The defining challenge of our time and fundamental threat to our way of life, or class warfare?
In particular, I’m always amazed when people complain about inheritance taxes, when in fact they have already been all but abolished. Heck, I believe inheritance taxes should be increased dramatically. If ten million dollars tax free isn’t enough for your children, then there is something dramatically wrong with your parenting skills.
Indeed, research has shown that high income inequality causes problems for the rich too, lowering their health, life expectancy, and happiness. Despite what we seem to believe, money is not a zero-sum game. Once upon a time we had a prosperous middle class and everyone did better — demonstrating that while trickle-down economics failed miserably, trickle-up economics works great.
I’m not talking about wealth redistribution or rampant welfare, I’m talking about leveling the playing field so that the American dream – that if you work hard you have a fair chance to succeed – is actually true (rather than a hollow sham).