I See England, I See France - Where in the world have tax increases made things better?

December 6, 2012

The left and much of the center are launching a scorched-earth assault against the right's position on taxes.

Republicans are being told they must hike taxes on top earners if they're serious about paying down the debt. Grover Norquist is being portrayed as a mad sorcerer, staggering around and misfiring spells in fits of pique while his entranced minions slowly come to. Here in Washington, meaningless buzzwords are fluttering through the air like dead autumn leaves. "Serious." "Hostage takers." "Reality-based community." "Balanced approach."

The last of those terms might be the most amusing. President Obama's initial fiscal cliff plan was repeatedly lauded as a "balanced approach." On one hand, Democrats got tax hikes on the top earners. And on the other hand, Democrats got $200 billion in stimulus. Even-steven, you see.

But let's examine the plan's main provision and President Obama's loudest podium-thumper: the tax hikes on top earners. If passed, rates for the top two tax brackets would increase from 33% and 35% to 36 and 39.6% respectively, tax rates on capital gains would go up from 15% to 23.8%, and the top rate on dividends would skyrocket from 15% to 43.4%. The president's accountants claim this would raise $1.6 trillion over the next decade without slowing down the economy.

If that were true, it would be worth consideration. Conservatives like low taxes, but the overriding concern right now must be paying down the debt. $160 billion per year might be a drop in the bucket, but enough drops fill up.

The problem is it's not true. Raising taxes only makes...

FINISH

 

 


blog comments powered by Disqus

10 year FSM Anniversary

Ouch! Ted Cruz's response to Romney criticism of #IranDeal comments gets an 'amen to that'

July 30, 2015  06:36 PM

David Limbaugh likes Cruz's comeback to Romney.

Jack Black & friends' support for Iran nuke deal enough to convince former CIA operative Mike Baker (sarcasm alert)

July 30, 2015  05:28 PM

Activist actors CAN make a difference! Or sometimes not.

'Wonder why that happened?' Donations to Clinton Foundation on the rise heading into election season

July 30, 2015  04:45 PM

Go figure!

WHAT?! Did Josh Earnest seriously just say THIS about ghastly Planned Parenthood videos?

July 30, 2015  03:46 PM

Is this real life? What the White House is saying about Planned Parenthood videos is beyond belief.

George H.W. Bush has a new perspective on danger [photo]

July 30, 2015  03:37 PM

THIS guy!

FSM Archives

More in MUST READS ( 1 OF 25 ARTICLES )