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If you follow the stock market, you'll notice that big public companies are paying out all sorts of special dividends early to avoid a dreaded tax hike on such earnings. If the Bush tax cuts lapse, the top dividend tax rate will rise from 15 percent today to 39.6 percent on January 1. Or, if President Obama gets his way, dividend tax rates will go up only for the top 2 percent of earners, while remaining unchanged for everyone else.
In other words, dividends may once more be taxed as regular income -- and that's how it should be.
From Burger King to Walmart, the low-wage workers we depend on to staff America’s consumption-driven economy are tired of being overworked and underpaid, and they are letting their bosses know.
As deficit talks continue to make little progress, we should revisit how a carbon tax would not only help raise badly needed revenue but could also be essential to fighting the climate crisis. A recent Congressional Research Service report found that a tax of $20 per metric ton of carbon dioxide would generate enough revenue to cut the 10-year budget deficit in half.
Lewis Powell wanted executives selling tires or aspirin to take on an additional job: selling capitalism itself. Today, the disparate strands of the progressive movement must learn the same lesson, advocating not just for people but for the very idea of the people. Ours is the world’s greatest experiment in democracy: to create one, mutually supporting community of interest out of ancestral strangers—geographically distant, multi-origin, multi-ethnic, multiracial. Our inability to do that has been the Achilles’ heel of liberalism. It’s why we are not yet the 99 percent.
At least one form of rampant speculation has been closed down. Mary Schapiro will step down from the Chairmanship of the SEC by the end of the year. One of her fellow Democratic Commissioners, Elise Walter will take over, leaving a vacancy on the five-member Commission and an even split between Democrats and Republicans. Commissioner Walter is extremely close to Schapiro, virtually an alter ego.
Exit polls taken on election day leave little doubt that Americans care much more fixing the economy than lowering the defict. Nearly 60 percent of voters said the economy was the most important issue facing the country; just 15 percent named the deficit.
Only a few days into the Doha climate negotiations and the prospects for meaningful action seem dim. Russia, Japan, New Zealand, and Canada have already expressed their resistance to extending the Kyoto Protocol, the only legally binding agreement to reduce greenhouse gas emissions. Without an extension, Kyoto will expire at the end of this year.
As Americans across the country head out en masse to malls and shopping centers to kickoff the holiday spending season today, it's important to remember that too many of the retail workers bringing us those deals earn meager wages.
The ranks of America's retail workforce have surged to more than 4.5 million workers, making it one of the nation's largest job categories. Their numbers swell further during the holiday crush, as stores take on additional seasonal employees. The U.S. is expected to add another 740,000 of retail jobs by 2020.