Is it possible to tax your way to prosperity?

No.

History shows that no other economic system has brought about greater wealth and prosperity for a society than Capitalism.

High tax economies have the most stagnant levels of economic growth.

I don't know why people always refer to the tax rates of the 50s. No one ever paid those rates due to the countless loopholes and allowable deductions. In fact, despite the higher tax rates, people were paying far less tax. More capital in the private sector = more economic growth.

You tax your way to social equity. If you consider prosperity being the poorest 47% of Americans having less than 1% America's wealth prosperity, then you can't. If you consider back in the 50's and 60's when the top tax rate went between 60-90%, the poorest 47% of the country had 17% of the wealth. I'd say that's more prosperous in total. You're definitely not a prosperous nation, if half of your population lives in poverty without access to health care and in some case shelter.

In response to smoking Joe: Kennedy pushed for the Revenue Act of 1964 to cut taxes. Here's what it did:

reduced top marginal rate from 91% to 70%

reduced corporate tax rate from 52% to 48%

phased-in acceleration of corporate estimated tax payments (through 1970)

created minimum standard deduction of $300 + $100/exemption (total $1,000 max)

-Taken from: IRS.GOV

And know what effects this had? It created 13.5 million jobs. So cutting taxes in a low-tax Economy created a LOT of jobs.

No. Heavy taxation will not make you prosperous, but neither will heavy spending cuts. And the 2 parties we have in Congress + the president don't seem to realize this.

I think it is easier to tax your way into poverty, rather than into prosperity.

no, taxes can lift a few out of poverty but you cannot tax your way to prosperity.

Not if you want to have a viable economy. I am wondering what the left will say when the Affordable Care Act is fully implemented and we feel those taxes.

Yes, the government gets the prosperity and the people/workers get to pay for it.

As long as your the recipient of the tax revenue.

Yes it is possible. Obama is a really nice guy. Liberals are just as good. It's ok to tax. I like government.