Stephen Moore’s 62% Tax Rate – How to Compromise The Argument

Stephen Moore is an anti-tax guy from way back, working for Heritage, Cato, and Dick Armey.  He and Art Laffer are interchangeable on CNBC whenever a supply-sider is in the discussion.  Frequently appearing in print as a member of the Wall Street Journal’s editorial board, Moore’s never one to let facts get in the way of good argument.

Today he writes that Democrats are proposing tax increases that would result in a top marginal tax rate of 62% on some taxpayers, when all federal, state, and local taxes are considered.  True?

Elizabeth Warren 1, Patrick McHenry’s Oversight Subcommittee 0

On Tuesday Elizabeth Warren, head of the Consumer Financial Protection Bureau created last year, testified at a House Oversight and Government Reform’s TARP and Financial Services Subcommittee hearing called “Who’s Watching the Watchmen? Oversight of the Consumer Financial Protection Bureau,”  chaired by 4-term congressman Patrick McHenry (R-NC).  Something rather astonishing happened near the end of Warren’s testimony:

What happened to make McHenry so angry that he would actually say that Warren was “making this up”?  Read on.