Creative Thinking-The Rich and the Rest of Us

This article in the "Nation" is a repeat of the same "tax the rich" philosophy that carries the left to electoral victory from time to time.  Cavanagh and Collins lament about inequality in our economy, and, of course, propose much higher income taxes on the rich and expanded social programs as a solution.  Insanity is understood to be "doing the same thing over and over and expecting a different result."  In this case the result would be a weaker economy and more tax code games.

The Hedgehog proposes a different approach.  Change the tax regime to include an asset tax so that the rich are really taxed.  Use a single rate income tax to create upward mobility for the hardworking and creative.  Use a balanced budget amendment to keep everybody honest about public financing.

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[mae collins]

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