Tuesday on the radio, LevinTV host Mark Levin laid out how “taxing the rich” simply cannot pay for the progressive agenda, even if you include the middle class in that category.
Levin read a recent report by David Burton at the Heritage Foundation that showed it’s arithmetically impossible to fund the progressive agenda by taxing the rich.
Data from the IRS showed that if the government actually confiscated all the earnings of Americans earning $1 million or more per year, the sum would not even eliminate this year’s federal deficit, let alone pay for current entitlements or additional new federal programs. Even using lower estimates, confiscating every dollar earned by every taxpayer with incomes of $200,000 or more per year would only pay for about half of the progressive agenda, Burton’s report explained.
“So they would literally have to confiscate every penny earned of anyone or couple or family that earns $200,000 or more,” Levin said. “That would be $2.7 trillion. The federal budget today is slightly over $4 trillion. You see the context here? You’re not going to get this from your media. You’re not going to get this at these Democrat debates.”
Levin added that even if the 100 percent tax rate increased the federal budget enough to fund the progressive agenda, that money can only be used once: Earning money would be a net cost to taxpayers under this system, so economic activity would effectively cease.
“In other words, you’re paying 100 percent of your income, plus you’re paying a payroll tax, various withholding taxes. So you’re paying over 100 percent on every dollar you earn, and it still doesn’t work.”
Lots Of Words, But No Solutions
— LevinTV (@LevinTV) August 15, 2019