In an article published in April, the Wall Street Journal said that “Obama targets the middle class while pretending to tax only the rich.” I’ve heard this argument several times in the last week: raising taxes on the rich doesn’t solve the federal government’s deficit problem. In fact, if the government were to take every dollar that each rich person makes, it would only raise about $1 trillion. “The mathematical reality is that in the absence of entitlement reform on the Paul Ryan model, Washington will need to soak the middle class—because that’s where the money is.” Continue reading →