New taxes will hit America’s rich. Old loopholes will protect them
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The last time Congress passed a significant tax increase, Seinfeld won an Emmy award, Nirvana unplugged their guitars for mtv and lawmakers were pondering whether to vote for nafta. Early in Bill Clinton’s presidency, in 1993, Congress raised personal and corporate income taxes.
Since then, almost every tax bill in Washington has lowered them. In aggregate America is now among the most lightly taxed countries in the developed world.
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