The distance between left wing rhetoric and reality is wide, particularly on the issue of taxing the rich. This classic bit of class war rhetoric is used to deflect any deeper inspection of the problem, and the flaws in the Democrat’s solution. And the flaws are huge. Immense. Enormous. Disqualifying in fact. So ask a New Hampshire Democrat about taxing the rich.
If we allow taxes to go up at the end of year, on people making more than 250,000.00 per year, what has been billed as the largest tax increase in history, how much more of their money will find its way into the Federal coffers? Less than 60 billion dollars per year.
Eliminating or limiting deductions? Less than 30 Billion more annually.
Don’t forget dealing a rhetorical tax blow to big oil…that’s another 4 Billion.
So a Party and a President that embraces the addition of five trillion to the national debt in three years and is good with adding a fresh trillion annually, is giving everyone the impression that if we “tax the rich” we can solve all our problems. But that’s not even 100 Billion more per year.
Where are they going to come up with the other 900 billion annually just to break even–before we even begin to chip away at the actual deficit?
We could tax the Rich more, but their total worth is but a portion of the annual deficit. Taxing the rich, or large companies, or banks will never address the deficit problem. There is not enough money in the US economy to cover the cost of all this spending.
So ask a New Hampshire Democrat. Who are you planning to tax after you’ve taxed the rich?
Let me help you with that. The answer is you.
Executive Office of Budget and Management
