The presumption of innocence should be respected for all citizens, not just the rich. Setting bail out of the financial reach of ordinary citizens assures that jails are full of people not convicted of any crime.
At least 9,000 wealthy Americans have amassed $5 million-plus sized IRAs. Multimillionaires and billionaires are shielding vast fortunes from taxation with monstrously huge IRAs.
Simon Johnson, former chief economist of the International Monetary Fund, is a professor at the MIT Sloan School of Management, a senior fellow at the Peterson Institute for International Economics, and a member of the CBO’s Panel of Economic Advisers. He is a co-founder of The Baseline Scenario.