by Fred Foldvary
Disgusting! is my reaction to calls to candidates to release their income tax returns.
First of all, income tax records are supposed to be able to be kept private.
I can understand wanting to know candidates’ special-interest connections, but these usually do not show up in tax records.
Also, criticism of the low tax rates paid by some candidates is unwarranted. It is not a crime to seek to minimize one’s taxes. Moreover, given an income tax, there are good reasons why dividends and capital gains have lower tax rates. Dividends are already taxed by the corporate income tax. Long-term capital gains have already been taxed by inflation.
Ron Paul said regarding his taxes that his income was low compared to other candidates. What he should have said is, “my taxes are none of your business!” Moreover, the income tax should be abolished. Calls to reveal income tax forms imply approval of income taxation.