“Taxing the rich” is an excellent populist campaign slogan for those who are seeking votes from voters who are economically ignorant. It appeals to those who are in that category and to those who know the facts but would rather get votes any way they can.
Even if they must lie to acquire them.
The truth is from past experience, actual tax rates are not important; it’s the tax revenues those rates produce that count. And experience shows that lowered rates have produced more revenues from the so-called rich in the past.
But politicians who talk down to voters love to “tax the rich” because the level of intelligence they appeal to loves to hear the phrase.
Remember: High tax rates do not automatically mean high taxes revenues in the real world.
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