Rep Tim Scott (R-SC) is absolutely correct: Taxing those at $100,000 and up at 100% would not get us out of this year’s deficit

From: The Blog Prof



The worst part of it would be that if you indeed confiscated all the earnings of every single American making $100,000 or more per year, not only would it not plug the ginormous hole left be liberal overspending, but that those people that got their earnings confiscated won't even try to earn that much again the following year, so the hole would be even bigger. The problem isn't a lack of tax revenue. The problem is too much spending. All wealth either goes into the private sector or the government sector. Someone please argue that taking more money from the private sector that produces to the government sector that mostly cuts checks to people that don't produce is even a good idea in concept, much less the disaster it is in practice.