Tony Norman explains the con.
Only the most hopelessly deluded believe they’ll join the ranks of the One Percent based on merit, spiritual virtue, entrepreneurial genius or hard work. There was a time when everyone who wasn’t rich opposed taxing those higher up the income ladder because they glibly assumed trophy spouses, luxury cars, mansions and Gulfstream jets were in their future, too.
Imagine that: Rich people had as their first line of defense against “onerous” tax rates the greed and unrealistic expectations of their economic inferiors. Back then, working-class stiffs and middle-class strivers — the same people who now find themselves holding onto the rapidly unraveling threads of the American Dream — opposed taxing the rich because they expected to be just as rich someday.
Somebody got played for suckers — and it wasn’t the rich!