Obama's Soak-the-Rich Tax Hikes Won't Work | Alan Reynolds | Cato Institute: Commentary

Obama's Soak-the-Rich Tax Hikes Won't Work | Alan Reynolds | Cato Institute: Commentary: "The individual income tax brought in 7.8% of GDP from 1952 to 1979 when the top tax rate ranged from 70% to 92%, 8% of GDP from 1993 to 1996 when the top tax rate was 39.6%, and 8.1% from 1988 to 1990 when the highest individual income tax rate was 28%. Mr. Obama's hope that raising only the highest tax rates could keep individual tax receipts well above 9% of GDP has been repeatedly tested for more than six decades. It has always failed."