Taxing the rich will not solve the problem


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Because it is often claimed that we can solve our federal budget problems by closing loopholes and increasing taxes on the wealthy, I thought I’d share this video from Bill Whittle, dramatizing this Iowahawk essay.

We can argue all day about whether we should increase taxes on the wealthy, but that is not going to solve our debt problem. Even if we confiscated every penny of profit from every person or corporation earning more than million dollars a year, we would still not make the slightest dent in the federal deficit.

Our federal government is simply spending money it doesn’t have. We need to cut spending, and cut spending drastically, in order to gain some control over this problem.

Unfortunately, it doesn’t appear to me the American people or Congress are yet willing to face this fact.

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5 comments

  • LINO

    Increasing taxes on the wealthy and closing loopholes on corporations is not the only answer—-just like attacking funding for Planned Parenthood’s non-abortion operations isn’t the only answer (or any answer). But if we’re going to solve this, there is going to be a lot of pain to spread around, and wealthy families and corporations should not be exempt. The solution will be a potpourri of unpopular spending cuts–and yes, tax increases to some people—that will be unpopular with lots of people all over the political spectrum. Thus, the term—-painful.

    If you want this fixed, get used to the idea of being grumpy about the solutions. You’re not supposed to be happy about it. That’s where the concept of compromise comes in. Everybody gets to be unhappy!

  • i guess it depends how you look at it . you could say we will be unhappy but maybe we would be happier to know that we are doing something about a huge problem even though we will have less money and can’t buy as much cheap imported disposable wasteful stuff in the short term . is the current status quo making actually making us happy? It might feel good . I already don’t have much money or any health coverage or land or anything so I think fixing our future will could make me happier as long as we don’t kill each other trying to do it . also I’m not convinced ending the upper end tax cuts would really significantly effect job creation . we really need tax reform the system is a mess . I really don’t care too much if federal revenue goes up or down slightly, the process itself must be simplified somehow

  • LINO

    You are right and you are right.
    My point is simply that the ultimate solutions will upset lots of people–including me. And that’s okay , if it gets us where we need to be.

  • larry

    What a self serving bs video.

    With the internet – it’s getting easier to find out where the money is going and who’s buying who’s influence.

    And the big invisible elphant in the room the Mil-Industrial Complex.

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