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Essay on The Rich in America
The 'soak the rich' populism that the Democratic presidential candidates are espousing is unlikely to win favor with the voters. Most Americans do not blame the rich for worsening inequality. The Democrats' proposals to redistribute wealth will not work. The backdrops vary but the song remains the same. Sen. Tom Harkin, the self-styled populist, enters the Democratic presidential race in front of a barn in his native Iowa and asks: "Are you ready for a president who will give the middle class a break instead of tax breaks to the rich?" Before Arkansas's old Statehouse, Gov. Bill Clinton hedges. "I'm not out to soak the rich." Still, he jabs: "The most irresponsible people of all in the 1980s were those at the top." And not-quite candidate Mario Cuomo sounds the refrain wherever he goes: "The middle class and the working poor of our cities have been called upon to pay for the huge income-tax cuts for the rich at the federal level." (Jeffrey D. Sachs (2003))
Feeding on such antirich sentiment, Democrats in Congress want to cut taxes for the middle class, and many want to pay for the cuts by making the rich pay more. Last week populists enlisted a powerful ally. House tax boss Dan Rostenkowski proposed that middle-income families get annual tax credits up to $400, paid for by raising the top tax rate from 31 percent to 35 percent for families earning more than $125,000. (Jeffrey D. Sachs (2003))
His plan is predicated on the arguments of many that the '90s will bring an angry reckoning with the explosion of wealth in the '80s. The battle cry goes like this: The affluent botched their economic stewardship......
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