Income inequality is like the weather: Everyone talks about it, but no one does much about it. Now comes President Obama in his State of the Union Address, hoping to do more than just talk about it.
The President tackles this perennial conundrum by proposing that the tax code be changed in two very distinct directions: 1) Provide extra money to low- and middle-income families in the form of tax credits for children and working couples. 2) raise taxes on upper-income taxpayers, especially the fabled “one percent” through various cutbacks and increased restrictions on savings.
It is certainly easy to dismiss his suggestions given the makeup of the new Congress, which is controlled by Republicans, but stranger concoctions have been enacted when major tax overhauls are undertaken. So what does the President suggest?
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