It Is Arithmetically Impossible to Fund the Progressive Agenda by Taxing the Rich

We often hear that progressive promises will be paid for by “taxing the rich.” This is arithmetically impossible. Progressive promises are too expensive—and the amount of income earned by the rich is too small. Even using lower cost estimates, confiscating every dollar earned by every taxpayer with incomes of $200,000 or more (a very expansive definition of “the rich”) would only pay for about half of the progressive agenda. The reality is that progressive promises can only be funded by radical tax increases on the middle class, a dramatic increase in annual federal deficits and the national debt, or a combination of the two.

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