Rick Santelli, the inspiration for the Tea Party movement, had a great rant on tax rates and our debt. He actually makes much the same point that I did previously, that we just can't raise taxes high enough on top earners to close the budget gap. Though he says it with quite a bit more verve.
(h/t Legal Insurrection)
i agree spending should be cut but this guy is wrong. he is saying that people who make 1 million+ can only be taxed exactly 1 million. they can be taxed 1 million up to however much they actually earn. not that they should be taxed everything either but i'm just saying...
ReplyDeleteI think he was just using a million for illustrative purposes. I actually went through the exercise of calculating what the tax rate would be here http://libertarian-neocon.blogspot.com/2011/08/how-high-would-taxes-have-to-be-to.html
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