“The democratic socialists may do well in November. Yet upon arriving in Washington, they will discover that even their revolution cannot repeal the laws of math.” That is how an article with Vox by Brian Riedl ends. Riedl uses leftist and Democrat sources to compile the costs of the Democratic Socialist agenda and finds that even the most generous sources leave them with $3.4 trillion per year to make up in tax revenues.
Democrats have gained traction in the coming election by claiming that deficits are bad and we need to tax the rich to fix it. But don’t mistake their feigned concern for actual fiscal sanity. Even the extensive list of new taxes laid out by Alexandria Ocasio-Cortez wouldn’t cover 10% of the cost of their agenda.
According to Reidl, Democratic Socialists could pay for all the free stuff they are promising with a 100% tax on all corporations and 100% tax on all family income over $150,000 for married taxpayers and $90,000 for singles. This would be on top of the current tax structure and assumes the willingness of business owners and capital providers to devote their hard work to charity rather than profit. Another idea to add on to our current taxes would an 87% value added tax. Basically, in every step of the manufacturing process, the government gets 87 cents of every dollar made. The inflation would kill the middle class. Lastly, we could do it if we added a 37% flat payroll tax on top of the current tax structure. For the middle class this would mean an all in tax rate of 77%.
So let’s talk about this blue wave? Are voters really ready to kill the economic growth by ending the Trump tax cuts? Are they really ready to hand over their healthcare decisions in exchange for giving 77 cents of every dollar they make to the government? Is this what people really want? It’s not like the Left is running on anything else, except for extreme Trump hate. Well, now you have an idea of how much that hatred will cost you just in taxes.