The share of after-tax income going to the top 20 percent and the top 1 percent in 2005 was the highest on record since the Congressional Budget Office began analyzing the data in 1979.
Some of this is due to the structure of the Bush tax cuts, which -- as Mr. McCain pointed out at the time they were enacted -- disproportionately favored the wealthiest Americans.
Mr. Obama's proposal to roll back the top bracket tax cuts and to bolster the bottom with refundable credits is an effort to address this inequity.
It is patriotic, as Democratic vice presidential candidate Joseph R. Biden Jr. said, for the rich to pay more for a country that has helped them gain more.
It is"good for everybody," as Mr. Obama told Joe Wurzelbacher, when you spread the wealth around. These represent, in fact, a rather mainstream view -- and not a bad governing philosophy for the country in its current straits.
03 November, 2008
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