Sunday, December 2, 2012

The Money's In The Middle Class

Bill,

Your vision of tax justice points out that out with great elegance. At the upper end of the earning spectrum, those who receive a disproportionate share of the nation's wealth also pay a disproportionate   share of its tax. The idea that that increasing top marginal tax rates will significantly improve the nation's fiscal imbalance is a fantasy. You could, in fact, raise marginal rates to 100% and that still wouldn't come close to moving the ledger from red to black.

And your adjuration also rings true that unless entitlement spending is reined in, the inexorable step will be that those in "the $50,000 to $200,000 [interval] will be targeted next". Americans will eventually have to either accept less from the government or decide they are willing are willing to pay for it. It doesn't help that neither political party is willing to point out this inconvenient truth to its constituents.  But most Americans will have an easier time (eventually) accepting this reality if they do not believe the game is rigged in favor of the rich.

Eli

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