The Homa Files

According to the WSJ …

Claiming to tax only the rich has always been more political strategy than fiscal realism.

IRS tax data show that you could have taken 100% of the taxable income of every American who earned more than $500,000 in the boom year of 2006 and still only have raised $1.3 trillion in revenue.

That amount would not have closed the budget deficit in either of the last two fiscal years.

Liberals know that the only way to pay for their spending plans is by soaking the middle class—because that’s where the real money is.

But, they pretend they can finance a European-style entitlement state by taxing only the rich because they know that soaking the middle class is unpopular.

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WSJ, The Democratic Tax Retreat, Sept. 25, 2010
http://online.wsj.com/article/SB10001424052748704523604575511863393295260.html?mod=WSJ_Opinion_LEADTop

This entry was posted on September 28, 2010 at 6:20 am and is filed under Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.