'Taxing the rich' not nearly enough to fund Dems' dreams

Tuesday, August 20, 2019
 | 
Chris Woodward (OneNewsNow.com)

bags of moneyDemocrats continue to push an ambitious agenda, but it won't be cheap – and that may be an understatement.

The agenda from Democrats aims to help the environment while expanding or creating programs to provide things such as health care, education, and "universal basic income" to millions of people. While that may sound good to some Americans, Joel Griffith of The Heritage Foundation, a conservative think tank, says it is mathematically impossible to pay for that liberal agenda solely by taxing the rich.

"Most of the leading [presidential] candidates, or a number of them, have proposed Medicare for All; that's estimated to run about $32 trillion over ten years," he explains. "Then you have Universal Basic Income or Guaranteed Jobs; that's estimated to run or cost between $7 and $45 trillion over ten years."

He continues: "Then you have the energy component of the Green New Deal; that's another $8 to $12 trillion. And then [there's] the free college. All told, we're looking at a $48 trillion to $92 trillion increase in federal spending."

With no adjustment in spending, the total budget right now over ten years will be about $57 trillion.

heavy tax burden"So, we're looking at roughly a 60-percent to 160-percent increase in federal spending – and we need to pay for that, right, if we're going to make these proposals," Griffith offers.

If taxing the rich will not bring about the needed revenue, The Heritage Foundation says the middle class could expect taxes that are three to ten times their current level or, for a limited time, by dramatic and unsustainable increases in federal borrowing.

"Even using lower cost estimates, confiscating every dollar earned by every taxpayer with incomes of $200,000 or more would only pay for about half of the progressive agenda," writes Heritage economic fellow David Burton. "And that figure is based on the false assumption that people would continue to work, save, and invest when subject to a 100-percent flat tax."

In February of this year, when she was questioned about the cost of the Green New Deal, Senator and presidential candidate Kamala Harris (D-California) said, "It's not about a cost."

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