Lately Barack Obama has been called a Socialist for daring to suggest that the marginal rate on the wealthiest Americans should be rolled back to its Reagan Era level. We have had a progressive income tax system since it began in 1862. Later, Theodore Roosevelt advocated a progressive system of taxation. And let’s not forget that Ronald Reagan himself introduced the earned income credit which provided a negative tax to working poor. Adam Smith, the Father of Capitalism wrote: “It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.”
It has long been recognized that a progressive taxing system benefits everyone, even the wealthy. So please, let’s not pretend we never heard of it except from Socialists and welfare chiselers.
The (Second) Scheuer Interview
5 months ago
