But that is the problem they have. If they "tax the rich" enough to fully pay for their pet programs, the few rich that don't move their wealth to other countries will go broke. You could tax the "evil rich" at 100% and still not be able to pay for all of the leftist programs we have right now. The only way they are supported right now is by massive borrowing and by taking the true cost of Social Security and Medicare off the budget.
I have heard of analysis that shows if we taxed the “rich” at 100% and confiscated their wealth, we could fund the government for less than three months. Balancing the budget by taxing the rich is foolish. It is a an appeal to an emotional marxist attack upon private property. As is so much of the nonsense going on today. Happy Easter All!
Do you think the average recipient cares about that? I think they do not.
BBA doesn’t curtail profligate spending, it only mandates a balanced budged. It relies on the hope that increased taxation would become politically unpopular. I think that unpopularity threshold is very very high, the mobocracy will demand more and more until there is nothing but high taxes and poverty.