US taxes are too low, should be raised: H&R Block heir
by Joseph N. DiStefano, Posted: March 14, 2011
"Nationally, taxes are a relatively low point historically," says Tom Bloch, son of H&R Block founder Henry Bloch and until last year a director of the leading US tax preparation firm.
"In fact, as a share of the U.S. economy, taxes are at the lowest level that they have been since 1950," Bloch tells me, paraphrasing an argument he makes in his new book, Many Happy Returns.
"Yet there is no denying the fact that many Americans, including some highly vocal politicians, are convinced that taxes are still too high. In part, this is not doubt due to the impact of the recent recession.
"Considering the size of our nation's deficit, however, Congress will have no choice, in my opinion, but to raise taxes sooner rather than later.
"I also believe that the rich are significantly under-taxed compared to the middle class. That's why I suggest that raising taxes on the very wealthiest taxpayers must be the first step toward restoring equity in our income tax system and ensuring the financial security of our children's future."
Posted: March 14, 2011 - 9:56 AM
Joseph N. DiStefano
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