The Folly of "Taxing the Rich" – YouTube

A new report, “The Folly of ‘Taxing the Rich’,” from U.S. Senator Jim DeMint (R-South Carolina) reveals that President Obama’s proposed $1.5 trillion tax hike on “the rich” would punish the middle class by destroying the jobs they depend on. Some important findings include:

Media Credit: Iron Mill News Service

• Nearly 40% of increased tax revenues from raising the top rates would come from small businesses.
• The President’s new taxes could threaten to destroy up to 1.2 million jobs per year and would cost small businesses $74 billion annually.
• Squeezing the rich doesn’t work. Despite marginal tax rates as high as 90% and as low as 28%, federal tax revenues have remained fairly constant around 18% of GDP.
• America has the most progressive tax system. The top 10% of households pay 45% of all U.S. taxes, a higher tax burden on upper income earners than any other industrialized nation.

BLOG http://1.usa.gov/pPLT5x
PDF http://1.usa.gov/ncSxFI
OPED http://bit.ly/q3UlfP

via The Folly of “Taxing the Rich” – YouTube.

About Albert N. Milliron 6987 Articles
Albert Milliron is the founder of Politisite. Milliron has been credentialed by most major news networks for Presidential debates and major Political Parties for political event coverage. Albert maintains relationships with the White House and State Department to provide direct reporting from the Administration’s Press team. Albert is the former Public Relations Chairman of the Columbia County Republican Party in Georgia. He is a former Delegate. Milliron is a veteran of the US Army Medical Department and worked for Department of Veterans Affairs, Department of Psychiatry.

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