Libs, Did you know if you taxed the rich at 100% it still wouldnt be enough for our budget and deficit?

Question

http://www.youtube.com/watch?v=661pi6K-8…

This year, Congress will spend $3.7 trillion dollars. That turns out to be about $10 billion per day. Can we prey upon the rich to cough up the money?

According to IRS statistics, roughly 2 percent of U.S. households have an income of $250,000 and above. By the way, $250,000 per year hardly qualifies one as being rich. It's not even yacht and Learjet money. All told, households earning $250,000 and above account for 25 percent, or $1.97 trillion, of the nearly $8 trillion of total household income.

If Congress imposed a 100 percent tax, taking all earnings above $250,000 per year, it would yield the princely sum of $1.4 trillion. That would keep the government running for 141 days, but there's a problem because there are 224 more days left in the year.

How about corporate profits to fill the gap? Fortune 500 companies earn nearly $400 billion in profits. Since leftists think profits are little less than theft and greed, Congress might confiscate these ill-gotten gains so that they can be returned to their rightful owners. Taking corporate profits would keep the government running for another 40 days, but that along with confiscating all income above $250,000 would only get us to the end of June. Congress must search elsewhere.

According to Forbes 400, America has 400 billionaires with a combined net worth of $1.3 trillion. Congress could confiscate their stocks and bonds, and force them to sell their businesses, yachts, airplanes, mansions and jewelry. The problem is that after fleecing the rich of their income and net worth, and the Fortune 500 corporations of their profits, it would only get us to mid-August. The fact of the matter is there are not enough rich people to come anywhere close to satisfying Congress' voracious spending appetite. They're going to have to go after the non-rich

http://www.cnsnews.com/commentary/articl…

Answer 1

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Doesn't matter to them. It's not ffffaaaaaaaaaaiiiirrrr that those people have money and I don't.

GIMMEEEE!
GIMMEEEE!
GIMMEEEE!

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Answer 2

False dilemma. Budget balancing will occur and should occur AFTER the recovery. When our economy is strong again our revenues will be up; meaning we won't have to cut as much.

Answer 3

Gee, you're right. Just because it wouldn't solve the problem completely, means it must be worthless to tax the rich more...

Answer 4

It's a start...HAHAHAHAHAHAHAHAHahahahahahahaha…

Answer 5

Libs are only dimly aware of their own existence so I'm going to have to say no.

Answer 6

The libs cant fathom a problem they cant tax their way out of.

Answer 7

I bet you think you proved a point.

Answer 8

I don't have a problem with eliminating child tax credits that don't just wipe a tax liability but give people free money they did not earn. I don't have a problem with my own taxes going upwards slightly. I don't have a problem with the wealthy paying an equal tax rate to the middle class (they don't currently, typically paying about 20 - 24% of their income in taxes despite have a tax rate listed at 35%...because of the tax code). I don't have a problem with looking for cuts in medicare/caid, social security & MILITARY expenses.

All of those are necessary parts of not just balancing the budget but paying down our National Debt. The problem is BOTH parties only want to do what is good for THEMSELVES and they come up with arguements based upon half-truths (if not lies) because they are philosophically opposed to idea.

Answer 9

The top 1 percent of income earners paid 38 percent of all federal income taxes in 2008,
The Top 10 Percent of Earners Paid 70 Percent of Federal Income Taxes, while the bottom 50 percent paid only 3 percent. While Forty-nine percent of U.S. households paid no federal income tax at all.

I think We Tax the Rich Enough, its time to think about Lowering Spending, thus Lower Taxes, Instead of Raising everything

Source(s):

http://ntu.org/tax-basics/who-pays-incom…

Answer 10

Lets just all stop paying any taxes and let the titanic sink dude.. I'm with you on this.. maybe when the smoke clears we will look something like Europe - with a backasswards Southern US, a moderate Midwest, and Liberal costs.. I don't think we would call them "Stans" though.. something like Southercan, Eastercan, Centralcan....