Taxing the "rich"

Reader comment on: Why the Rich Are Angry

Submitted by J.Johnson (United States), Sep 26, 2010 17:57

Much of what you say in the op-ed piece is correct but overwhelmingly irrelevant to the real world. Income taxes are going to go up, no matter what Republicans or Democrats or Tea Partiers or anyone else may say. The real questions are: (1) who is going to get hit first; and (2) how hard. The rational responses are: (1) The wealthiest households should get hit first and (2) with the smallest increases that are politically feasible. We are in a deep financial hole dug by Republicans and Democrats in the Congress and White House and every rational projection shows the hole getting deeper every year into the future. There are only 3 applicable forms of remedy: (1) cut spending; (2) raise taxes; and (3) inflation as a form of debt devaluation. Of these three, I believe that raising taxes, most especially on the highest income households, is the most desirable, although, no doubt, eventually all three will occur. I would like to think that the economy could 'grow' its way out of this mess but my glasses are not that rosy. No doubt we can and will grow, but not enough to get past this mess.

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