There is one thing that soaking the rich will do effectively, and that's redistribute wealth .... Let's just understand that reslicing the pie to give the rich a smaller piece doesn't make the pie any bigger - and won't get us out of the recession any faster.
Here’s an interesting factoid: in 2006, the most recent year for which information is available, the average tax rate for the working rich was 22.8%; that same year the average tax rate paid by the super-rich - the 400 filers with the highest incomes - was only 17.2%.
Read the whole article.
And let me put a plug in for my own profession: politicians make a business of slicing pies; engineers make a business of creating more pies.
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