Perhaps the better and more historic question to ask....after the new President gets Senator Snuffy and Representative Freddy to pass some new great tax on the rich....what typically happens?
Snuffy and Freddy come back to the table an hour later....and craft ten tax credits, which work in other ways unrelated to the taxes created at the beginning of the day.
So when IRS does all the tax revenue collection....it’s an odd thing. Out of the 100 new tax dollars for revenue collection that was talked about...just five dollars make it through the system....mostly related to non rich-people and the middle-class who didn’t get some nifty new credit.
It takes about four years for anyone to realize that the credits cancelled out the taxes, and all that talk was for nothing.
This is the script used by Presidents and politics for the past hundred years...why should I expect anything to change?
It happens like this:
1. Democrat proposes raising taxes on the wealthy (income over $1M) to raise $X to help the poor.
2. Number crunchers find that the tax increases only produce 1/4 of $X.
3. Democrats redefine the wealthy as $100k or more.
4. Number crunchers find it only raises 3/4 of $X.
5. Democrats pass “sin” taxes to raise the rest, taxes that are primarily paid by the poor.