Thursday, April 14, 2011

CNN Report: Taxing the rich just won't do it

At the current spending levels, there is simply not enough 'rich money' out there to fill the massive hole that Obama and the Democrats have dug. The big surprise here is that this report is coming from the Clinton News Network. The embed function is disabled but click on the pic to see the report over at Youtube.
Higher taxes won't reduce the debt by one red cent. Why? As a matter of historical fact, each $1 in higher taxes results in $1.17 of new spending. Show me where, since WWII that the debt has come down even once no matter the tax increases:
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