Reps. Nick LaLota, Andrew Garbarino, Elise Stefanik, and Michael Lawler, four House Republicans, are holding up the extension of the 2017 Tax Cuts and Jobs Act (TCJA). Good for them.
To understand why, it must be remembered that the 400 richest U.S. taxpayers pay more in federal taxes than the bottom 70 percent of taxpayers combined. That’s according to Glenn Kessler of the Washington Post. Kessler’s stats comport with what Republicans and conservatives have long said, that the top 1 percent of U.S. taxpayers account for 40 percent of total federal tax revenue collections. The rich are taxed way too much, period.
Stop and think about how detrimental the substantial over-taxation of the rich is to the U.S.’s economic health. The rich generally can’t spend what’s not taxed. Since they can’t, what they don’t spend reaches all of us through savings and investment.
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