Taxing millionaires and billionaires is a slogan. There is an interesting story in today's WSJ about the results of England's recent experience of taxing the rich. They raised the tax on taxpayers making more than $ 1 million annually from 40 % to 50 %. Guess what? Tax revenues collapsed, while the number of tax returns reporting $ 1 million or more in income fell by more than 50 %? That is a preview of our future if Obama gets his way. Obama's soak the rich scheme will lead to lower revenues, a higher deficit, and a weakening economy.
Meanwhile, the entitlements march on. National debt, now at $ 16.3 Trillion will be $ 22 Trillion by the time Obama leaves office, if we are lucky. It could be $ 25 Trillion if the economy falls apart because of Obama policies. Taxing rich folks brings in $.08 Trillion per year, assuming you believe Obama's assumptions. That means the national debt will be only $ 24 Trillion by 2016, not $ 25 Trillion.. Big deal! Taxing the rich is a phony issue of no substance.