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MK Ham on the Limits of “Taxing” the Rich

John on April 14, 2011 at 11:42 am

MK Ham on taxing the rich to get us out of debt:

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Of course we don’t tax people on their net worth, only on their income (except when they die and that is controversial). If we taxed only income we couldn’t get anywhere close to these numbers. What we’re talking about here is really theft. And even theft won’t work.

As I noted today in the comments of another post, you could take the entire net worth of the world’s 1,200 billionaires and it would be just shy of 1/3 of our current national debt. Who is going to pay for the other 2/3d’s?

[HT: Guy Benson via Twitter]

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