Tax Hikes Will Only Make Us All Poorer | Jim Powell | Cato Institute: Commentary

Tax Hikes Will Only Make Us All Poorer | Jim Powell | Cato Institute: Commentary: Truth be told, Obama recognizes there aren't enough rich people to pay for everything. That's why he has expanded the number of "millionaires and billionaires" to include those who earn more than $200,000. As runaway government spending continues, soak-the-rich taxes will have to hit more people — the "millionaires and billionaires earning $100,000, then $50,000 and perhaps even less.'

'during the past six decades, tax revenues as a percentage of GDP have hovered around 19 percent, despite changes in tax rates. This was true even when the top federal income tax rate was 92 percent (1952-53).'