FR has some math experts.. What is the total revenue generated by 0bama’s ‘tax hit on the rich’ and how much does it offset the national debt? I know it’s barely a dent, if even a scratch.
Raising taxes on the “rich” is estimated by the CBO to bring in somewhere between $80B and $100B per year. The deficit next year is currently projected to be about $1300B. As Greta keeps saying, that runs the government for 7 to 10 days.
Conclusion: raising taxes on the “rich” is not about reducing the deficit, it is about class warfare.
Note - Geithner’s proposal to the Republican leadership was to raise taxes on the rich by $160B per year, but then to increasing spending by over $100B for “stimulus” and the extension of unemployment payments. I saw that on Fox News, but nowhere in the MSM.