Obama's gang is telling us today (anonymously - how slick) that the new Prez might delay tax cuts to the rich ... because (incredibly) of the economic "downturn" (AP, 11-23-08).
WRONG! The "downturn" - economists sometimes call it a "correction" (or a "major correction") - is the best reason that's come along in a long time to increase taxes on the rich. In the immortal words of the esteemed Senator from Vermont: "Let the rich bail out the rich!"
Sanders's 10% on incomes over a million ($500,00 for individuals) won't be enough, but he's on the right track.
It is true, I have to admit, that income tax is not the best way to do it, not even a progressive income tax, which we barely still have. (The Bushies lowered the top bracket from 39% to 35% - a long drop from the 77% I recall from my pre-Reagan youth, as if in a dream.) A wealth tax would be better, according to the really smart people. In other words, we ought to tax what we don't want, not what we do. That is, we want production, not speculation, etc.
But in the short run, income tax is what we've got. Somebody has to pay, not just for the bailouts, but for all this stimulus ... and those of who are losing income, prospects, and so on, should not be the ones, nor should our children.
My point? Obama's apparently feeling a lot of pressure from the Dark Side - let's give him some from our side!