Quote:
Originally Posted by SwampYankee
Say we raise taxes on the Top 2% to 60-70-80% of their income. Then what do we do when that revenue barely makes a dent? We move down to the Top 3%, same result. At the Top 5% you're already into non-"millionaire" territory and there still isn't enough revenue to keep up with expenditures. So it becomes Top 10% and you're into middle class territory. And so on.
Sure the Top 2% has a lot of power. But the support for holding taxes comes from a lot further back in that pecking order. It's not that there's support for the "super rich" for those opposed to increasing taxes, it's that they know they're next in line when there's still not enough revenue coming in since every expenditure, including defense, has become an entitlement and there's no will to cut them.
From the Wall Street Journal (I know, I know. If you've got a different source that claims otherwise, I would love to see them.):
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Yes, the gov is drowning in red ink, and we have already proven that the country runs just fine even if it shuts down for a few days (such as during the snow storms). I hope a balanced budget amendment becomes reality - then the hard choices will have to be made on both sides of the balance sheet.