XPost: alt.tv.pol-incorrect, alt.fan.rush-limbaugh, alt.politics.usa
XPost: us.taxes
Summary
It is arithmetically impossible to pay for progressive promises by
“taxing the rich.” Progressive promises are too expensive—and the
amount of income earned by the rich is too small. Even using lower
cost estimates, confiscating every dollar earned by every taxpayer
with incomes of $200,000 or more would only pay for about half of the progressive agenda. And that figure is based on the false assumption
that people would continue to work, save, and invest when subject to
a 100 percent flat tax. The reality is that progressive promises can
only be funded by increasing taxes on the middle class from three to
10 times their current level or, for a limited time, by dramatic and unsustainable increases in federal borrowing.
Key Takeaways
1 Confiscating every dollar earned by taxpayers with incomes over $200,000 would not come close to paying for the left’s agenda.
2 Progressive policies would require either increasing middle-class taxes to three to 10 times existing levels or radically higher, unsustainable federal borrowing.
3 Progressive promises would increase federal taxes and spending to levels higher than other advanced countries and have a dramatic adverse impact on the economy.
Introduction
We often hear that progressive promises will be paid for by “taxing
the rich.” This is arithmetically impossible. Progressive promises
are too expensive—and the amount of income earned by the rich is too
small. Even using lower cost estimates, confiscating every dollar
earned by every taxpayer with incomes of $200,000 or more (a very
expansive definition of “the rich”) would only pay for about half of
the progressive agenda. The reality is that progressive promises can
only be funded by radical tax increases on the middle class, a dramatic increase in annual federal deficits and the national debt, or a
combination of the two.
https://www.heritage.org/taxes/report/it-arithmetically-impossible-fund-the-progressive-agenda-taxing-the-rich
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