To save themselves from that fate, the Congressional Progressive Caucus have put together a budget plan of their own, they call it The People's Budget. Phil Klein from the Washington Examiner gives us a sneak peek at what the left's has in store for America.
I actually think it's remarkable that the percentage is so low. A 47% federal tax rate on top incomes, plus increases on estates, capital gains, and dividends, and all you get is . . . 22.3% of GDP? A bare 1.3% above the collections envisioned by Simpson-Bowles? [...]
No, if you want to get the budget under control without meaningfully cutting into entitlements, you're going to need to hike taxes substantially on the middle class. I'm waiting for the first politician to say this out loud.I don't think McArdle will have to wait too long. The shrinking of the Nanny State is inevitable and that is a threat to the lefts' endless quest for power and control. Faced with that scenario, Democrats will peel away their phony veneer of compassion and someone will say "tax the middle class".
Given how much of the public has grown quite tired of all the big spending in Washington, it will be fun to watch Democrats try to sell this plan as an alternative to Paul Ryan's.
Via: The Washington Examiner
Via: The Atlantic