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Biden can’t pay for everything by just taxing the wealthy

Rich people only have so much money and there’s a limit to what you can get by taxing them.

The Biden administration has big plans to expand the government’s role in the economy. It’s also promising that no one who earns less than $US400,000 ($586,000) will pay more in taxes. We can’t have both.

Even paying for current government will require that everyone level up their contributions or learn to live with fewer government services.

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    Original URL: https://www.afr.com/policy/economy/biden-can-t-pay-for-everything-by-just-taxing-the-wealthy-20230224-p5cna3