Taxing high earners at 100 percent of their income would pay for about one third to just over half of the extraordinarily ambitious "Progressive" or socialist programs supported by democratic socialists Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez, a new Heritage Foundation study found.
Even a full confiscation of all incomes above $200,000 and a confiscation of all corporate profits would still fall $13.2 TRILLION short of paying for the low estimate for Medicare for All and the Green New Deal."It is arithmetically impossible to pay for progressive promises by 'taxing the rich,'" David Burton, Heritage's senior fellow in economic policy, wrote in the study.
To analyze whether or not taxing the rich could cover the socialist agenda, Heritage first estimated just how much that agenda would cost.
Taxing corporate profits would be far more complicated than it may appear.
Taken together, the Goldilocks tax schemes add up to $34.6 trillion, less than three-quarters of the low estimate for the socialist agenda and barely over a third of the high estimate.
"The only arithmetically possible answer" to pay for the progressive agenda is "That the progressive agenda must be paid for by radical increases in the tax burden borne by middle-income taxpayers or dramatic increases in federal borrowing," Burton wrote.
So the next time a Democratic presidential candidate promises the moon and says taxing the rich will pay for it, tell them that in even the most impossible Goldilocks tax scenario, all the taxing in the world will only pay for 72 percent of the Green New Deal for 10 years.
https://pjmedia.com/trending/taxing-the-rich-at-100-percent-wont-come-close-to-paying-for-socialist-agenda-study-finds/
Even a full confiscation of all incomes above $200,000 and a confiscation of all corporate profits would still fall $13.2 TRILLION short of paying for the low estimate for Medicare for All and the Green New Deal."It is arithmetically impossible to pay for progressive promises by 'taxing the rich,'" David Burton, Heritage's senior fellow in economic policy, wrote in the study.
To analyze whether or not taxing the rich could cover the socialist agenda, Heritage first estimated just how much that agenda would cost.
Taxing corporate profits would be far more complicated than it may appear.
Taken together, the Goldilocks tax schemes add up to $34.6 trillion, less than three-quarters of the low estimate for the socialist agenda and barely over a third of the high estimate.
"The only arithmetically possible answer" to pay for the progressive agenda is "That the progressive agenda must be paid for by radical increases in the tax burden borne by middle-income taxpayers or dramatic increases in federal borrowing," Burton wrote.
So the next time a Democratic presidential candidate promises the moon and says taxing the rich will pay for it, tell them that in even the most impossible Goldilocks tax scenario, all the taxing in the world will only pay for 72 percent of the Green New Deal for 10 years.
https://pjmedia.com/trending/taxing-the-rich-at-100-percent-wont-come-close-to-paying-for-socialist-agenda-study-finds/
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