Americans seem to favor that, according to a Fox News poll released last Thursday and discussed onFox Business Online.
[T]here is broad support for increasing taxes on the wealthiest families. Voters support tax increases on families making over $10 million annually by a 46-point margin (70% favor-24% oppose), and support a hike on those making over $1 million by 36 points (65-29%).
There is less support for a broader tax increase: 44% favor raising rates on those with income over $250,000, and a small minority, 13%, approves of an increase on all Americans.
This is made blatantly, nakedly clear by New York City’s mayor, Bill de Blasio. In his State of the City speech last week, he laid bare the premier goal of the Progressive-Democratic Party, even above doing away with ICE and with our borders generally. He said—and he meant every word of it:
Here’s the truth. Brothers and sisters, there’s plenty of money in the world. There’s plenty of money in this city. It’s just in the wrong hands.
That’s what we can see made plain in the incoming Congress’ House of Representatives. Congresswoman Bonnie Watson Coleman (D, NJ) had this on her Progressive-Democratic Party’s plans:
There are dozens of measures…that have been languishing with Republicans at the helm for years, and I expect to see many of them finally come to the floor under Democratic leadership[.]
Plans like rolling back the just enacted tax cuts and preventing the individual income tax cuts from becoming permanent. Because the Progressive-Democrats know more about how to spend our money than we do.
That’s the claim of ex-President Barack Obama’s (D) Council of Economic Advisers Chairman Jason Furman in a recent Wall Street Journalop-ed. It’s an accurate claim, too, when tax cuts are taken in isolation, as Furman took them throughout his piece. That loneliness was emphasized by his closing remarks.
Going forward, policy makers should aim for a reformed tax system that is more stable, economically efficient, simple, and directly supportive of the middle class. Do this right, and the results could be higher economic growth and higher wages without the higher deficits. That’s a combination that’s proved elusive to date.
Senate Minority Leader Chuck Schumer (D, NY) told NBC News‘ Meet the Press that there would be no money for a border wall “in any form.” House Minority Leader Nancy Pelosi (D, CA) has been saying much the same thing the last couple of weeks, but she doesn’t have the votes to block the money, and she doesn’t have the votes to become Speaker next month if she doesn’t say no this month.
Professor Benjamin Harris (Kellogg School of Management) made a case for redoing our 401(k) retirement savings system. He had several good points, too: the tax break today compared to the taxes due on withdrawal during retirement’s usually lower tax rate is irrelevant to those whose current income is low enough to go untaxed or not taxed much. Contributions are tax deductions vs tax credits equal to a portion of contributions. The whole system is complex from a tax-figuring perspective (what are the tax brackets in play for a particular saver, what taxes will be in play when the saver retires, how will investments perform in the interim).
Continuing the theme that other parts of the world still exist, this thought on Brazil’s upcoming presidential election. In a Wall Street Journalpiece about the Brazilian presidential candidates’—all 13 of them—big economic plans with no money to implement them, the item’s author offered this bit:
Mr. Bolsonaro has raised the most hopes in financial markets of tackling the endemic spending problem. …his top economic adviser, economist Paulo Guedes, has promised investors fiscal austerity….
The Italian coalition government (interesting in its own right, consisting as it does as a teaming up of the far left 5 Star Movement and the far right Liga) has decided to increase government spending and decrease taxes. This has been projected to produce a 2.4% budget deficit. For a government already badly in debt, this deficit isn’t good.
Cutting taxes has been decried by others as being the cause of such deficits and debts. Spending cuts cannot be allowed, say the same folks, because that would be an austere measure.