Realistically, I guess the only question is whether we want to transfer income from those who can spare it to those who need it. Or from those who can’t spare it to those who don’t need it! The latter is what we’ve been doing for most of the recorded history of taxation, effectively: trickle-down, supply-side, Reaganomics, voodoo economics, invisible hand, Thatchernomics.* The former, U.S. critics call socialism,** class warfare, eat-the-rich, taking, pinko … others, social justice, solidarity, morality, love, “my brother’s keeper,” common sense, homeland security, prudente prudente, remedying the class warfare.
Speaking of which, there was a recent Doonesbury comic about McCain campaign lobbyists and the Bailouts….
(*–In the ’80s in Ireland they had a joke: In Ireland a thatcher is someone who keeps a roof over your head; in Britain it’s someone who takes it away!)
(**–Like it’s a bad thing!!)