Unformatted text preview: policy into a weapon of class warfare. In fact, the President’s beloved (re)distribution tables have only become worse in his world of 40%-plus top marginal rates. Nor should we expect any Democrats today to deliver bellowing speeches about the incentive-smothering effects of the Clinton tax tables or high capital-gains rates. Indeed, the Democratic party has traveled a long way from its populist past. A hundred years ago, a pamphlet prepared after a Democratic National Convention in Chicago, this year’s site, advertised the Democratic candidate as a man who “denies the right of any government to take from any man by means of taxation any money not needed for government expenses or to tax one man to enrich another.” The candidate, of course, was “populist” William Jennings Bryan....
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- Spring '09
- Federal Reserve System, William Jennings Bryan