The Inflation Reduction Act: Econ 101 for fiscal conservatives

Actually, it won't be raising taxes on the rich... so...

“Raising taxes on the rich” is what poor people who pay no taxes say. If they were rich, they’d realize that those of us in higher tax brackets already pay through the roof. Between Fed and Cal, I currently pay at a 52% rate. It’s a joke.

Sure buddy. I make six-figures and so does my wife. I would be surprised if we didn’t make more than you, but okay.

Those in my bracket can afford to pay more, but we’re not even being asked to, since Democratic tax reforms don’t touch households making below $400,000. One day we’ll be there, probably, but not yet.

Some history puts it in perspective:

Reagan slashed taxes on the rich massively, on the theory that slashing taxes will stimulate so much growth that net tax collection would remain the same and the budget will still remain balanced.

It wasn’t true. The Reagan years actually blew a hole in the national debt that wasn’t fixed by any subsequent Republican or Democratic administration.

The top 1% can certainly afford to pay more, since that is where virtually all of the economic gains of the last 40 years of our economy have gone. Raising taxes on the rich is the only way to get serious about addressing our national debt. If you don’t wanna do it, then you don’t really care about the national debt.

If so, that’s fine. It’s a Modern Monetary Theory way of looking at things, but not at all conservative.

If you can afford to pay more and yet you don’t, you’re nothing more than a massive liberal hypocrite.

Side note: my wife and I are already there.