From National Review, Charlie Cooke’s The Democrats Have a Tax Problem:
As any economist will tell you, the dirty little secret of taxing-and-spending is that the real money lies in the middle. In England, the 40 percent income-tax rate kicks in at £50,271 ($63,321) for single filers, and it is supplemented by a value-added tax (VAT) on almost all consumer products that has risen over time to an astonishing 20 percent. In the United States, there is no 40 percent income-tax rate at the federal level, and the 37 percent bracket — the highest one we have — applies only once individuals have earned $578,126. If the United States is to adopt the social programs that the Democrats insist they covet, this will have to change dramatically.
This is the biggest lie perpetuated from the left; that our vast social spending can be funded by only taxing the wealthiest 1%. The math just does not work. As Thatcher so famously noted, “You eventually run out of other people’s money.”
Even FDR funded much of his spending with excise taxes on the middle class.