Green
Conspiracy in Theory: Truthers Slog On
Sheldon Richman
Blood on His Hands
Thomas H. Naylor
Shattering the Myth of Vermont
Website of the Day
Peaceful Uprising
November 15, 2010
Michael Hudson
Obama's Greatest Betrayal
Steve Hendricks
More Torture, Please?
Paul Craig Roberts
Eyes Only on Burma
Harvey Wasserman
Accidents in Progress:
America's Eggshell Nukes
Lawrence Davidson
Palestine and the Fate of the UN
Clancy Sigal
The Long Disease of War
David Macaray
The War Over Food Stamps
Tom Engelhardt
The Stimulus Package in Kabul
Steven Fake
Liberating Thought
Website of the Day
Whatever ...
November 12 - 14, 2010
Alexander Cockburn
A Very Bitter Woman
Patrick Cockburn
Iraq's Stalemate Ends
Mike Whitney
Erin Go Broke
Ismael Hossein-Zadeh
The Militarization of the World: the Case of Iran
Dean Baker
The Perverse Priorities and Fatal Flaws of the Deficit Commission Report
Gareth Porter
Intel Failure in Yemen
William E. Alberts
Why Are the Feds Targeting Black Officials?
Bill Hatch
Jerry Brown's Parable of the Rocking Boat
Jonathan Cook
Re-Unifying the Palestinian Nation
Patrick Madden Mystifying the Crisis: Deadlock at the G20
Ramzy Baroud
Another Baghdad Massacre
Rannie Amiri
The Quest for Power in Iraq
James Zogby
Whither Obama's Middle East Agenda?
Ron Jacobs
Palestine, a Family's Story
Mark Weisbrot
Why It Could Get Even Worse for the Democrats
Tanya Golash-Boza
Targeting Jamaicans
Paul Wright
The Case Against Stacia A. Hylton
Steve Early
TDU in Chicago: Still Punching
Martha Rosenberg
Vioxx All Over Again?
Celia McAteer
London Calling: Student Militancy a Welcome Surprise
Larry Portis
Imperialist Architecture in Egypt
Michael Winship
Riding the Rails, Looking for Work
Brian McKenna
Anorexia and Capitalism
Gerald E. Scorse
Channeling Reagan on Tax Reform
Christopher Brauchli
Making Oklahoma Safe From Sharia Law
Roberto Rodriguez
Arizona: Where Fear is the Predicate
Dr. Susan Block
My Porn Star Girlfriend
J. T. Cassidy
Unlocking Imagination in Japan
Linh Dinh
Revolution Number 10
Farzana Versey
The Misinterpreters of Kashmir's Maladies
David Ker Thomson
The Elizabethan Era: Life in the Ice Age
Phil Rockstroh
Public Like a Frog
Charles R. Larson
Abused Women ... Still a Growth Industry
David Swanson
Tall Tillman Tales
Saul Landau
"Stone:" Walking Invisibly in the American Crowd
Kim Nicolini
An Intimate Look at How Things are Made in China
David Yearsley
The Esserzici Work-Out Book
Poets' Basement
Three by Lee Stern
Website of the Day
Bombs Away!
November 11, 2010
Peter Linebaugh
Laying Down of Arms
Paul Craig Roberts Licensed to Kill
Bill Quigley
Bush Pens True Crime Book
David Macaray Dissing the Boss: the NLRB Files a Landmark Complaint on Free Expression in the Workplace
Liaquat Ali Khan / Jasmine Abou-Kassem
Why the Oklahoma Shariah Law is Unconstitutional
Dedrick Muhammad
Race and Economics
Robert Bryce
Cars for the Elite: Obama's Electric Vehicle Fetish
Alan Farago
What, No Phone Books?
Website of the Day
London Calling
November 10, 2010
Allan Nairn
US-Backed Death Squad Files Surface in Indonesia
Dean Baker
Wall Street's TARP Gang Rides Again: Now They're Coming After Your Social Security!
Nicola Nasser
Waiting for Godot in Palestine
Missy Beattie
Running Scared:
My Colonoscopy Saga
Sergio Ferrari
Worrying Signs From Venezuela to Ecuador
Patrick Cockburn
Can Iraq's Leaders Do a Deal?
