…consult a recent study by Eric Toder, Jim Nunns and Joseph Rosenberg of the Tax Policy Center. We know this Brookings-Urban Institute shop has credibility with liberals, because it is the source of the fiction that the Romney-Ryan team wants to boost middle-class taxes.
The researchers looked at how high income-tax rates would have to rise in the top two or even three tax brackets to lower debt to sustainable levels under something akin to CBO’s alternative fiscal scenario. They conclude that even if the top rates hit 100%, the budget “cannot achieve the debt-reduction targets in some or any of the target years.” Though conceding that near-total confiscation is “completely unrealistic,” they report the results anyway “to indicate the infeasibility of achieving a high debt-reduction target simply by increasing top individual income tax rates.” And this is from economists who favor higher taxes.
Another way of putting it is that the rich aren’t nearly rich enough to finance Mr. Obama’s spending ambitions. Sooner rather than later, Washington will come for the middle class, because that’s where the real money is.