Some fiscal slight of hand!

So Dems want you to believe that they can pay for their trillions by taxing the rich?

The plan will increase revenue by less than a 100 billion a year
to pay for the 7 trillion dollars in recent and proposed spending

This is one of those not so clever moves that is specifically designed to fool the gullible who actually want to believe that Democrats are somehow telling the truth. But paying for Government programs by taxing the rich is a little like finding aliens, Bigfoot, or the Loch Ness Monster. Big on claims and stories, but once you ask for proof, the details are always quite a bit more fuzzy.

So what the left does is make separate arguments that disconnect you from the larger picture. 

For instance, rather than actually explain how they will pay for it, they actually explain how they are not going to pay for it. In this case, they will break down how the tax increases work, who is affected, and how it will not affect you as Mr and Mrs Middle class. This is all fine and dandy if you want to be certain that you do not pay for any of it? 

Not so good if you are looking for how the plan DOES get paid for.

Let's go back to this top 1% deal. The left always pretends that they can just raise taxes on the top 1% and pay for things. Right now they are promoting a bump from 37% to 39.6% on income over 450,000 as a means to find that 3.5 trillion dollars. 

A little math can be done here on that top 1% (who pay approximately 21 percent of all taxes) to determine that this plan would raise revenues by at most 15 billion a year. If you decide to calculate this out for the top 5% (who pay approximately 37% of all taxes) it would raise revenues by at most 65 billion a year. Both of these are straight ahead estimates that are best case scenarios. The real amounts are likely well below this.

Unfortunately, once you get below that top 5 percent you are no longer including people who make enough to see that increase (those who earn 450,000 a year or more).  In fact, the top five percent includes anyone making approximately 210,000 a year or more. So at best, the plan to tax the rich will bring in approximately 65 billion per year, or 650 billion over the ten years, leaving us just about 2.85 trillion short of 3.5 trillion.

Without pushing below that 450,000 or even below the 210,000 figure, there is no manner in which you can find the new revenue to even come close to what they need to pay for this.

So what about Corporate income tax? Certainly they will raise that too? But even if they raised corporate income taxes by 10% across the board that would only add an additional 20 billion or so a year. Over a ten year period that still leaves us well over 2.5 trillion short of paying for the 3.5 billion. 

Meanwhile, these proposed tax increases are actually need to be paying for the other 2.6 trillion we have already passed as well as the 1.2 trillion dollar Reconciliation bill. Which means that these new taxes would be nearly 3 trillion dollars short of paying for what we have already set into law and has currently passed the Senate. 

So we are technically nearly 3 trillion short before we even think about paying for the reconciliation bill. Meaning that the tax plan being proposed comes up approximately 6.5 trillion dollars short of the revenue needed to pay for our most recent spending spree. So while Democrats attempt to ease the concerns of the bulk of Americans worried about having to pay for all of this, they expose the fact that they really don't have a plan do anything other than pay for a fraction of it. 

No wonder they do not want to allow the CBO to even score any of this.  

But that is exactly what happens when you make people believe that you can pass stimulus that is more than ten times the real chained dollar amounts we spent on the entire New Deal and over eight times more the second largest stimulus in history (the Obama stimulus)... and somehow pay for it by just taxing the rich. 

How bad do we really need that playstation 5?