Dave Lindorff Mumia: New Lawyer, New Round
Sherwood Ross
How Affirmative Action Brought Willie Mays to the Giants
Joshua Frank
Sinking the Breakwater
Website of the Day
Stiglitz: "Throw the Bankers in Jail to Save the Economy"
November 9, 2010
Uri Avnery
Obama's Defeat
Mike Whitney
Bernanke's Dollar Policy
Jordan Flaherty
The Incarceration Capital of the US: the Crisis Inside New Orleans' Jails
Afshin Rattansi
Red Poppies
Annie Gell
Haiti's Unnatural Disasters
Dean Baker
The Fed's Second Shot
Dave Lindorff
BS From the BLS: Things are Much Worse Than They are Telling Us
Stewart J. Lawrence
The Nancy Monster That Refuses to Die
Walter Brasch
Love and Loss Among the Wild Horses
Website of the Day
Cut This: an Open Letter to the Tea Party
November 8, 2010
Paul Craig Roberts
Phantom Jobs
Thomas Healy
An Interview with Wendell Berry
David Swanson
A CIA Kidnapping in Milan
David Smith-Ferri
What Laila Sees
Ralph Nader
When Betrayed Voters Go to the Polls
Ray McGovern Torture Sans Regrets: Bush's Confessions
John Feffer
The Lies of Islamophobia
Christopher Ketcham
TV Toxicosis: What the Stewart / Colbert News Clowns Are Really Up To
Website of the Day
Sam Husseini Interrogates Rand Paul and Mike Pence
November 5 - 7, 2010
Alexander Cockburn
Now for the Good News
Vijay Prashad
Obama in India: a Tide of Turbans
Patrick Cockburn
If al-Qa'ida Really Want to Hit the West, They Can
Darwin Bond-Graham
Guess Who's Not Coming to Tea?
Mike Whitney
Dollar in the Dustbin
Linn Washington, Jr.
An Epidemic of Brutality: Oakland Filmmaker Feels Police Wrath
Rannie Amiri
STL = Sandbag the Lebanese
Ramzy Baroud
The Middle East's Stagnant "Change"
Larry Portis
Chou Sar? What Happened in Lebanon?
Gary Leupp
The Yemeni Toner Cartridge Bomb Story
William Loren Katz
Are Cruel Years Coming to a Neighborhood Near You?
Brian Cloughley
Spheres of Influence
Mark Weisbrot
The Fatal Mistake
Rubén M. Lo Vuolo, Daniel Raventós / Pablo Yanes
Basic Income in Times of Economic Crisis
Joseph Nevins
Ecological Privilege and the Frequent Flyer Activist
Neve Gordon
Thought Crimes
Alan Farago
The Bhopal Economy
Stewart J. Lawrence
Immigration Policy After the Midterm Elections
James R. King
The Other Side of Yemen
Ron Jacobs
How Ken Kesey Turned On America
Franklin Lamb
Israel Claims Victory in US Midterm Elections
James McEnteer
Beyond the Rational:
the Alamo Election
Richard Phelps
Guy Fawkes and the Pressure of a Terrorism Spotlight
Saul Landau
Where's the Sanity Clause?
David Ker Thomson The Long Argument
Evelyn Pringle
The Vaccination Profiteers
Joseph G. Ramsey Until Pigs Fly: the Morning After With Michael Moore
Stanley Heller
Up Yours, John Stewart
Missy Beattie
The Big Universe
Harvey Wasserman
Vermont's Great Green Election Day Victory
Billy Wharton
Where Did Everybody Go?
Shamus Cooke
Democrats Run to the Right
Linh Dinh
War Games: Guns and Balls
Windy Cooler
Rallying Through This
Charles R. Larson
Witnesses of Haiti's History: Edwidge Danticat's "Create Dangerously"
Phyllis Pollack
Keith Richards' Demon Life
David Yearsley
Bach and the Music of Time
Website of the Weekend
Smearing Jean-Luc Godard as an "Anti-Semite"
November 4, 2010
Doug Peacock
Desert Solitaire, Revisited
Andrew Cockburn
Why Summers Goes and Geithner Stays
Iain Boal
Crisis at Pacifica: the Two-Percent Putsch
Paul Craig Roberts
The Impotence of Elections
Chase Madar
Guantánamo: Exception or Rule?
Dave Lindorff
Take That You Smug Bastards!
Russell Mokhiber
Bought and Paid For
Laura Flanders
Lessons From Elizabeth Warren
Website of the Day
Moyers: the Howard Zinn Lecture
November 3, 2010
Alexander Cockburn
America the Clueless
Franklin C. Spinney
Democratic Debacle
Chris Floyd Dissatisfied Mind: Flickers of Hope in a Deadly Political Cycle
William Blum
Jon Stewart and the Left
Sheldon Richman
Provoking Yemeni Terrorism
Stephen Soldz
Fleecing Members, Colluding in Torture
Mark Weisbrot
Dilma's Victory in Brazil
Stewart J. Lawrence
Court Sends Mixed Signals on Arizona Immigration Law
Manuel Garcia, Jr. Election Night in Oakland
Norman Solomon
Now What?
Website of the Day
Save Our Social Security
November 2, 2010
Vincent Navarro
What's Happening in Europe?
