Why Taxing the Rich Won’t Pay for a Liberal Agenda

Politicians claim that they’ll pay for trendy liberal proposals like the Green New Deal, Medicare for All, and paid family leave, by taxing the rich.

But a new report on this expansion of government finds that there is no way simply taxing the rich would cover the cost of this European-style welfare state agenda.

Analyst’s found that a wealth tax—a top tax rate of 70%—in the most optimistic scenarios raises about $300 billion a year.

That’s just 6% of the new spending called for by leading liberals.

Although few countries have all of the programs currently being proposed by the left, expansive government services and government-run health care do exist around the world, especially in Europe.

And if Americans want European-style government services, they should be ready for European-style taxes.

European welfare states include high payroll taxes, and relatively flat income taxes, and guess who that hits the hardest? The middle- and lower-class.

Did you know the United States actually collects the second lowest amount of taxes after Ireland.

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