I always feel bad when I disagree with Paul Krugman, because he's one of the best spokesmen that the American left has right now. But today I must do that. He has the right conclusion- tax the rich- but he's arguing it for the wrong reasons, which unfortunately strengthen the conservative position. I agree, let's tax the rich, but let's do so for the right reasons.
Paul Krugman's new column today is supported by a blog post where he writes that:
So, what we learn from IRS data is that in 2007, before the Great Recession depressed everyone’s income, the top 0.1% had around $1 trillion in taxable income...
So let’s suppose that it was possible to collect an additional 10 percent of that super-elite’s income in taxes, to the tune of $100 billion a year. Read more