You’d expect millionaires to know better
A group calling itself “Patriotic Millionaires” is formally asking for taxes to be raised on incomes over $1,000,000. The group seems to believe that “soaking the rich” is the only way to pay down the national debt, despite ample evidence that even seizing the entire net worth of every billionaire in the nation would only fund the United States for a brief period of time.
Over at Hot Air though, Allahpundit is starting to come around to the idea of taxing the hell out of the rich, but for a different reason:
Like Ace, I’m increasingly open to this idea. Not because I think it’s sound economics to drop a tax bomb on part of the population during a moment of sluggish economic growth, but because I think nothing will convince Americans that there’s no magic-bullet “kill the rich” solution to the country’s debt catastrophe unless we prove it by letting it happen. So let’s get on with it: Hike those top brackets up to 100 percent — not 39.6 or even 50 — and let’s watch those tens of trillions in unfunded liabilities disappear. Start seizing yachts if you have to. Let the left, the “ideas” movement, have its moment of unbridled resentment-driven class-warfare joy, and then they can explain to the rest of the public why the books still aren’t balanced. Good news, millionaires (and non-millionaires making $250,000 a year or more): You now qualify as super patriots.
I can’t say that I blame the guy.
He goes on to point that that if these folks want to pay more in taxes, the Department of the Treasury will gladly accept donations to pay down the national debt. Nothing is stopping these people from donating all their net worth towards paying it down. But I notice they’re not lining up to do just that.
I’m not a millionaire. I probably never will be. However, it is asinine to believe that this will do anything to make even a dent in the national debt.