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Fiscal Cliff Notes

Hig Wrote: Dec 05, 2012 10:13 AM
Maybe in most circles you frequent, Mr. Sowell is a "lunatic." My guess is that most members of those "circles" believe that raising tax rates will increase revenue. Historically wrong and in violation of Economics 101. It's simple cause-and-effect. But any place I read a commentary on Mr. Sowell's work, the word most often used is "brilliant."

Amid all the political and media hoopla about the "fiscal cliff" crisis, there are a few facts that are worth noting.

First of all, despite all the melodrama about raising taxes on "the rich," even if that is done it will scarcely make a dent in the government's financial problems. Raising the tax rates on everybody in the top two percent will not get enough additional tax revenue to run the government for ten days.

And what will the government do to pay for the other 355 days in the year?

All the political angst and moral melodrama about getting "the rich" to pay...