Maybe We Should Tax Stupidity?
There’s probably nothing that characterizes Idiot Nation better than the debate over taxing the wealthy. This latest report from the Congressional Research Service is very much old news — raising the marginal tax rate on the wealthy has no impact whatsover on the economy. That’s as much a fact as 2+2=4. Every study of taxes supports this, and every sane economist agrees with this. Hell, it’s just plain old common sense — the wealthy have far more money than they can possibly spend, so when you raise their taxes just a small amount, they will still be taking in more money than they can spend. So net effect on the economy is zero. And then there’s the real world evidence that we have. Clinton raised taxes on the wealthy and the economy thrived. Bush cut taxes on the wealthy and the economy crashed.
I can understand that issues like climate change tend to be complicated, so I can cut some slack there — but the issue of raising taxes on the wealthy is a total no-brainer. Raising taxes on say people making $200K or more per year would provide revenue that could be used to stimulate the economy, to reduce the national deficit, to improve our deteriorating educational system, to rebuild our aging infrastructure, to start making all the changes we need to deal with climate change — all of which would make this a greater country and would benefit everyone, including the rich. And only 3% of the population would end up paying higher taxes! If you are in the lower 97% of the income distribution, supporting a tax increase on the wealthy is a total no-brainer. And yet it’s not even on the radar screen in Washington.
God bless Idiot Nation!