The problem with taxing the 1 percent
Today I finally figured out the main problem with the idea that a tax on the rich would solve all of America’s fiscal problems. The best way for a politician to stay in power is to hand out money to cronies, e.g., $150,000 per year pensions to unionized government workers or $400 million per aircraft to a defense contractor. The only limit to government spending, therefore, would be some sort of a limit on a politician’s desire to obtain and retain power. Our government needs to raise taxes right now because it has greatly outspent its revenue at current tax rates. Raising tax rates, especially on the rich, therefore seems like a very attractive idea, at least to some of the 99 percent.
Why would any of the 99 percent oppose a big tax on the 1 percent? Perhaps they think that the government will eventually outspend this new revenue source and then start coming after the non-rich.
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