It has always been difficult to determine how much money is lost to taxation because it is hidden in tax havens that specialize in disguising the identity of the owners of the money. The world economic system has created this tax loophole for no good economic reason: hidden money, almost by definition, cannot be used productively. The loopholes exist for only one reason: to help individuals avoid paying taxes. Finally, economists have begun to tackle the size of the problem, and the figures are substantial. According to one study, about $7.6 trillion is stashed away in loopholes that are not remotely available to the vast bulk of taxpayers. As such, the tax havens have been deliberately constructed to help a very small number of people, and these tax havens are a deliberate feature of the world order.
The Pew Foundation consistently produces very insightful polling data on a whole range of issues. In its most recent report, it examines the political polarization in America. Not surprisingly, the evidence suggests that the country is significantly more polarized than it was 2o years ago. From the report:
A decade ago, the public was less ideologically consistent than it is today. In 2004, only about one-in-ten Americans were uniformly liberal or conservative across most values. Today, the share who are ideologically consistent has doubled: 21% express either consistently liberal or conservative opinions across a range of issues – the size and scope of government, the environment, foreign policy and many others.
The new survey finds that as ideological consistency has become more common, it has become increasingly aligned with partisanship. Looking at 10 political values questions tracked since 1994, more Democrats now give uniformly liberal responses, and more Republicans give uniformly conservative responses than at any point in the last 20 years
No wonder the Congress cannot get anything done.
The news is too grim. We all should relax. Listen to this video.
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