On Taxing the Rich

Now that the left is reexamining some of its basic assumptions and the New Right is denouncing them, it is a good time to take a fresh look at the progressive income tax. How much can be said for the view of the Wall Street Journal on this issue? Are the rich already too burdened with taxes for the good of us all? The Reagan administration is not directly challenging the progressive income tax, but it is salivating at the prospect of scaling down the “unearned income” tax to well below the current 70 percent level. And reducing the tax bite on the wealthy in general is a high priority item among the Reagan high command.

This writer is convinced, however, that what we need are higher, not lower, taxes on the ri...