The most distressing aspect of soak-the-rich schemes is not that the left keeps pushing them-but that the right regularly fails to offers a convincing refutation.
When Democrats declare that the rich are not paying their “fair share” of taxes, the Republicans’ typical response is: Oh yes, they are; look at how much more they pay, in both absolute dollars and percentage of income, than those in lower brackets. Besides–Republicans usually add–refraining from imposing higher taxes on the rich helps “society as a whole,” because of all the jobs produced through their investment capital.
But this type of response does not address the core question. The nature of that question, as well as the absence of a compelling answer, is hinted at by James Taranto, writer of the Wall Street Journal‘s “Best of the Web” column, in his examination of a recent New York Times article. . . .
[For the full article, see “The Correct Answer to All the Soak-the-Rich Tax Schemes” at RealClearMarkets.]