For most millionaires, federal tax rates -- the share of income taxed -- exceed 30 percent. Some rich have lower rates. Raising these rates is justified but wouldn’t balance the budget. The plan by Senate Majority Leader Harry Reid for a 5.6 percentage point surtax on incomes exceeding $1 million would raise an estimated $453 billion over 10 years. Deficits over the decade are realistically projected at $8.5 trillion.
http://www.realclearpolitics.com/printpage/?url=http://www.realclearpolitics.com/articles/2011/11/07/budget_fairy_tales_left_and_right_111957.html
OK, raise some taxes on people but don't pretend it solves the SPENDING PROBLEM!
Make the rich pay more, fix the tax code, WHATEVER! That does not change the fact that there's a SPENDING PROBLEM! It is called Medicare and it is a result of the fact that politicians designed a system of interventions in the health care system of this nation that guarantee it will produce less health at a higher total cost.
Growth is a result of liberty and the most predictable possible market conditions. Stop the interventions. We could still grow our way out of the mess.
Samuelson rightly concludes:
What liberals don’t say is this: Unless Social Security and Medicare benefits -- the bulk of the budget -- are reduced, we face three dismal choices. Huge, unsustainable deficits. Massive tax increases on the middle class, as high as 50 percent over 10 to 15 years. Or draconian cuts in the discretionary programs that liberals accuse conservatives of wanting to gut.
http://www.realclearpolitics.com/printpage/?url=http://www.realclearpolitics.com/articles/2011/11/07/budget_fairy_tales_left_and_right_111957.html
OK, raise some taxes on people but don't pretend it solves the SPENDING PROBLEM!
Make the rich pay more, fix the tax code, WHATEVER! That does not change the fact that there's a SPENDING PROBLEM! It is called Medicare and it is a result of the fact that politicians designed a system of interventions in the health care system of this nation that guarantee it will produce less health at a higher total cost.
Growth is a result of liberty and the most predictable possible market conditions. Stop the interventions. We could still grow our way out of the mess.
Samuelson rightly concludes:
What liberals don’t say is this: Unless Social Security and Medicare benefits -- the bulk of the budget -- are reduced, we face three dismal choices. Huge, unsustainable deficits. Massive tax increases on the middle class, as high as 50 percent over 10 to 15 years. Or draconian cuts in the discretionary programs that liberals accuse conservatives of wanting to gut.
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