Fantasy? I don’t know Mr. Leonard’s age but perhaps he could be forgiven for not recalling that between the late 1940s and 1980 America’s highest marginal rate averaged above 70 percent. Under Republican President Dwight Eisenhower it was 91 percent. Not until the 1980s did Ronald Reagan slash it to 28 percent. (Many considered Reagan’s own proposal a “fantasy” before it was enacted.)
via robertreich.org
Reich has it right. The middle class should not bear the brunt of the economic downturn. Especially since the corporate oligarchs were the very ones that brought this down upon us in the first place.