No One’s Taxes Are Being Cut
by Thomas Sowell
Let’s face it, politics is largely the art of deception, and political rhetoric is largely the art of misstating issues. A classic example is the current debate over whether to give money to the unemployed by extending how long unemployment benefits will be provided, or instead to give “tax cuts to the rich.”
First of all, nobody’s taxes – whether rich or poor – are going to be cut in this lame duck session of Congress. The only real issue is whether our current tax rates will go up in January, whether for everybody or nobody or somewhere in between.
The most we can hope for is that tax rates will not go up. So the next time you hear some politician or media talking head say “tax cuts for the rich,” that will just tell you whether they are serious about facts or just addicted to talking points.
Not only are the so-called “tax cuts” not really tax cuts, most of the people called “rich” are not really rich. Rich means having a lot of wealth. But income taxes don’t touch wealth. No wonder some billionaires are saying it’s OK to raise income taxes. They would still be billionaires if taxes took 100 percent of their current income.