Although rich folks in America have been the only benefactors of a Republican policy called Trickle Down Economics – a policy earning them trillions in wealth since it was implemented – there are those who still believes that asking these same people to contribute to the economy by paying a fair share of taxes is the wrong thing to do.
Bill O’Reilly tonight express his outrage with the Congressional Progressive Caucus over a budget proposal that includes taxing billionaire at 49 percent. O’Reilly squared off with Demos co-founder David Callahan over whether it is “morally right” for the government to impose that level of taxation on any American citizen. Callahan told O’Reilly that taxes were that high during the Reagan years, with O’Reilly dismissing that argument as irrelevant and asking if the government has any right to “take half your stuff.”
O’Reilly declared that if the CPC budget actually went into effect, it would “absolutely destroy the American economy, predicting that billionaires would have to hand over their personal information to the IRS. Callahan said, “Donald Trump and his dermatologist shouldn’t be paying the same tax rate.”
O’Reilly asked Callahan if it is “morally right” for the government to tax any American that much. Callahan pointed out that the top tax bracket under Reagan was around 50 percent, though O’Reilly shot back that no one really paid all of that due to deductions and tax shelters. He dismissed the Reagan argument as “not relevant to our discussion,” saying the real issue is if “the federal government in a free nation… [has] the right to take half your stuff, no matter how much money you earn.”