Tags: heritage foundation | rich | progressives | socialist

Study: Progressives' Agenda Impossible to Fund by Taxing Rich

By    |   Friday, 16 August 2019 01:00 PM

A new study by the Heritage Foundation reveals it is “arithmetically impossible” to fund the progressives’ agenda just by taxing the rich.

The study, released on Wednesday, was detailed in a story posted by the Federalist.

Here are the key findings from the study:

  • Confiscating every dollar earned by those with incomes over $200,000 would not come close to paying for the left’s agenda.
  • Progressive policies would require increasing middle-class taxes to three to 10 times existing levels or force unsustainable federal borrowing.
  • Progressive promises would have a dramatic adverse impact on the economy.

 “We often hear that progressive promises will be paid for by taxing the rich,” the study said. “This is arithmetically impossible. Progressive promises are too expensive— and the amount of income earned by the rich is too small.”

The study noted the progressive agenda includes the Green New Deal, jobs guarantees, free college, single-payer health insurance and other programs.

“The new American progressive or socialist agenda would require nearly doubling federal expenditures,” according to the study. “More expansive proposals could increase federal spending by 161%.

“In the aggregate, to implement the programs that progressives or socialists have promised would cost approximately $48 trillion to $92 trillion.”

And the report added: “The reality is that progressive promises can only be funded by radical tax increases on the middle class, a dramatic increase in annual federal deficits and the national debt, or a combination of the two.”

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A new study by the Heritage Foundation reveals it is “arithmetically impossible” to fund the progressives’ agenda just by taxing the rich.
heritage foundation, rich, progressives, socialist
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2019-00-16
Friday, 16 August 2019 01:00 PM
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