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The Perils of Tax Rate Nostalgia

lancer50 Wrote: Dec 05, 2012 2:29 PM
Renting out your wife on line for sex parties?

A version of this column appeared originally in USA TODAY.

Americans have always reveled in nostalgia about the music, fashion or favorite foods of bygone eras, but a sudden yearning for the high tax rates of yesteryear represents a startling new development. While some opinion leaders pine openly for the tax system that once claimed a big majority of income from top earners, their cozy, communitarian vision offers a deeply distorted view of those good old days.

In his defiant "Twinkie Manifesto," professor Paul Krugman, Nobel Prize winner in economics, affectionately cites "the '50s — the Twinkie Era"...