An economist explains, briefly, why inequality matters more than we think it does.
23rd July 2007
Item.
“Increased spending at the top of the income distribution has imposed not only psychological costs on families in the middle, but also more tangible costs… in particular, it has raised the cost of achieving goals that most middle-class families regard as basic.”
Well, that’s because the SuperRich push for taxation rates that still leave them with a comfortable excess but makes sure that the pushy middle class don’t accumulate those levels of wealth.
That’s why people like Warren Buffet and Bill Gates’ dad are fans of high taxes. If I make a million a year and you make $100k and we each pay 50% income tax, which of us going to be worried about paying the insurance on little Brandi’s Mustang? Eh?