The orthodoxy that dominates today’s Republican Party — and the ranks of “business-friendly” Democrats — rests on a simple approach to economic policy. Let’s be nice, this orthodoxy holds, to rich people.
Let’s be particularly nice at tax time. Let’s keep taxes on rich people, conservatives advise us, as low as possible. High taxes on high incomes, they argue, discourage entrepreneurship. No one with a great idea for a new business enterprise is going to start that business, their argument goes, if Uncle Sam is just going to tax away the rewards that a new business could bring.