With 2013 bringing tax increases on the incomes of a small sliver of th richest Americans, the country's top earners now face a heavier tax burden than at any time since Jimmy Carter was president.
Annie Lowry, "Tax Code May Be the Most Progressive Since, 1979," New York Times, January 5, 2013
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?
- The economy would cease functioning.as the rich would stop buying high price goods and hiring middle class workers.