Here we go again. Yet another attempt to explain to us all why trying to raise taxes on the rich DOES NOT BRING IN MORE REVENUES TO THE GOVERNMENT. As often as the WSJ posts on this subject, I will do my best to post on it, on the off chance that someday someone will read it and pay attention.
Few on one side of the tax discussion will ever be willing to discuss these facts because it means that logic is trumping what they feel should be the case. An inconvenient truth indeed: if you want to afford a middle class tax cut, you need a “top 1%” tax cut. As Mark Twain said, “These are the facts; you may distort them however you wish.” One good way is to ignore these facts and point to an “income gap” instead. And see if the talking heads asks anyone on the campaign trail about these numbers.