The Question of Tax Increases

When people say they are in favor of increasing taxes, what they generally mean is that they favor increasing taxes on “others” that make more or have more than they do. Recently, I challenged a friend who told me he was in favor of doubling the maximum income-tax bracket to 80% to help solve problems with economic inequality, global climate change, etc.

I asked him if he’d be willing to pay twice the income tax he’s paying now.

“That wouldn’t be fair,” he said. “I work hard for my money. The increased tax should be on the 1%. They can easily afford it, and they should be paying their fair share.”

What about extending it to the 2%?

He didn’t like that. You see, he makes about $400,000 a year, which puts him in the 2%. Why should he – a mere 2 percenter – have to dig deeper in his pockets when there are thousands of 1 percenters to go after?

When I was young and poor and dumb, I was all about making the greedy rich pay for all the social programs I was positive our country needed. Back then, most college students (like me) got their economic views from their sociology teachers.

Here you can see college students struggling with this same issue…