IBD Editorials
Taxing The Rich More Will Backfire On The Middle Class
Posted 12/10/2012 06:50 PM ET
Taxes: How much can the U.S. government take from our most successful citizens? Theoretically, there might not be a limit. But the consequences for the less successful are huge, as one principled CEO points out.
Appearing on CNBC on Monday, Ex-New York Democratic state politician Richard Brodsky trotted out his party’s class-warfare-based fiscal cliff talking points.
“We’ve got to dig our way out” from under Bush policies, he contended. And “the president is saying that the wealthiest are most able to contribute” — after which Brodsky instantly admitted that raising taxes on the highest incomes “is not gonna dig us out alone.”
Debating Brodsky, Euro Pacific Capital CEO Peter Schiff provided a sorely needed dose of realism: The successful — all those miserable Scrooges who provide tens of millions of Americans with their livelihoods — are already taxed far, far beyond any sane definition of “fair.” Using himself as an example, Schiff pointed out:
Peter Schiff is at his best when he explains the housing bubble. Why is he in that lib state anyway?
I keep posting that the economy better be seen as getting worse after those taxes go up next year, otherwise the R party will be ‘the nothing’ party:
1) Republicans saved the economy under Clinton
2) Democrats killed the economy under Bush
3)Obama raised taxes on the rich and left the economy in better shape than he got it, but it would have been even better if he didnt raise those taxes
Wont work.
*3* must not be that.