Surprise! Higher Taxes on the Rich Wildly Popular
Today is teabagging and tax day. As such, here is a quick reminder from Gallup that higher taxes on the rich are wildly popular:
If we are going to achieve the 40% social investment economy, the public sector will require more revenue. More public sector revenue basically means more taxes. Clearly, the only new taxes that will be politically feasible will those targeted toward higher income groups. The best options are to repeal all Bush-era tax cuts, put a tax on all carbon (if this means 100% auctions on cap and trade, that's fine, too), and to eliminate the income cap on Social Security income taxes.
While these are both moderate (relative to other wealthy countries) and achievable (both President Obama and the Democratic congressional leadership have endorsed all, or part, of each of these three pillars of new revenue) goals, there are still major barriers. In fact, there are still major barriers in our own party. A prime example is Arkansas Senator Blanche Lincoln, who two weeks ago authored and, with the support of nine other Democrats, passed an amendment to reduce the amount of rollback the House had proposed on the estate tax. A reader explains over email (more in the extended entry):