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Manhattan Institute

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The “Tax the Rich” Delusion of the Democratic Left

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The “Tax the Rich” Delusion of the Democratic Left

The Daily Beast December 1, 2018
EconomicsTaxBudget

Ever hear anyone on the left spell out exactly how they're going to pay for Medicare for All, free college, and all the rest? Didn't think so.

The Democrats’ incoming House majority—and its Senate caucus of presidential wannabes—are about to face fiscal reality.

When confronted with how to pay for their extraordinarily expensive policy agenda, the answer of liberal lawmakers, analysts, and advocates is nearly always the same: tax the rich.

How to close the $12 trillion baseline budget deficit over the next decade (a figure that already assumes the 2017 tax cuts expire)? Tax the rich.

How to pay for the $42 trillion Democratic socialist agenda that includes single-payer health care ($32 trillion), a federal jobs guarantee ($6.8 trillion), student loan forgiveness ($1.4 trillion), free public college ($800 billion), and infrastructure ($1 trillion)? Easy. Tax the rich.

Continue reading the entire piece here at The Daily Beast

______________________

Brian M. Riedl is a senior fellow at the Manhattan Institute. Previously, he worked for six years as chief economist to Senator Rob Portman (R-OH) and as staff director of the Senate Finance Subcommittee on Fiscal Responsibility and Economic Growth. Follow him on Twitter here. This piece was adapted from Economics21.

Image by Sibgat via The Daily Beast
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