But the more important part is the democratic disincentive. Think of the old golden rule: Whoever has the gold makes the rules. (This insight apparently comes from noted philosopher Johnny Hart, the cartoonist behind “The Wizard of Id,” who coined it in 1965). When the bulk of tax revenues come from the people, or at least from the middle class, the government heeds the middle class. When all of the money comes from the aristocracy, as it did prior to the rise of democratic capitalism, the aristocracy made the rules. When it comes from the rich — aka “the donor class,” the “1%” etc. — the rich care a lot more about the rule-making.