And that's precisely what Senators Wyden and Emanuel propose to do. As unveiled this morning in the WSJ editorial pages, they lay out the rationale for a "Fair Flat Tax."
Of course, the fair flat tax is neither... taxing 15, 25, and then 35% for individuals, and laying down a flat 35% corporate tax. No capital gains tax! What a miracle! Instead, they're going to jump the capital gains into the general income category, effectively doubling said tax, and driving a stake through the capital generation process that is the heart of the economy and job-creation.
What are these two morons thinking?
They're thinking "Our aim is not to soak the rich, but to make the tax system fairer."
(And we'll proceed by defining "fairness" not by reducing the middle class' taxes, but by soaking the rich! Yes, senators, you're right, there's something unfair about a cop making 70k being taxed at 25%, while some CEO is taxed at 15% on his capital gains... assuming we're all sufficiently stupid to buy into this argument and assume the CEO gets no actual salary, the *fair* solution would be to chop the cop's tax rate, not double the CEO's!)
And they're thinking "wealth and income should be treated equally," according to what they wrote in the WSJ... so, wealth should be taxable? Not content with having paid taxes on income once, should wealth now be the standard of taxation?
Some folks just popping by may protest that I'm just beating up on these guys because they're Democrats. Not so. I've got high hopes for Bredeson and others in the Democratic Party, who stand a chance of actually rescuing the party from the gutless, whinging, politically-correct cult-of-Marxism theocrats who have owned the party for the last twenty years. And I hope that they put the continued electoral hopes of morons like this in the trash can, where they deserve to lie until future historians read their writing with as much of a bemused chuckle as folks get when they look at early models of the solar system.
The proposed legislation is fundamentally ignorant, based on leftover, badly-reheated class warfare rhetoric, and, fortunately, is absolutely, utterly, dead on arrival. For which any of us in the actual middle class -- a.k.a, who aren't civil servants -- and whose jobs therefore actually depend upon Economics 101, should be grateful.
Somebody should take both these two senators to the woodshed, and keep them there until they can plot a supply-demand curve.