More tax on the rich

Since the end of WW 2, government intervention in the economy has expanded social safety nets characterized by increased regulation, growth of entitlement programs and increased popularity in ideas like universal healthcare, childcare and free college. The number of federal government regulations have increased from 400,000 in 1970 to over one million today. Government spending increased from 31% of GDP in 1980 to 120% of GDP today. Where did the money go? Between 1989 and 2026 the top one percent gained $21 trillion in assets while the bottom 50% lost $900 billion. The rich got richer and the poor got poorer. During these years and continuing today the cry of tax the rich has been heard and in 1980 the top one percent of earners paid 19% of all income tax and today that number is 38%. The concept of income redistribution sounds reasonable but is not working. As the rich paid more the gap widened. The same can be said for the education gap. In 1970 the cost per student was $4,000 per year (inflation adjusted) and by 2020 it was $15,000. In 1970, 39% of high school grads were reading at grade level and in 2020 that number was 37%. Once again, money is not the answer. Perhaps it is time to try a new approach. This will be difficult because the cry of tax the rich sounds so good. As a matter of fact, tax anyone but me sounds good to most people.