Click here for an index of Conference Summary . Inc. An edited transcript of the debate follows.
Liberals somehow think there is a war going on between capital and labor, which is nonsense.
Capital is essential to labor, just as labor is essential to capital. And a tax code designed not to increase wealth, but to redistribute it, is the last thing we need at the dawn of the twenty-first century. The problem is that the Gephardt proposal quickly goes up to 34 percent for everyone else. And yet a steeply graduated income tax is not the friend of labor that Karl Marx said it would be. Labor depends on the ability of men and women to get capital into its hands, to provide better equipment, to create more jobs, and to expand opportunities to work, earn, and save.