Versailles Bubble

David Atkins writes regarding this hilariously sad post from the Wall Street Journal:

These folks live in a Versailles bubble, modern day edition. But even they're not the ones with the real money. The real plutocrats outstrip even these jokers by exponential leaps and bounds. And they're the ones who drive public policy in this country. Charlie Pierce, TBogg and Xenos all each have good takes.

Stop Coddling The Super-Rich

Warren Buffet, writing an op-ed piece in the New York Times says that we need to raise taxes on all income over $1 million per year:

I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.