On Oct. 15, 12 pugnacious presidential candidates for the Democratic Party held their fourth debate. It was filled with economic promises that don’t add up.
“Take from the rich and give to the poor” is the theme that undergirds much of the platform. From climate change to health care, and everything in between, several candidates are using high taxation as a shield against a lack of sound policy ideas.
Wealth and income are inexorably tied to many candidates’ messaging. And nary a week goes by that we don’t hear, “It’s time the rich start paying their fair share.” This, despite that 1) they don’t have the moral or constitutional authority to define “fair”; 2) they themselves are wealthy; and 3) the rich already pay considerably more than everyone else.
According to Americans for Tax reform, citing figures from the Congressional Budget Office, “the top 1 percent of households pay 38.3 percent of federal income taxes,” and “the top 20 percent of households pay 88 percent of federal income taxes.” The richest people in the nation are already kicking in the most money.