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Research done by Emmanuel Saez and Thomas Piketty has shown that inequality among the middle class and the rich is nearly as acute as it was before the Great Depression.
singleuser · 4677 days ago · link ·
such a high rate of taxation among the riches will definitely raise a lot of outcry.
- “The United States is getting accustomed to a completely crazy level of inequality,” Mr. Piketty said, with a degree of wonder. “People say that reducing inequality is radical. I think that tolerating the level of inequality the United States tolerates is radical.”
The first rationale step is to ensure that tax rates don't go down as income increases. I am not sure if historically high marginal tax rates will translate to growth as they seem to have in the past. However, in a democracy, it doesn't seem just that the middle class pay a higher tax rate as the wealthiest.
In that line of thinking, the Buffet rule makes some sense to me. Unfortunately, I think the Buffet rule has more to do with this election than what might actually get implemented. IMHO the Democratic party is entirely too apologetic. Even when on offense, they are usually playing defense to a narrative set by the GOP. They Dems are doing a terrible job as liberals. Anti-progressive (regressive) taxation is an absurdity in a popular democracy. It exists due to the asymmetric influence of the wealthy, and that is not a democratic phenomenon.