Britain to Obama: More Proof that Taxing the Rich Is a Fool’s Errand

President Obama is insistent that taxes must go up to close the deficit. He says it’s just common sense that taxes must go up, because the math says so. But if he gets his way, the numbers won’t add up the way he says they will. President Obama wants to raise taxes on “the rich.” But the Treasury will never collect the revenue he says will come from such hikes, because the rich will change their behavior to escape the punitive levies. Case in point from Britain, where Parliament recently … More

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