Ishmael Reed
Brown Shirts, Black Shirts, T-Shirts
Uri Avnery
The Occupation and Political Corruption in Israel
Mark Driscoll
When the Pentagon "Kill Machines" Came to an Okinawan Paradise
Mike Whitney
Midterm Day of Reckoning: "Let the Landslide Begin"
Linh Dinh
Prone Pioneers: Punishing the Desperate for Being Desperate
David Macaray
Bring Back the Fifties! America's Most Misunderstood Decade
Randall Amster Wikilessons: War is a Joke, But It Isn't Funny
Betsy Ross
How the Banks Trumped Keynes
Yves Engler
A Sad Spectacle:
Canada and the Jewish National Fund
Website of the Day
Gulf Oil Toxic to Humans
November 1, 2010
Ted Honderich
The Farce of Fairness
Steven Higgs
Don't Act Don't Sell: Why Liberals Will Get What They Deserve on Election Day
John Ross
A Ding-Dong Year for Death in Mexico
Dean Baker
A Darkening Future: Why Growth Still Feels Like a Recession
Ralph Nader
When Corporations are the Government
Justin E. H. Smith
The People Without History
Marjorie Cohn
Hyping Fear
Scott Boehm
Juan Williams and Katrina
Brian Tierney
The Struggle of DC's Nurses
Trish Kahle
Jon Stewart, Are You Really That Sane?
Martha Rosenberg Bathrobe Erectus: Feting Hugh Hefner
Website of the Day
Scary New Wage Data
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Weekend Edition
November 19 - 21, 2010
How the Rich Game the System
The Truth About Capital Gains
By GERALD SCORSE
When it comes to taxes on capital gains, the emperor suddenly has no clothes. He’s been stripped bare, in bipartisan fashion, by the co-chairs of President Obama’s fiscal commission.
The chairs are Republican Alan K. Simpson and Erskine Bowles, a Democrat. Their initial report included a call for equal taxes on capital gains, dividends and ordinary income such as wages. This upends the current tax code, and it contradicts almost the entire history of capital gains taxes in America.
Implicitly, it also rejects the K Street claim that tax breaks for capital gains grow jobs, grow businesses and grow the economy. If the claim had any truth, Messrs. Simpson and Bowles would never support equal taxes on all income as a way to help cut the national deficit.
Liberals instinctively attacked the right-leaning aspects of the report. House Speaker Nancy Pelosi, in full "no" mode, labeled its recommendations “simply unacceptable”. Not quite, Madam Speaker; apropos investment income, Simpson/Bowles is a Democratic dream come true.
Income from wealth and income from work were taxed at the same rate in only two widely-separated times in America—from 1916-21, and after Ronald Reagan’s Tax Reform Act of 1986. President Clinton restored the tax break on capital gains in 1997, cutting the rate on long-term gains from Reagan’s 28 percent to 20 percent. Six years later, President Bush lowered the levy to 15 percent and did likewise for dividends. The Bush cuts were written to expire in 2010, but it’s not certain they will. Even if they did, the capital gains rate would still be less than the rate on middle-class wages.
The Simpson/Bowles recommendations could die a quick death: a unified final report needs the votes of 14 out of the commission’s 18 members, comprised of nine from each party. If a super-majority of 14 can agree, their report arrives at the White House on December 1.
But the proposals are now on the table, so the genie is out of the bottle. President Obama and Congress were already facing a showdown on extending the Bush tax cuts. Now, in addition, Congress and the Administration have a rare opportunity to set a new course for the nation’s fiscal future.
They could start by revisiting the tax code and creating capital gains tax breaks that really would grow jobs and stimulate the economy. Small companies with big dreams raise seed money through initial public offerings (IPOs) and secondary offerings; larger companies sometimes do the same (e.g., the resurgent GM). In a move that would give a built-in boost to the market for new issues, capital gains on these investments could accrue tax-free. Interest on corporate bonds, now taxed as ordinary income, also deserves a tax break. Corporate bonds raise the money to build corporate infrastructure, much like municipal bonds raise money to build local infrastructure. Interest from municipal bonds gets tax breaks; why not corporate interest?
How to pay for these new tax breaks? Easy: the money would come from ending the unproductive tax break on stock market gains, along with the 2003 tax break on dividends.
In 1986, President Reagan essentially traded tax breaks on capital gains for another round of cuts in the marginal rates. A generation later, the initial draft from Obama’s fiscal commission holds the makings of a similar endgame.
One major milestone has already been reached. The notion that investments deserve a lower tax than wages has been vaporized. The emperor has no clothes, and really never did.
Gerald E. Scorse helped pass a bill that tightens the rules for reporting capital gains.
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Pam Martens on the rise of the Tea Party’s Rand Paul. What was wrong with Prop 19? Fred Gardner on California’s failed bid to legalize pot. John Sugg on the rise and fall of Steve Emerson, “terror expert.” Daniel Wolff on the framing of Ernest Withers” – was he an FBI informant?
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