With the sudden rapid increase in socialist politicians in our major cities– including Greensboro– the messages in this video are extremely relevant:
“Tax The Rich”
2 thoughts on ““Tax The Rich””
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America’s top 1% enjoy a fifth of the economy’s income and pay nearly a third of its federal taxes. Many politicians think they should cough up much more. Zohran Mamdani, New York’s mayor, wants a new 2% city levy on incomes over $1m. Virginia, Rhode Island and Washington state are weighing up similar measures; Californians are likely this year to vote on a “one time” 5% levy on billionaires’ wealth.
Aggressive taxation stifles economic growth and investment.
Budget deficits of nearly $2 trillion—and speeding towards $4 trillion within a decade—will force increasingly difficult budgetary trade-offs. Many say “Easy, just tax the rich. Problem solved.”
But is it really that easy? Can most of these soaring budget deficits be closed by higher taxes on the wealthy and corporations? The answer is an emphatic “no.”
The potential revenue available from taxing the rich can close only a small portion of our nearly unfathomable deficits.
That’s absolutely right, Fred. The problem is spending. And the problem with spending has gotten much worse since the financial crisis of 2008; and it is especially worse since Covid.