I disagree Robert, it's not that we are not taxing enough, rich or not, the problem is that our government, both Democrat and Republician, are spending too much. There is not enough money in any tax scenario to pay off our massive debt. The only way to pay for all the excess is to have our future generations pay for it. Today our government borrows 43 cents for every dollar they spend. I see only two ways out, first a balanced budget amendment and second print money. Likely the second will prevail. Picture a future where your money is worth 50-60% of what it is worth today. That, I'm confident, is coming in our lifetimes. Think about taxing those folks who earn over $100,000 and in essence that will be the new $50,000 bracket in today's terms.
Adding to the problem is that without a balanced budget amendment, these Washington dopes will keep spending more than they take in. The more you give them the more they spend. Look at the last two administrations for proof of this.
We need to take back our checkbook and demand fiscal responsibility. Since our elected officials found that they can write unlimited checks from our account we have seen our debt explode exponentially. This will not end well unless we stop this trend.
Examine these graphics for a moment:
Source:
Guess Who Really Pays the Taxes — The American Magazine
(This is quite a balanced and accurate read on taxes, BTW.)
Here is a more current chart:
And here is how various administrations fared:
The problem is not that we are not taxing the rich enough, it is that we are spending way beyond our ability to pay. Since the Federal government can't tax us at 100%, they will print money to pay their debts, which devalues our currency. They must pay their debts eventually and this is virtually their only workable method remaining.
Explore further some possible consequences of this tax the rich plan. When you make the wealthy poor who will fund the health care program, Medicare, Social Security, education, welfare, military, etc? Who are our largest debt holders? What do you think they will do when we default or devalue our currency? Do you see any possible unrest in the US as a result? The poor will get poorer and the rich will get poorer under the tax the rich plan. Capitalism will wither and die on the vine and with it the US we know. It will most likely be replaced by some form of Socialism in the short term. There will be massive poverty. One only need look at history to see where Socialism has worked its magic to realize that it doesn't work at all. We all like to dream about a world where no one worries about money, jobs or health but there is no such dream world. The closest we have come to it is in the USA. We still have the highest standard of living in the world. This occurred because of Capitalism. It also came about due to us following our constitution and being responsible for our debts. Sadly, we are doing neither today.