Why not raise taxes on the rich?

Obama keeps saying that we can “fix” our fiscal problems by “asking the wealthiest Americans to pay a bit more.” That is sheer nonsense, since we couldn’t fix our looming fiscal disaster even if we levied a 100 percent tax rate on every taxpayer.

Nevertheless, neocons have indicated their willingness to cave in and let Obama have his tax increases — Bill Kristol in particular. In this Cato@Liberty post, Marian Tupy explains exactly what is wrong with Kristol’s thinking, namely that if Washington gets its hands on still more wealth, it will waste it and then claim the need for still more taxes.

One comment

  1. Obama never said we can fix all of our fiscal problems by raising taxes on the rich. He said A) it’s only fair to make the rich pay the same rates on their income as everyone else. And B) It is a piece to the overall puzzle.

    Comment by Pops on November 21, 2012 at 12:08 pm

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