Thomas Sowell's latest column posted at the Washington Examiner questions President Obama's emphasis on taxing "millionaires and billionaires."
President Obama's constant talk about "millionaires and billionaires" needing to pay higher taxes would be a bad joke, if the consequences were not so serious.
Even if the income tax rate were raised to 100 percent on millionaires and billionaires, it would still not cover the trillions of dollars the government is spending.
More fundamentally, tax rates -- whatever they are -- are just words on paper. Only the hard cash that comes in can cover government spending. History has shown repeatedly, under administrations of both political parties, that there is no automatic correlation between tax rates and tax revenues.