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

“It is arithmetically impossible to pay for progressive promises by “taxing the rich.”  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 would only pay for about half of the progressive agenda.  And that figure is based on the false assumption that people would continue to work, save, and invest when subject to a 100 percent flat tax.  The reality is that progressive promises can only be funded by increasing taxes on the middle class from three to 10 times their current level or, for a limited time, by dramatic and unsustainable increases in federal borrowing.”  David Burton, “It Is Arithmetically Impossible to Fund the Progressive Agenda by Taxing the Rich,” The Heritage Foundation, 8/14/2019.