I just heard an advertisement for Kamala Harris in which she said she would raise taxes on the rich and cut taxes for the middle class. I was pleased. I note the empirical fact that, in years when the income tax is constitutional yet the top marginal tax rate is below 69%, nonincumbent Democrats are elected president if and only if they promise to raise taxes on high incomes and cut taxes for the middle class.
I usually do not make predictions (I haven’t since 2004). I merely note the pattern
In 2016 I was convinced there would be an exception to the rule/stylized fact. Clinton proposed increasing taxes on the rich and a large number of tax cuts directed at families for whom they would do the most good. Like many people I expected her to get
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