A Speculation on the Real Reason for the Absurd AIG Tax
I suspect it might have been in response to our gloating:
The Left can deal with opposition, but they cannot handle the idea that one of their pet ideas has become obsolete. (The only exception to that rule is when they can blame said pet idea on the Right.) When we point out an example of a Left idea on the losing side of history, they immediately try to revive it.
Look at tax policy. As proponents of President Obama’s tax increases keep repeating, their goal is only to go back to the level of taxation of the prosperous 1990s. No one is suggesting going back to top rates of more than 70% that were once considered commonsensical both by Eisenhower Republicans and LBJ Democrats. This is not because of Republican obstructionism or robber barons showering Congress with money, but simply because the debate about the destructive impact of confiscatory top income tax rates has been settled in fact, both by economic research and by reforms of the 1980s in the US, Great Britain and elsewhere.
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