Every single plausible Democratic candidate for president has endorsed tax increases as a centerpiece of their economic agenda. Think about what we are hearing from Elizabeth Warren, Joe Biden, Bernie Sanders and the rest of the “Punch and Judy” show: new wealth taxes, carbon taxes, energy taxes, higher death and income taxes with rates up to 70 percent. Payroll taxes would rise to pay for Social Security benefit expansions and Medicare for All.
I remember a time when liberal Michael Dukakis, running against George H.W. Bush, declared he would only raise taxes as “a last resort.” Now Democrats think raising taxes on employers, investors, companies and the wealthy is some kind of badge of honor and the option of first resort.
They also cite a few outlier economists who tell them what they want to hear: that tax rates of 50 percent to 70 percent or more won’t hurt the economy at all. Yes, and Warren is of Native American descent.