Sunday, April 17, 2011

Occasional Verse: Taxing the Rich

The problem the Democrats have is that they can no longer say with a straight face that raising taxes on the wealthy is going to enable them to pay over the next generation for the programs they cherish. So what do you do?

William Galston, a Democrat, “The Budget Debate, Revealed,” New York Times, April 17, 2011

Taxing the rich,
has this hitch.
You can never collect enough.
This is strictly off the cuff,
but you can't cover one year of D.C. spending,
and offset interest on other nations' lending,
by simply taxing the rich,
or chasing down the tax snitch.
That's the lesson of Laffer's famous curve,
The more you tax,the lesser the hor'd'oeurve.
Taxing 100% of incomes of $250,000 or more,
gets you 140 days for running the store.
Taxing all the profits of the Fortune 500,
gains you 40 days to cover IRS plunder.
Confiscating assets of all billionaires,
gives 30 more days to settle D.C. affairs.
That leaves 155 days,
On others’ taxes to raise.
Who are: guess who?

P.S. I have been asked how my son, Spencer, a nationally known poet, would grade this poem. I think he would give it a failing grade, but no matter

Roses are red,
Violets are blue.
Daddio' do,
What they want to do.

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