Why Capital Gains Tax Should Go Up, and Go Up a Lot
slate.com — The fiscal cliff negotiations aren’t just about plugging holes in the deficit: They are about restoring fairness to our tax code. This should go beyond merely raising the rates on the top 2 percent of income earners—the current line in the sand drawn by the White House. Two of the fundamental economic problems we need to confront are the increasingly disproportionate percentage of income earned by the top tier, and the underlying lack of demand that is inhibiting economic growth. Fortunately both of these trends can be at least partially reversed in the negotiations now underway, because the tax code—which is surely going to be reformed as part of this process—is one of the best tools we have to confront each of these problems.