http://blogs.dailymail.com/donsurber/archives/39534
August 5, 2011 by Don Surber
Soak the rich, eh?
They do not have the money.
A report from the Internal Revenue Service found that the rich — 8,274 people with incomes of $10 million per year or more — earned a total of $240 billion in 2009.
Even of you confiscated every dime they earned, you would barely have enough money to cover government spending for 24 days.
Of course, about a quarter of that money already goes to the federal government for federal income. So make that 18 days.
Another 227,000 people earned $1 million or more in 2009.
Millionaires averaged taxes of 24.4% of their income — up from 23.1% in 2008.
They, too, did not earn enough money to come anywhere close to covering the annual deficits that are $1.5 trillion a year.
Barack Obama was the first president to sign a budget with a $1 trillion deficit into law.
In fact, all the taxpayers — including the ones who get a refund check bigger than the withholding taxes they paid — have the money.
From Reuters: “Total adjusted gross income reported on tax returns, measured in 2009 dollars, was $7.626 trillion, down from $8.233 trillion in 2008 and $8.989 trillion in 2007. Total adjusted gross income was up only slightly from the $7.475 trillion reported in 2001, when there were 10 million fewer taxpayers. Adjusted gross income is the amount on the last line of the front page of a Form 1040 tax return.”
Individual tax collections totaled $1,175,422,000,000 in 2009 — or 15.4% of all income.
Doubling federal income taxes for everyone would still leave us $400 billion or so shy of balancing the budget.
We must cut. We cannot afford to buy everything we want.
"Doubling federal income taxes for everyone would still leave us $400 billion or so shy of balancing the budget.
ReplyDeleteWe must cut. We cannot afford to buy everything we want."
The deficit for 2011 is $1.65 trillion
Cutting everything from national defense and social security still leaves us a small deficit.
Therefore cutting Planned Parenthood to save 1 billion is not going to make *any* difference
We must cut defense massively. We cannot afford to wage wars and replenish the pockets of the rich whose taxes cannot be raised.
If the rich are paying only 25% of their income in taxes, where as the ones creating the jobs (small businesses, 99% of all businesses, 66% of all jobs) are paying effectively 40% of taxes, they are clearly not paying their share.
Anon- If you want to take 100% of the earnings of the very rich the take would be an estimated $3 billion annually. So that is not a solution. Planned Parenthood, combined with PBN, and wasteful federal departments (Energy, Education, ETC0 would really cure the problem. Obama had a study where it was revealed over 142 education programs existed and doing nothing but spending.
ReplyDeleteWhen you speak of "replenishing the pockets of the rich," I can only presume you allude to the OVERLY Rich as Obama identifies 'rich' as those earning above $250, 000 annually. That is hardly 'rich.'To cut drastically from Defense will endanger us! Look at what Obama has cut so far. China is building massive aircraft carries as we retire ours! The monstrous cost of building anything in the US is due to Union BS!
Harry Reid wants to raise taxes so HE CAN SPEND MORE. He does not want to cut spending or apply any money received to pay down the national debt!
This is OUR DILEMMA SO LONG AS there is a Democrat Senate that is LIBERAL and a President that wants Marxism! Pastor Lee