It's Happening: Iranian Drones Breach Israeli Air Space
Iran Has Begun Its Attack on Israel
Rachel Maddow Is Filthy Rich And Morally Bankrupt
'Our Constitution Was Made Only for a Moral and Religious People:' Part One
Here's What Trump Had to Say About Iran's Attack on Israel
A Quick Bible Study Vol. 213: What the Bible Says About the Sun...
American and Dubai
Setting the Record Straight on Long-Term Care Policy
Nippon Steel Bid to Buy US Steel: Good for US, Good for Japan
US's Happiness Ranking Plummets, but There Are Reasons Christians Should Be Encouraged by...
Texas Holding Universities Accountable on DEI
Iran Threatens the U.S. to 'Stay Away' After Launching Attacks on Israel
Lawmakers Send Stern Message to Biden Amid Iran Attack
How Biden's Failed Policies Led the Way for Iran's Attack
Officials Worry Iran Drone Attacks Against Israel Are 'Decoy' and Will Launch 'Faster...

Why "Soaking the Rich" Doesn't Work

In the Wall Street Journal, Alan Reynolds has a must-read: "Why 70% tax rates won't work."

In essence, the piece illustrates, chapter and verse, the history that reveals that more money actually flows to the Treasury when there are lower tax rates -- no doubt because of the growth and entrepreneurship spurred by people being allowed to keep more of what they themselves have made.

One would think that would be enough to convince Democrats that raising taxes on "the rich" isn't going to solve any of America's problems.  It proves that lower tax rates produce higher revenues (at least to a point of diminishing returns).  But don't expect these facts to change Democrats' minds about the desirability of raising taxes.  

That's because -- for a lot of them -- taxation isn't just about filling the government's coffers.  It's about collectivism and imposing the left-wing view of "equality," otherwise known as "social leveling." True believers iinclude the President, who once advocated maintaining a higher capital gains rate -- even if it resulted in less money to the Treasury -- "for purposes of fairness," as he put it.

Join the conversation as a VIP Member


Trending on Townhall Videos