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How Raising Taxes Will Not Balance the Budget: More Evidence

December 17, 2012 by  

Bob Livingston

is an ultra-conservative American and author of The Bob Livingston Letter™, founded in 1969. Bob has devoted much of his life to research and the quest for truth on a variety of subjects. Bob specializes in health issues such as nutritional supplements and alternatives to drugs, as well as issues of privacy (both personal and financial), asset protection and the preservation of freedom.

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  • Vigilant

    One has to wonder how many times the progressives need to be schooled that raising capital gains taxes and income taxes on the those in the highest marginal brackets REDUCES revenues.

    I suspect they already know it, but it makes no difference to their politics. JFK was famous for reducing capital gains taxes and harvesting the revenue bonus from it. Somehow that lesson was lost on the left.

    The figures don’t lie. Taxing the “rich” will (1) reduce expected revenues to the treasury, and (2) will not in any case yield enough to defray government expenses for more that 8-9 days (16-18 days if Obama gets his $160 billion per year increase) in any given year. Note: the “diminishing return” under (1) above will also reduce the number of days of fundable government under (2).

    If the progressives know this, then why do they so stubbornly hold to this defective logic (and math) in the public forum? For that, I think you need to look to the true agenda of the socialists.

    Their aim is to impoverish the producers while maximizing the number of people dependent upon government. Obama made it clear that he prefers to tax now and put off the decisions relative to spending cuts until next year. He is by no means serious about balancing a budget, as long as he believes he can pay for his social largesse by spending fiat dollars that lose value with each Fed printing.

    Meanwhile, he stokes the class warfare so typical of the left, further reducing the legitimacy of capitalism in the eyes of the ignorant “hate the rich” crowd.

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