We can fix our deficit problems by taxing the rich!!
This has become the de facto position of the Democrat Party. Forget spending cuts! We don’t need ’em! We’ll just tax the rich until the budget is balanced and we’ve paid off our debt.
There’s one huge problem with that: It won’t work, it can’t be done, it’s impossible. No matter how you massage it, the math won’t add up.
“(Even if we took) all the profits, all of the salaries, all of the assets, all of the expenses, all of the revenues and holdings of the rich and we liquidated them….(and we’d) scrape through for one year.”
Put another way, if we were to pull a “full Stalin” and take everything “the rich” in this country makes and owns, it would pay off the deficit for a single year. Then, when the next year rolls around, we’d have another trillion dollar plus deficit on the way, but with no tax revenue from the rich, no one who could invest in new businesses, and no entrepreneurs willing to bust their behind to make money the government would confiscate from them. Hello, new Depression. Hello, Doom.
We can discuss whether the rich should pay higher taxes, but what you can’t truthfully argue is that the government can get spending under control without dramatic spending cuts.