Veronique de Rugy in dailyherald: Democrats don't realize that the 'tax the rich' theme is no answer to the nation's debt problem.
Whenever we have a national conversation about government debt, Democrats invariably respond that spending is not the reason the debt is now nearly equal to our national GDP. The real cause of our indebtedness, they inform us, is that taxes aren't high enough and the rich don't pay their fair share.
As the Cato Institute's Adam Michel reminded Congress recently,"It's new spending that drives the deficit. For example, President Biden has added about $5 trillion in unnecessary spending to the national debt. That's more than three times the 10-year revenue reduction of the 2017 tax cuts." by signing up you agree to our terms of service European governments pay for their large governments by taxing the middle class. Testifying before the Senate Budget Committee, Michel remarked that if the average middle-class taxpayer were to move to Europe, he would pay in taxes an additional $16,000 annually. The Tax Foundation meanwhile calculated that"If the U.S. taxed personal income in the same way that Denmark does, all income over $82,000 would be taxed at over 55%.
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