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Class Warfare: The Mortal Enemy of Economic Growth and Jobs | Jim Powell | Cato Institute: Commentary: "regardless how smart politicians and bureaucrats might be, they have only a miniscule fraction of the total knowledge in a society. Politicians and bureaucrats tend to have book learning that's related to academic credentials, whereas specific, practical knowledge needed to make an economy work is dispersed among multitudes of ordinary people. "
"Private individuals not only have such knowledge, they have stronger incentives than politicians or bureaucrats to use the knowledge effectively."
"progressive taxation has contributed to hideous complexity in the tax code. This is because the higher tax rates go, the stronger the incentives various interest groups have to lobby for special treatment, and since politicians always need more campaign contributions, they're eager to oblige lobbyists. The more complex the tax code, the more arbitrary and capricious enforcement is sure to be. With high top rates, progressive taxation promotes an illusion of "fairness," while causing considerable unfairness."
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