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Attention Americans: You Won’t All Be Rich Tomorrow

If we were all to become suddenly rich tomorrow, the government’s revenue problems are solved at the current tax rates, so no worries in that case. But I place long odds on that, so let’s move on to what’s actually happening.

It’s as if the entire country has turned into Lake Wobegon, as if we’ve been overcome by an epidemic of illusory superiority. As I’ve watched the Republican debates, I’ve listened closely for the applause lines, paid close attention to the questions and answers. I also keenly read a variety of papers and occasionally watched Fox News.

My conclusion?

I am convinced that when President Obama mentions raising taxes on “the wealthiest Americans,” everyone thinks he is talking about them. I’m sure of it. I suppose I should be surprised, but when citizens admonish politicians to “Keep the government out of [their] Medicare,” I guess anything’s possible (like, say, an audience applauding the mere mention that Rick Perry has presided over more state-run executions than any governor in modern times).

Perhaps folks are thinking, “Well, my taxes might not go up now, since I’m making the median income, but my wages are going to quintuple any day now, I just know it. And when they do, I’ll be damned if I’m going to pay one more plug nickel in taxes. I also need to protect the loopholes for corporate jet owners, as I’ll surely soon be one.” Folks, can we have a reality check here?

http://www.ritholtz….-rich-tomorrow/

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