Originally Posted by KC native
Our tax system has historically been based on two things, fairness and ability to pay.
If we are going to raise sufficient revenue to fund the things that we as a society have deemed worth funding, we aren't going to get it by raising taxes on the lower rungs of wage earners. You can't squeeze blood from a turnip.
The wealthy get a tremendous deal in the USA these days. They have never seen lower tax rates (modern financial era, so after the creation of the Fed, no idea of before then). They have access to the best financial markets in the world. They have protections for their wealth.
The wealthy have an ability to pay more. Considering the tremendous benefits our society provides them and considering the magnitude of those benefits, it's also fair to expect them to pay more.
If we didn't have a debt load and deficits or the already promised benefits, then the rates as they are would be fine. Unfortunately, a little thing called reality gets in the way.
The rich do pay more. Way more. But you could take all their money and it wouldn't fix our financial problems.
Unfortunately a little thing called reality gets in the way and we are not only going to have to cut spending and address entitlement reform, the rest of us are going to have to start paying more of our fair share.