7.15.2009

We don't have enough rich people



Excerpt:

There may be reasons to tax the rich more, as a lot of people in Washington are talking about doing.

But to raise taxes on them, and only them, to pay for the country's most ambitious proposals like health care reform, is a problem, experts say.

If nothing else, it makes for some bad math.

"We don't have enough rich people. We could tax the wealthy to extraordinary levels. But we cannot afford everything we want," said Ken Kies, a former director of the Joint Committee on Taxation and currently a tax lobbyist for businesses including insurers.

Yet, rich households are the focus of several revenue generating proposals to help pay for health care reform and other endeavors.


Comment: Not enough "rich" people to pay for all the programs. I don't consider myself as one of these "rich". Most of the Obama tax plans are for millionaires, couples with a gross income over $ 250,000, etc. But the reality is that their is giant disincentive for those who create to wealth, to continue fueling that engine.

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