Europe and Japan have parliamentary democracies where parties represent their share of the vote. In the United States, it’s winner takes all. This has distilled U.S. politics to a two party system, and that makes it easier for a large
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“The middle class is no better off taxing the rich and distributing a share of their income to the poor than they are paying the poor’s share themselves. As noted, leaving the dollar with the rich and letting them invest
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A populist politician, whose objective is to redistribute income, seeks the highest tax rate possible on rich investors without losing 51 percent of the vote (or a few points more, perhaps, depending on the value of the margin of safety).
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