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Once Again, Fox News Pundits Want The Rich To Pay Less And Everyone Else To Pay More

Reported by Guest Blogger - March 29, 2011 -

By Brian

On Fox News’ Cost of the Clash special on Saturday (3/26/11), Neil Cavuto hosted Brenda Buttner and Tobin Smith, from Bulls and Bears, to discuss protests over budget cuts in London. About three minutes into the discussion, Smith said "One person's austerity is another person's benefit reduction. You could probably make the argument, Neil, that in many states… for instance, California, 40 or 50% of the income has come from 1% of the population. I would argue that this concentration of income tax at the top 1% is not sustainable… Since 5 or 6% of people almost pay all the bills, those 5 or 6% of the people are saying eh, eh, enough. And why don't we cut out things that we could never afford, or let's spread the cost to the other 95% of Americans? …You can't make a budget based on 5% of the people paying all of the taxes."

Comment: Smith didn't say what to cut, of course. But how fair is it to cut taxes for the rich at the expense of everyone else? Not so much. As the Center on Budget and Policy Priorities noted, “Taking into account the fact that their costs eventually must be paid for, most American families likely will lose from the tax cuts over the long run.”




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