Tax Lawyer's Blog

Anyone who reads this blog knows that I find it repugnant that the government continues to spend the taxpayers’ money without compunction while demanding that America’s most productive citizens foot the bill in ever-increasing proportions.

Now, non-partisan think tanks the Urban Institute and the Tax Policy Center say that tax rates on the wealthiest Americans would have to be raised to as high as 91% to significantly reduce the deficit.

Patrice Hill of The Washington Times has the story:

Taxing wealthier people is back in style with Democrats in the White House and running Congress, but the government’s fiscal house is in such disarray that even that well-trodden path will prove to be no cure-all for the nation’s soaring $1 trillion budget deficits.

Estimates by nonpartisan groups such as the Urban Institute and Tax Policy Center show that without any serious efforts to cut spending, tax rates on the wealthiest people earning $200,000 or more — the group targeted by President Obama — would have to rise to prohibitive levels of between 77 percent and 91 percent just to bring the yearly budget deficit down to manageable levels of around 2 percent to 3 percent of economic output.

Despite those estimates, the trend toward raising taxes on higher-income earners is well under way. Mr. Obama’s health care reform program nearly doubled the Medicare tax on people earning more than $200,000 and subjected their investment income to the health care tax for the first time.

Americans are every inch the fools left-wing elitists believe them to be if they allow the government to take more of their money without first forcing it to prove it’s responsibility and good judgment with the money they’ve already given it.

Related Posts:

• Tax Foundation: The Rich Fund the Lion’s Share of Government
• Rich Liberals Don’t Really Want to Pay More Taxes
• Self-Loathing Rich Liberals Want Higher Taxes
• Wealth Flight Goes National
• Tax Confiscation Ain’t Progress

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