From “The politics of plutocracy” in The Economist
Democrats say only the top 1% need pay more; that’s misleading. Others will have to pay too. But more of the increase should be shouldered by the rich who have done so well from recent trends. Technological change and globalisation have sharpened demand for the most skilled workers, in particular superstars, be they athletes or hedge-fund managers, thus sharply increasing inequality. Tax policy has exacerbated this trend instead of mitigating it. George Bush junior slashed top income-tax rates as well as rates on dividends and capital gains, which explains why Warren Buffett and Mr Romney have such low tax rates.
Questions for Consideration
Where do you stand — why should or shouldn’t rich people pay more taxes? How would taxing the rich solve some of the government’s financial burdens? What are some alternatives to taxing the rich?
Want to learn more?
- Taxing the rich in America: The politics of plutocracy
- John Stossel: Tax The Rich? The Rich Don’t Have Enough. Really.
- Do Fewer Americans Support Taxing the Rich?
- The Rich Are Different From You and Me – They Pay Lower Taxes
- How Taxing the Rich Harms the Middle Class
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