Tax The Rich, Redistribute the Riches, Impoverish Tax Collections
At the American Thinker today, Randall Hoven points out the ultimate flaw in the progressives' class warfare. eliminating the rich is not such a great idea if you want the rich to pay nearly all the taxes and create jobs.
The Great Recession was a great time for class warriors. Incomes for the rich went down quite a bit in a single year (and only the first year of the Great Recession) while those for the middle class stayed about the same.Read it all.
The result was predictable: much less revenue for the government. Federal income taxes from the middle class ($40,000 to $200,000) went up by $2 billion, but those from the rich (over $200,000) went down by $73 billion. This was not because of tax rate cuts; there weren't any. It was because there were fewer rich households and less income for such households.