At the Helmsley Building, the Little People Pay the Taxes
Leona Helmsley was known, in part, for her views on tax policy. "Tax is for the little people," she said.
If Congress's recent moves are any indication, she's right. Income inequality is the highest it's been since just prior to the Great Depression. Consider the impacts of the elimination of the estate tax and December's $318 Billion tax giveaway primarily to the wealthiest Americans in growing the deficit.
Martin Sullivan recently examined the tax returns of the residents of the Helmsley Building in New York, calculated their effective tax rates and compared them to the tax rates of NYC janitors and security guards. The janitors and security guards have higher effective income tax rates than the mllionaires living in the Helmsley Building.
Should we consider the impact of tax policy on deficits as we examine the proposed budget cuts?