The great delusion of the age is that society must be endlessly grateful to the wealthy. They owe nothing to society. Rather, society owes everything to them as “wealth generators” because society contributes nothing to their success. The mores and values that inform the rest of human interaction - reciprocity, proportional distribution of pain and reward, trust and social obligation - must be suspended for them. If we want to enjoy the benefits of a dynamic capitalism we must recognise that the rich are different - and not self-defeatingly tax them. American neo-conservatives and their Republican outriders have worked tirelessly for 50 years to promote this hocus pocus, which offends not only the first principles of humanity, but of what we know about capitalism.
Growth is about so much more than just the top rate of tax | Will Hutton | Comment is free | The Observer