Looking back at the fiscal cliff negotiations, Jamelle Bouie (via the Daily DIsh) is disappointed by the narrow focus of the debate:
I’ve said this before, but it makes no sense to include all income above a given limit in the same tax bracket. In 1960, there were 17 brackets above $35,000—roughly $250,000 in today’s dollars—going up to $400,000 in annual income, or $3 million, adjusted for inflation. Now, there’s a single one.
This presents an obvious problem for liberals—by placing every high income person in one bracket, it binds the interests of the sorta-rich, the rich, and the super-rich. Instead of a small number of truly wealthy people pushing for lower tax rates, you have a broader coalition of the well-off. Which is to say that if tax reform is on the table this year, then there needs to be a push for more brackets at higher incomes.
