I read this article last night and thought I would share this paragraph:
In general, this newspaperâ€™s instincts lie with small government and against ever higher taxation to pay for an unsustainable welfare state. We reject the notion, implicit in much of todayâ€™s debate, that higher tax rates on the wealthy are justified because of the finance industryâ€™s role in the crunch: retribution is a poor rationale for taxation. Nor is the current pattern of contribution to the public purse obviously â€œunfairâ€: the richest 1% of Americans pay more than a quarter of all federal taxes (and fully 40% of income taxes), while taking less than 20% of pre-tax income. And knee-jerk rich-bashing, like Labourâ€™s tax hike, seldom makes for good policy. High marginal tax rates discourage entrepreneurship, and no matter how much Mr Obama mentions â€œmillionaires and billionairesâ€, higher taxes on them alone cannot close Americaâ€™s deficit.
The article did state that the rich should pay more but that the tax structure should be simplified and deductions taken away. They didn’t endorse a flat tax, which is disappointing.
Related, this opinion piece in this morning’s WSJ was disappointing. I hate the idea of a VAT. That’s all we need is another way for politicians to tax us.