If the goal is to reduce the amount of tax revenue, and drive the country deeper into debt, at a faster pace, then this may be an excellent scheme.
Democrats eat the rich.
Once all the Dems’ slogans, lies and demagoging are gone, America is going to have to wake up and realize they have two choices:
either cut spending back to abotu 18% of GDP, which would include entitlement reform (ie, Social Security and Medicare aren’t going to look like what they used to look like) OR
raise taxes on EVERYONE—mainly the middle class—to pay for government spending at about 25% to 35% of GDP, which is what it will be if Social Security and Medicare aren’t reformed.
There is no more free ride. This article points out the folly of assuming we can have it all on the backs of “the rich.”
Tax the rich or thous hall not covet other people’s wealth. A country that turns from God as His way might in for a bumpy ride.
Not that we need any more proof...This administration is turning the constitution on it’s ear with it’s policy that we the people are here only to fund the government.
Someone has missed the entire recent discussion and elections last November. The house would never approve this. It is this scare mongering that is the problem.
Thanks for posting. Good article.
Thanks for posting. Good article.
This has been the goal all along. To completely reverse the Reagan era as if it never existed, just as the liberals/progressives/socialists demonized the roaring 20’s so we could never go back to those successful economic policies.
To liberals, the new deal years and the 70’s were the glory days. They hiked up spending so that taxes would have to be raised to cover it (and they love spending so it’s a win-win)and they are also keeping unemployment intentionally high so that revenues are kept low so that taxes have to be raised.
It’s a transparent, multi-prodded scheme to raise taxes.
“...Take a teacher in California earning $60,000. A current federal rate of 25%, a 9.5% California rate, and 15.3% payroll tax yield a combined income tax rate of 45%. The income tax increases to cover the CBO’s projected federal deficit in 2016 raises that to 52%. Covering future Social Security and Medicare deficits brings the combined marginal tax rate on that middle-income taxpayer to an astounding 71%. That teacher working a summer job would keep just 29% of her wages.”
And then each month, subtract from whatever is left over, the amount the individual pays for higher gas and food prices (from a devalued dollar), cap and trade effective taxes, Internet sales taxes, etc...
First, our Congress Critters have gotten away from what taxes are supposed to do. Our Founding Fathers wanted to tax only enough to fund the government. Our Congress Critters want to this AND use taxes to control our lives AND use taxes to get reelected (hence all the “tax breaks”).
This multiple purpose of taxing is what has gotten us into trouble. Of course, the Congress Critters will always say they are taxing, raising taxes, for our benefit - not theirs.
Second, the marginal tax rate has been much higher than what anyone is currently talking about. From 1950 through 1963 the top marginal rate was either 91 or 92 per cent. The economic pace of the nation reflected that excessive taxation rate too.
All governments must be put on a diet and kept there otherwise Congress Critters will again use taxation as a method of staying in power and our children and grandchildren will have to fight the same battle all over again.
Just like reading history where in 1936 the US was just almost coming out of the Depression when tax rates went to 60% and put the US back in a double depression until WWII.
Get ready for the same effect on revenues as occurred under the last 70% marginal tax rate.
Mr Galt, will that be cash or barter?