All this brings to mind a conversation Bill Moyers had in 2012, early on in Moyers & Company’s run, with former Reagan budget director David Stockman. The architect of President Ronald Reagan’s now infamous “trickle-down” economics policies, even Stockman thinks today’s Republicans have taken their anti-tax dogma too far. He told Bill he would like to see the elimination of the carried interest loophole, hedge fund managers’ primary route to reduced tax rates. “It’s really pretty shameful,” he told Bill.
“Taxes are the price we pay for civilization,” Stockman said, borrowing a quotation from Supreme Court Justice Oliver Wendell Holmes. “What they’re saying today is foolish, it’s irresponsible. How can anyone believe with the kind of deficit that we have — a trillion dollars, year after year after year — that we can keep taxes as low as they are?”
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