American - Businessman | July 5, 1952 -
Conservatives brayed that government should stay out of the private sector; liberals bleated for nationalizing the banks.
Steven Rattner
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China has lunged into the 21st century, while India is still lurching toward it.
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Visits to crowded Indian urban centers unleash sensory assaults: colorful dress and lilting chatter provide a backdrop to every manner of commerce, from small shops to peddlers to beggars.
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To be sure, India has achieved enviable success in business services, like the glistening call centers in Bangalore and elsewhere. But in the global jousting for manufacturing jobs, India does not get its share.
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India's rigid social structure limits intergenerational economic mobility and fosters acceptance of vast wealth disparities.
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The weak economy, widening income inequality, gridlock in Congress and a presidential election: Those were perhaps the dominant economic and political themes of 2012.
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Finally, let's keep well in mind the most important lesson of the auto rescue: While government should stay away from the private sector as much as possible, markets do occasionally fail, and when they do government can play a constructive role, as it did in the case of the auto rescue.
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During my 30 years on Wall Street, taxes on 'unearned income' have bounced up and down with regularity, and I've never detected any change in the appetite for hard work and accumulating wealth on the part of myself or any of my fellow capitalists.
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Increased revenues, meaning higher taxes, will be a central element of any successful long-term budget plan, and President Obama is right to insist that the wealthy - the slice of America that has come through the recession in by far the best financial health - should provide those funds.
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As a beneficiary of the carried interest loophole, I've seen firsthand the lack of any difference between the work involved in generating a carried interest and the work done by millions of other professionals who are taxed at the full 35 percent rate.
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The highest-income Americans don't need tax-free health insurance, mortgage interest deductions or deferred taxation on retirement funds.
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