Soaking the super rich

Some Democrats have begun contemplating a new tax rate to apply exclusively to the super rich. It's a terrible idea

David Frum

There's gathering interest on the Democratic side in a new extra-top rate on very-high-income people. It's fine (they think) to whack the over-$200,000 crowd with a 39.6 percent rate. But something much more Draconian is required for the top 0.1 percent, the people who really throve during the Bush years.

For now, this talk is empty. Republicans will score big gains in November. Even if Republicans lack the clout in the next Congress to force renewal of all the Bush tax cuts, there’s no way will they tolerate the creation of a hefty new super tax bracket.

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