Rich Still Getting Richer
From the LA Times:
But as millions of Americans face the deadline for filing their federal tax returns, they are operating in something very close to the world Forbes and other flat-tax visionaries proposed. Without any fanfare or philosophical debate, millionaires and middle-class Americans now pay taxes at almost the same rates.Thus has it always been; thus will it always be.
So what about the "fantastic growth waiting to burst forth"? Has leveling out federal income tax rates produced a cornucopia of financial benefits?
The answer is probably yes — if you're a millionaire. And probably no — if you're almost anyone else. Flattened, and thus lower, tax rates have contributed to huge increases in the wealth of the wealthy, but so far most people haven't seen significant economic improvement.