TITLE

Testing Patriotism: A War Tax on the Wealthy?

PUB. DATE
November 2003
SOURCE
Journal of Financial Planning;Nov2003, Vol. 16 Issue 11, p18
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article presents information on a suggestion offered by U.S. Labor secretary Robert Reich regarding the best solution to the burgeoning costs of the war in Iraq and on terrorism. this was published in the September 15, 2003 issue of USA Today. Reich proposed a war tax on the wealthy. According to him, there is a strong history of conservatives and Republicans who have embraced war taxes as the fairest and best way to finance the costs. The estate tax paid by wealthy families was imposed by wartime Republican President Abraham Lincoln and William McKinley. Further, he argues, in 2001 the top 5 percent of earners took home 22.4 percent of total family income, while the bottom 60 percent of earners took home only 26.8 percent.
ACCESSION #
11272552

 

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