Dr.T
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Dr.T asked in Politics & GovernmentPolitics · 9 years ago

Were you aware that if we taxed 100% of income over $114,000, Obama would still have a deficit?

According to the IRS, If the feds confiscated all income over $114,000 they would net $3.4 trillion. Obama's 2012 budget is $3.6 trillion. Even taking everything over $114,000 would leave Obama with a $200 billion deficit. Anyone proposing to balance the budget with tax increases is a moron; plain and simple.

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  • Anonymous
    9 years ago
    Favorite Answer

    Normal people understand that but libs hate facts and they will be in denial

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  • I'll play devil's advocate for a bit here. According to that math, if all income above $114,000 was confiscated, your term btw, it would leave only $200 Billion to be paid by the remaining wage earners; extremely doable.

    In reality such a system would mean everyone earning above $114,000 a year would then become homeless and destitute in a short period of time due to attrition of savings meaning the welfare rolls would increase in size and would require more money. This would increase the budget deficit for the succeeding years, and would destroy incentive for economic growth resulting in high unemployment. In short, do this for a couple years and the US would be a third world nation.

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  • 9 years ago

    I agree that anyone proposing to balance the budget with tax increases is a moron. But wanna know what the sad thing is? They only do that kind of sh*t because Americans are morons in the sense that they eat it up. Maybe if we turned our focus away from celebrities and more towards politics things would change for the better. I mean, honestly, how often does the average American spend following politics? About once every 4 years.

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  • Anonymous
    9 years ago

    Yes are you aware that the U S government gets around 12% of it's revenue from corporate taxes? Do you think that is over $200 billion? And 6% from excise taxes?Who is the moron?

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  • 9 years ago

    Anyone proposing to balance the budget without some increase in taxes is equally delusional.

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  • 9 years ago

    You have a point, but I don't think it is that plain and simple. There are very intelligent people who think that if we raise the taxes a little on those making over one million,along with spending cuts, it would help. They are not morons.

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  • Anonymous
    9 years ago

    Anyone who thinks Democrats only want tax increases as the only step to solution is a moron plain and simple.

    I actually mean you by the way.

    There needs to be tax increases, cuts in military spending, discretionary spending, foreign aid, Medicare, and limits to government growth.

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  • 9 years ago

    anyone who thinks it can be done by cutting alone is a moron. The only answer is increase tax and cut spending both.

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  • 9 years ago

    Are you aware that the world doesn't end at the end of this fiscal year?

    So short-sighted.

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  • Anonymous
    9 years ago

    When rich people pay more taxes it's called "confiscation".

    When poor people pay more taxes it's called "broadening the base"

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  • Anonymous
    9 years ago

    Middle class is where the money is.

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