John Stossel puts into terms even Progressives can understand why “taxing the ‘evil’ rich” can’t solve our financial fiasco:

Progressives say: If you’re so worried about the deficit, raise taxes! But it’s a fantasy to imagine that taxing the rich will solve our deficit problem. If the IRS grabbed 100 percent of income over $1 million, the take would be just $616 billion. That’s only a third of this year’s deficit.

He failed to note that in year two, the available cash sweep would be dramatically smaller resulting from lack capital investment. Each successive year would decline quickly and we’d still have colossal deficits, millions fewer jobs and a collapsing society . . . not to mention a mass exodus of job creators outsourced to foreign lands…