Hey BfAZ readers, I teamed up with my IPS colleague, Sam Pizzigati, for an op-ed piece the editors of the Dallas Morning News placed in their Sunday paper. I can only give you the first few paragraphs here, but you of course can link over to the full piece:
Most of us work for a living. We wait tables or write software. We teach kids or drive buses. We treat patients or lay block. Our income, just about all of it, comes from our work.
But some people — wealthy people — don’t depend on work for their living. They rely on their wealth. The stock they hold pays dividends. The bonds they own pay interest. The assets they sell bring capital gains.
Two different classes of Americans, two different sorts of income. Now which class should pay tax at a higher rate, those who work for a living or those who let their wealth do their work?