I used to say "soak the rich" until I started saying "print the money." However, my thinking continues to evolve. While I still say "print the money" without borrowing, I'm interested in tax policy for the sake of democracy.
If we leave the rich where they are, they will still have vastly more money to buy politicians. There's the problem.
If we don't adequately reform government so that politicians aren't independent but rather true representatives of the whole people who can immediately recall them for voting contrary to the instructions of the electorate, then leaving the rich where they are while printing the money so democrats (small d) can have what they need, want, and deserve as humans, will not be good enough.
So, we either reform government enough or we soak the rich or both all while printing the money. I'm leaning more and more to doing all of them.
Is it economic-class warfare? Of course it is. So what? We need to lift the bottom, as I've said before a number of times. Trickle-down is nonsense.
Does it mean nobody will be rich? No. It means everyone will be.
For years, anti-tax proponents have broadly labeled all wealthy people as “jobs creators” in their persistent pursuit of lower tax rates.
Higher tax rates on the rich mean fewer jobs for the rest of us, so the story goes. But this fallacy has fallen out of favor because it’s clear that continual tax cuts for the rich are primarily benefiting the rich and will eventually cost the rest of us in the form of broad cuts to critical programs and services.
The lore of the privileged few benevolently creating jobs for the rest of us comes from the same ideological space that figures wealth and opportunity are there for the taking for anyone who works hard enough. This myth is comforting for the rich because it confers a moral sanction on their privilege. It’s also an ideal that powerful special interests have exploited to rig the system in their favor and funnel more of the nation’s wealth to those at the top. But it simply doesn’t hold true for working people—those who are already contributing but unable to get by—that hard work translates into economic mobility. [Source]