If we taxed all millionaires in America at 100 percent, that money would run the government for just four months. Yet, to hear President Obama talk, we can solve the nation’s debt and jobs crisis just by asking “the rich” to “pay their fair share.” At a time when America’s competitors are lowering their corporate tax rates, the president proposes to tax 35 percent of business income at 50 percent within the next 14 months. Common sense tells us that will do nothing to encourage hiring. But Rep. Paul Ryan, Chairman of the House Budget Committee, says it all better than I ever could:
Upward mobility, equal opportunity and economic prosperity? Sounds good to me.
Update: This post originally incorrectly stated the president’s proposals would cause 60 percent of all businesses to be taxed at 50 percent. The post has been corrected above.