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Saturday, October 22, 2011

Asking people who have a lot of money to pay just a little bit more in taxes.

Math is hard, and if you are Joe Biden, Barack Obama or anyone on the Left, it's best not to ask them to go behind their slogans and bumper stickers and find out if they're full of crap.

Luckily for us, Mark Steyn has a friend who can do math. 

No problem, says the vice president. We're going to "ask" people who have "a lot of money" to "pay just a little bit more" in taxes. Where are these people? Evidently, not in York, Pa. But they're out there somewhere.

Who has "a lot of money"? According to President Obama, if your combined household income is over $250,000 a year you have "a lot of money." Back in March, my National Review colleague Kevin Williamson pointed out that, in order to balance the budget of the United States, you would have to increase the taxes of people earning more than $250,000 a year by $500,000 a year.

Okay, okay, maybe that 250K definition of "bloated plutocrat" is a bit off. After all, the quarter-mil-a-year category includes not only bankers and other mustache-twirling robber barons, but also at least 50 school superintendents in the state of New York and many other mustache-twirling selfless public servants.

So how about people earning a million dollars a year? That's "a lot of money" by anybody's definition. As Kevin Williamson also pointed out, to balance the budget of the United States on the backs of millionaires you would have to increase the taxes of those earning more than one million a year by six million a year.
Read Kevin Williamson's There Aren't enough Millionaires.

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