Fellow Conservative,
Good Saturday Morning!
Last week, Sen. Bernie Sanders unveiled a $16.3 TRILLION climate-change proposal (that’s “Trillion” with a “T”). For comparison, the current national debt sits at $22 Trillion (and it’s only growing, thanks to a bloated 2020 budget).
Bernie hasn’t explained how he plans to fund this specific proposal, but earlier this year he released a plan to tax estates of millionaires and billionaires at a rate as high as 77%.
And he’s not the only liberal crying, “tax the rich.” Rep. Alexandria Ocasio-Cortez of New York wants to put a 70% tax on income over $10 million a year.
But is it even mathematically possible to tax the rich enough to fund the progressive agenda? Lucky for us, we know the answer.
Heritage scholar David Burton did the calculations and published this research. In his own words: “Confiscating every dollar earned by every taxpayer with incomes of $200,000 or more (a very expansive definition of “the rich”) would only pay for about half of the progressive agenda.”
That’s a 100% tax! And it still comes up short by half!
Here’s what you need to know: