2012-11-04

Cato: Higher Taxes on the Rich Are a Precursor to Higher Taxes on the Rest of Us


President Obama repeatedly assures us that he only wants higher taxes on the rich as part of his class-warfare agenda.
But I don’t trust him. In part because he’s a politician, but also because there aren’t enough rich people to finance big government (not to mention that the rich easily can alter their financial affairs to avoid higher tax rates).
Honest leftists are beginning to admit that their real target is the middle class. Here are a few examples.
In other words, politicians often say they want to tax the rich, but the real target is the middle class. Indeed, this is the history of tax policy. In a post earlier this year, warning the folks in the Cayman Islands not to impose an income tax, I noted how the U.S. income tax began small and then swallowed up more and more people.

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