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Eyeing the Golden Goose

Kibitzer Wrote: Jan 26, 2013 12:46 PM
"If lawmakers are smart, they’ll keep this in mind as they move through the budget process. They have a “great opportunity,” all right, for real budget cuts and genuine tax reform. Let’s hope they take advantage of it." But lawmakers aren't all that smart except with regard to what will get them re-elected. Don't expect Chuck Schumer to change his ideological attitude regarding spending and taxing more.

Are tax hikes on the way? Some federal lawmakers hope so. “It’s a great opportunity to get us some more revenue,” Sen. Charles E. Schumer (D-N.Y.) recently said of the upcoming debate over the federal budget.

You know what that means: calls to raise taxes on the rich. Lawmakers can’t seem to refrain from eyeing the golden goose.

It seems fair to most Americans that those who earn more should pay more taxes. But how much more?

In a report that drew on 2006 tax data, Heritage Foundation scholar Curtis Dubay showed that a family in the top 20 percent of...