Contributions by:
James K. Galbraith
The Budget Reform and Impoundment Control Act of 1974 had two goals: to prevent Richard Nixon from blocking the disbursement of appropriated funds, and to establish a budgeting process whereby Congress could assert long-term control over the relationship between government spending and taxation. The Act established Budget Committees, mandated annual budget resolutions, and created a…
Read Full Article...Senator Elizabeth Warren has offered up a proposal for wealth taxation – three percent per year on fortunes over a billion, two percent on fifty million and up, with in-kind equivalents for the owners of private companies, so that Bloomberg and the Kochs would simply hand over shares in their firms which the government would…
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