[oregontim]

I'll be curious to see how the Dems choose to address this.  Will they raise enormous taxes on the wealthy, the upper class, the upper-middle class, less so for the middle class, and not quite as much for the lower-middle class?  I don't really see any other way to get there.  Confiscatory estate taxes?  I would imagine so.  Anything that nudges us towards Socialism.

There is obvious low-hanging fruit there, if we have the political will. We've screwed up the fundamentals on progressive taxation. Our highest rates are about 50% including both federal and state taxes, and they kick in at less than a million dollars. First go back to realistic graduated rates going up to 70% or more on incomes of X million or more. Then increase inheritance taxes substantially for amounts over $Y million or so. Add a net wealth tax that kicks in at Z million.

We could argue the right numbers for X, Y, and Z. But conceptually it's a no brainer. IMO.

If only it were that easy. I think the underlying problem is that for decades we've failed to control political contributions. Now wealth = political power = the winners of the game are the ones who have to change it. And it's not in their interest.

And I see this leaking into all of the national soul, which we can see in the leadership failure that's hurt us so badly with Covid-19. Our leaders depend on campaign contributions. They aren't the best or the brightest. And division works. More than a third of the country is convinced (by our leadership) that the dangers of Covid-19 are exaggerated. And that's a campaign strategy now.

[oregontim]

I'll be curious to see how the Dems choose to address this.  Will they raise enormous taxes on the wealthy, the upper class, the upper-middle class, less so for the middle class, and not quite as much for the lower-middle class?  I don't really see any other way to get there.  Confiscatory estate taxes?  I would imagine so.  Anything that nudges us towards Socialism.

There is obvious low-hanging fruit there, if we have the political will. We've screwed up the fundamentals on progressive taxation. Our highest rates are about 50% including both federal and state taxes, and they kick in at less than a million dollars. First go back to realistic graduated rates going up to 70% or more on incomes of X million or more. Then increase inheritance taxes substantially for amounts over $Y million or so. Add a net wealth tax that kicks in at Z million.

We could argue the right numbers for X, Y, and Z. But conceptually it's a no brainer. IMO.

If only it were that easy. I think the underlying problem is that for decades we've failed to control political contributions. Now wealth = political power = the winners of the game are the ones who have to change it. And it's not in their interest.

And I see this leaking into all of the national soul, which we can see in the leadership failure that's hurt us so badly with Covid-19. Our leaders depend on campaign contributions. They aren't the best or the brightest. And division works. More than a third of the country is convinced (by our leadership) that the dangers of Covid-19 are exaggerated. And that's a campaign strategy now.