Economist on taxes

Some wise words (as usual) on taxes from the Economist.

One can more or less summarize the Economist's position as: why don't you idiots read the public finance literature?

Indeed.

Addendum: But wealth is still a stock and income is still a flow. Incomes taxes affect those with high incomes, some of whom are rich and some of whom are not. The Economist really ought to get this right; the rhetorical use of rich to mean high income by those on the left is designed to mislead.