Mostoftheproposalsweargue aboutso ferociously willhave onlymarginaleffectson how we live, especiallycompared with the ethnic, regionalandsocialdifferences that we so studiouslyignore.
The wonderful, work-based, affluence-inducing, effects of low marginal tax rates is not the only fundamental economic principle that Ibn Khaldun got right.
But CBO as well as the Joint Tax Committee woefully underestimate the negative economic effects of higher marginal tax rates, which the market recognizes as implied by higher government spending.