Agreed. We've got a number of problems. We're on the wrong side of the Laffer curve and our wealth and income disparity has crippled our economy.
The Laffer Curve is but a hypothesis which can't really be tested in an open system. However one writer has made this claim:
. . . cutting the top tax rate in half has resulted in much more income being reported and taxed in every country that tried it -- the United States, United Kingdom, New Zealand and India, for example. Some mistakenly imagined that proved the rich suddenly became richer when U.S. tax rates fell from 1986 to 1988. What it actually proved was that the rich reported more taxable income when tax rates on an extra dollar became more reasonable. These facts are not seriously in dispute regardless what portion of this widely observed "Laffer Curve" phenomenon was due to a change in actual income (a supply-side effect) or to a change in the proportion reported to tax collectors. http://www.cato.org/publications/com...-curve-renamed
"A pen in the hand of this president is far more dangerous than a gun in the hands of 200 million law-abiding citizens."
The Buffet Rule may sound sweet, but not only would it not solve the deficit/debt problem if accurate, it really isn't.
In an April 10 speech, the president described the Buffett Rule this way: ?[W]hat the rule says is you should pay the same percentage of your income in taxes as middle-class families do.? Two days later, Biden declared that Buffett is ?not alone,? and there are ?tens of thousands and several millions of people who are in that same situation.?
But Roberton Williams, a senior fellow at the Tax Policy Center, who spent 22 years at the nonpartisan Congressional Budget Office, wrote that even without the Buffett Rule, only about 4,000 of those with $1-million-and-above incomes will pay less than the 15 percent effective federal tax rate that middle-income households will pay in fiscal year 2015. ?The Buffett rule sounds good in principle,? Williams wrote. ?High-income taxpayers should pay at least as large a share of their income in taxes as the rest of us. But most already do.?