It’s rare, very rare, for me to wish Joe Klein a much bigger readership. But this tough-as-nails report from the political front lines really deserves more attention. A super-rich lawyer and his wife, now living on their lavish vineyard, explain to Joe why things were so much better back in the days of the 70 percent tax bracket, if not the 90 percent tax bracket. Oh, and people who think such policies are bad are “greedy.” From the piece:
Barry said he was deeply worried about the country. “I was born on the day of the 1929 stock market crash, so I’ve lived from the Great Depression to the Great Recession,” he said, “and I must say I’m amazed by how little progress we’ve made. We stopped regulating. We dropped taxes to unsustainable levels. I spent a good part of my life in the 70% tax bracket. It didn’t discourage me from working,” he said, referring to the supply-side argument that lower tax rates spur enterprise. “It made me work harder. My father lived with 90% rates during World War II. I’m actually mystified by the greed now. I don’t understand families like Koch brothers,” he said referring to the Republican Tea Party bankrollers. “They have so much money. Why do they need more?”
That’s right, the Koch brothers are pro-free-market simply because they’re unsatisfied with their billions. It couldn’t possibly be because they’re trying to make the country better, even a little.
Hat tip: Mickey.