Taxing the rich won’t solve the deficit

Tue, 07/03/2012 - 3:02pm | posted by Jason Pye

Over the last four years, Americans have been told by President Barack Obama and Democrats that taxes need to be raised in order to close the budget deficit, which, for the fourth consecutive year, will exceed $1 trillion. Unless Congress acts before the end of the year, Americans may face what has been dubbed as “Taxmageddon,” which the Congressional Budget Office warns could cause another recession.

But would raising taxes really do much to close or balance the budget? In a new video from Learn Liberty, Professor Antony Davies looks the issue and shows what tax rates would be need to solve the deficit issue:

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