Daily Must-Reads November 25
CNBC: The Millionaires Who Pay the Highest Tax Rate
Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America.
The Washington Post: How to rebuild America
Rahm Emanuel, a Democrat, is mayor of Chicago and represented Illinois’ 5th District in the U.S. House from 2003 to 2009. He was White House chief of staff from January 2009 to October 2010.
Too much post-election analysis has focused on voter demographics and campaign mechanics, leaving Democrats in danger of drawing the wrong lessons from our electoral success.
Northwest Herald: Quinn could play Santa Claus by reforming state tax code
If Gov. Pat Quinn is looking to moonlight during the holiday season, he ought to consider becoming a gift wrapper at Sears.
After all, the governor promised the retail giant $150 million in subsidies within the last year. He might as well have tied it with a bow on top. Welcome to the goofy world of Illinois corporate welfare.
Examiner Editorial: If top 5% paid 40% of taxes, what is their 'fair' share?
But income taxes, taken in isolation, do not tell the whole story, because lower-income Americans do pay payroll taxes. But even taking into account all forms of taxation, the top 1 percent still paid 22 percent of federal taxes while earning just 13.4 percent of household income. The top 5 percent paid 40 percent of all federal taxes, despite earning only 26 percent of all income. No matter how you slice the numbers, it's hard to understand why anyone would think the wealthy aren't already shouldering a burden commensurate with their blessings.The Economist: Poking Walmart, choking Twinkies
Why America’s private-sector unions are in declineBuilt in Chicago: Tons of tech jobs and not enough takers
THEY lined up near the TV cameras, waving signs that read “On Strike”. Many wore the lurid T-shirts of OUR Walmart (Organisation United for Respect at Walmart), the group organising the protest.
Millions of Americans are unemployed and businesses are looking to cut costs by letting people go. But in this tough economic climate, there is one industry starving for talent and fresh workers: web and technology development. Brandon Passley, founder and owner of Vokal, a Chicago application engineering company, is one of the many entrepreneurs and managers struggling to fill positions in his field.