‘Vengeance is mine, sayeth the Progressive.’
One thing we’ll see a lot more of is the practice of static analysis by progressives. For those recently arrived from Mars, it goes something like this. Harry the millionaire currently pays an effective tax rate of 25% on his annual income of a million dollars. That gets the government a cool $250K in tax revenue. A progressive has an idea that we should put the ‘Buffett Rule’ in place requiring all who make a million or more to increase their tax rate to 30% of earnings.
The sharp minds in places like Center for American Progress (love that name) instantly tap a few keys on their calculators and conclude that the country’s Harrys will now pay an extra $50K annually to Uncle Sam. In short, Harry and his well off friends will all act like potted plants, and do nothing save write bigger checks at tax time. And when the projected revenues don’t come near to the amounts calculated by the pinheads, everyone is surprised and starts thinking about the next tax hike. After all, it’s the Democratic way, and it’s also the democratic way since 51% of the voters agree.
In the end, it doesn’t count for a hill of beans on the $8T+ of deficits baked into Obama’s budgets for the next ten years.