I think if you look back through time, the history of income, wealth and taxation is full of surprise. So I am not terribly impressed by those who know in advance what will or will not happen.
Sentiment: POSITIVE
It would be wonderful to think that the future is unknown and sort of surprising.
We are looking at a future where to a first approximation, everyone is wealthy.
Look back over the past, with its changing empires that rose and fell, and you can foresee the future, too.
We will be returning to historical levels of inequality. We'll view post-war America as a kind of strange interlude not to be repeated. It won't be the dreams that we all had that virtually all incomes go up in lockstep at three percent a year. It hurts to give that up.
It is hard to say what the future holds, but this is probable - it won't be just like the past.
Economic systems rise and fall just like empires. That's the kind of perspective we need to take if we hope to prosper for centuries rather than for the next quarter.
Nobody knows the future with certainty. We can, however, identify ongoing patterns of change.
All those predictions about how much economic growth will be created by this, all of those new jobs, would be created by the things we wanted - the extension of unemployment insurance and middle class tax cuts. An estate tax for millionaires adds exactly zero jobs. A tax cut for billionaires - virtually none.
Think what a revolution it will be if we manage to get everyone to pay their taxes.
When history looks back, it will prove what I'll die knowing.
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