...requiring the rich to pay more just because they are rich is little moreHe did not say that, but quoted someone else saying it. It is clear to me he wanted to say it. In a time when the disparity between rich and poor is widening, middle class incomes are stagnant and globalization is breathing down our necks, it makes me quite angry to hear someone complain about increasing the top tax rate from 31 to 35%. The simple fact is this, as this inequality increases our society becomes less secure, more violent and worse for everyone.
than officially sanctioned theft.
I understand the inclination to say this is mine, I earned it and keep your hand off. I get it, but this is a larger societal issue. People have to feel that they have a reasonable chance at success and that cannot happen if you cannot get ahead. That cannot happen if people don't have a reasonable chance of buying a home, sending their kids to college and having health insurance. That cannot happen with most of our wealth concentrated among a few people.
We have crises looming over Medicare, deficits, social security and trade imbalance. None of these problems will be easily overcome.
Like it or not for the good of our society the rich must pay more in taxes.
2 comments:
Without getting into the fundamental philosophical differences between us, I'll just say that the highest national income tax bracket is currently 35%. I don't know where the quote came from, but we're already there.
It seems to me that the larger problem is the complications in tax law. I don't know if it's true, but I've heard that extremely wealthy people actually pay less in taxes than the general population, just because they can hire a lawyer to find shelters for their money. I know all the deductions were put into place for noble reasons, but it's a good example of how legislation often produces the opposite effect of what it was intended to do.
If we're going to have taxes, why not establish a set rate?
I agree with that assessment. I think many of the very rich can have their way with the system and that is unfair. The most recent example was the Blackstone private equity fund founders who were able to avoid paying taxes on $4.6 billion in income from the IPO.
The problem that few people talk about is with voters want or expect lower taxes and more services (like Bush ran on lowering taxes and providing a 700 Billion dollar Medicare drug program). We have to live within our means and that either means more taxes or less services.
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