March 12, 2024

Tax the billionaires! Wait, what?

In the recent State of the Union address that I refused to watch, Let's Go Brandon took the usual Democrat jabs at billionaires for not paying enough in taxes. The trope is even more ridiculous when you realize that most billionaires are Democrats. It's even more laughable when you realize the amount of money gained from further taxing billionaires is a drop in the governmental bucket

All that aside, a lot of people aren't concerned about the debt because it doesn't directly affect them.  It does actually but it isn't obvious.  Many Democrats and Republicans also believe you can grow your way out of debt.  That's debatable, but it certainly IS NOT true if you tax those who are the engines of growth to the point that growth is not possible. Again, the ridiculousness of the idea is either lost on Democrats or they don't care because it's a a good vote-getting thing to say. Or else, even if they were to enact the legislation to increase taxes, it's most likely they would deliberately leave loopholes for their billionaire buddies anyway.  It's only about the optics. for them. That so many people for generations have not caught onto that is annoying to say the least.

Compounding the stupidity of additional taxation is that it would just go to more spending and not to any sort of fiscally responsibility of debt reduction. That is the real problem, not boogeyman billionaires not paying enough taxes.

The consensus supporting fiscal irresponsibility is embedding rising public debt into the very structure of the US economy. Every year’s delay in addressing the problem makes it harder to solve.
At some point, the fiscal outlook will start to drive long-term interest rates higher, which adds to the debt, which worsens the outlook, and so on.

In the end, what's needed is fiscal responsibility not more division through phony class warfare.

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