You can get a good sense of what our future may very well have in store from just two reports that appear today. The first is Scott’s report on who really pays taxes in this country. The second is almost any account of yesterday’s appearances by John McCain and Barack Obama before the League of United Latin American Citizens (LULAC).
The LULAC event signals a new era in political pandering. And since the group on the receiving end of the pandering is a predominantly low income, low-skill one, the pandering will ultimately focus on income transfer, however it may be dressed-up. Before too long, therefore, those in the upper income brackets will probably look back with longing on the days when the richest 1% of tax filers paid more than 40% of the income tax burden and the top 50% paid 97%.
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