Assume that “rich people” do not change their behavior when the enlightened philosopher kings in congress tell them they have no right to a portion of their earnings. How much would (marginal) tax rates on the rich have to rise in order to pay for our current budget deficits?
If you guessed … OVER 100% you win a prize. That’s right folks, well over 100%. And to all of my middle income family friends, guess who they’ll be coming after with higher fees (not taxes, we can’t call them taxes) to deal with this problem? Yep, you. You’ll see it come via value-added taxes. You’ll see it come in higher health premiums. You’ll see it come in fewer tax deductions. You’ll see it come in all manner of ways that will not be obvious to you. And you will see it come here:
Oh, and that just erases the deficit, not the tens of trillions of dollars of accumulated federal and state debt (real and accrued).
HT to Bruce McQuain