While President Obama campaigns hard for Congress to raise taxes on America’s highest earners — insisting on no deal to resolve the looming fiscal crisis without it — there is little evidence to back up his sales pitch that it will go a long way to reducing the nation’s runaway deficit.
In fact, history shows that similar tax hikes resulted in less additional revenue than expected, and other unintended consequences.
Economists point to then-British Prime Minister Gordon Brown’s proposal in April 2010 to increase the marginal tax rate by 10 percent — to 50 percent — on residents earning more than $1 million. As a consequence, the number of people declaring that amount of income or more dropped from 16,000 to 6,000 in the 2010-2011 tax year, according to Her Majesty’s Revenue and Customs, the United Kingdom’s tax collection agency.
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Email: davemack@clearchannel.com
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Dave Mack fell in love with radio at an early age, and after 30 years the affair continues. His radio career has taken him to some great cities but his home has been in Alabama since 1994. Dave was introduced to Alabama in a unique way while attending church at Goshen United Methodist Church on Palm Sunday 1994 when a tornado hit the church killing more than 20 and injuring many more, including Dave. Having an up close and personal experience with Severe weather, Dave has provided long form severe weather coverage on several stations and is involved with public speaking about severe weather preparedness. Dave Mack has lived a unique life that includes stand up comedy as well as hosting his own regional television show, and most recently added "Feature Film Actor" to his resume having co-starred in the feature film "Prodigal". Dave is scheduled to star in two additional feature films in 2012. Dave and his wife LaDonna (a lifelong Alabama resident) have 4 children and multiple pets including Dave's special friend....his chihuahua "Tanner".
