To the editor,
While Washington struggles precariously near the edge of a fiscal cliff over a few percentage points in the top income tax bracket, consider this.
Last year, the income of the head of a large hedge fund was $4 billion. If not just the top bracket, but all of that income were to be taxed at 99 percent, his income after taxes would still be $40 million.
That is 100 times as much as the salary of the president of the United States.
Wouldn’t that be enough?