How Much Deficit Reduction Would Obama's Tax On The Rich Accomplish?
Senior Editorial Writer
November 12, 2012 | 2:14 pm
Raising taxes on the rich was the cornerstone of President Obama’s reelection campaign. “If we’re serious about reducing the deficit,” Obama told a rally in Columbus, Ohio, on election day, “we’ve got to ask the wealthiest Americans to go back to the tax rates they paid when Bill Clinton was in office.”
But just how much deficit reduction would Obama’s tax hikes on the rich necessarily accomplish?
Nothing, according to the Congressional Budget Office.
Letting tax rates rise to Clinton era levels for those families making over $250,000 a year would only raise $824 billion over ten years. That is not even enough revenue to undo the sequester that Obama promised “will not happen” during his final debate with Mitt Romney.
A chart breaking down the costs of the relevant fiscal cliff provisions is below.
Thank You Beltway Confidential/Wash Examiner and Mr Carroll
So, as the CBO Reminds us, Taxing the rich until there are no rich no more, is not a solution.
It's the politics of Division and Devastation through Class Warfare.
Economic Depression = Psychological Depression.
It's that simple.
Raising Taxes has run us to ruin. The Entitlements must go. Selling ourselves into Slavery for a Cell Phone would not amuse MLK.