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What Soaking the Rich Gets: Deficits Forever

Brian953 Wrote: Dec 13, 2012 9:53 AM
The rich aren't the target in the first place — the rich are, by definition, those who already have money. This is a tax on those ontheir way to becoming rich, at best. But the "target" isn't the victim. Those who are most easily hurt by a sluggish economy and high unemployment are.
Last week, the progressive think tank Center for American Progress (CAP) released their tax reform plan [pdf], supported by prominent left-wing budgeters and economists like Robert Rubin and Lawrence Summers. The net effect of this tax reform plan is a massive tax hike on "the rich" in order to fall far, far short of the revenue necessary to eliminate America's deficit.

The CAP plan would eliminate deductions, close loopholes raise rates, implement new taxes, increase sales taxes, create new taxes... basically every form of a tax hike you can think of, all implemented on households with income above...