While progressivity is important, the point many have missed is that excessive focus on collections from just the richest risks further social distortions, from the perspectives of the Left, Right, and what remains of the center. Populists should keep in mind that a system that is already disproportionately funded by the rich will become ever more captive to them as taxes increase. The rich will become even more interested in tax policy, while the government will become ever more dependent on the well-being of a tiny class of individuals and cater to them accordingly; if you have only one
...more
