New IRS Data Expose Dems' Phony Tax-the-Rich MantraTaxes: Democrats unveiled a plan Monday that — surprise — would boost taxes on the rich. But new IRS data show these soak-the-rich campaigns are based on total falsehoods.
'Our tax code today is stacked in favor of people who make money off of money and against those who make money off of hard work," Rep. Chris Van Hollen, the top Democrat on the Budget Committee, said Monday.
The plan he announced — which to be sure has no chance of being enacted — would boost taxes on the top 1% and hand out checks to the middle class each year in the form of a $1,000 "paycheck bonus tax credit." There's another $250 for middle-class Americans if they put at least half that credit in a retirement account.
The Washington Post described Van Hollen's plan as part of a "stark shift in messaging" for Democrats after their November election drubbing, quoting House Minority Leader Nancy Pelosi, who described it as example of how the party will "think big" and "think new and fresh."
Does Pelosi think the country has been asleep the past several years?
Every tax idea offered by Democrats starts with the claim that the rich don't pay their "fair share" of taxes.
President Obama ran for president twice on the promise that he would end the Bush tax cuts for the rich, and spent his entire first term in office flogging this idea.
And when Republicans, upon taking control of Congress this year, ordered the Congressional Budget Office to use dynamic scoring when measuring the impact of tax cuts and tax hikes on the budget, Democrats reflexively trotted out the exact same class warfare rhetoric.
Dynamic scoring simply means that the CBO will offset the "cost" of any tax cut with new revenues gained through the cuts' stimulative effect on economic growth.
Nevertheless, Van Hollen dismissed it as the GOP "rigging the rules in favor of windfall tax breaks to the very wealthy."
Just a few days before Van Hollen unveiled the latest iteration of his party's redistributionist policies, the IRS released tax data that destroyed the very premise of these Democratic claims.
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