« FY 2015 Arlington County Budget Adopted; Voters Get Dividend | Main | A Thought on the Consequences of Liberal Policies »

A Thought on Higher Tax Rates

"One oddity of the current economic debate is that the more Barack Obama's incompetent income-redistribution policies have failed, the more the left calls for more government-intervention policies to correct for the deficiencies of the earlier rounds. American middle-income families have lost nearly $3,000 in purchasing power since 2007, and the left's only solution to get us out of the rut is more debt, more social-welfare spending, more income redistribution and higher taxes on the rich and big business.

"That's the conclusion of French economist Thomas Piketty, whose new book called "Capitalism in the 21st Century" is suddenly the new rallying cry of the redistributionists. One reason the book is garnering so much attention is that the slow economy of late has meant that everyone is fighting over a smaller share of a smaller pie. The New York Times piled on this week, moaning that the middle class in the U.S. has fallen behind the middle class in Canada. The Times never mentions that Canada has cut tax rates, balanced its budget, and tamed government spending.

"In any case, the theme of the Piketty book is much like what George W. Bush famously declared during the 2008 financial meltdown: We need to suspend capitalism in order to save it.

"Piketty's primary advice is that America adopt much higher tax rates — as high as 80% on millionaires — as a way to prevent hoarding of wealth and funding a more supersized social-welfare state."

~ Stephen Moore

SOURCE: His April 24, 2014 column, posted at Investor's Business Daily. At the time of this growling, there were 57 reader comments to Moore's op-ed, and many are worth reading.

El Growler Grande will not be blogging for the next several days; I hope to return by April 30.


TrackBack URL for this entry: