If you're a liberal and think taxing the wealthy (those making over $500,000 per year) will reduce the federal deficit, then you need to look at this! In 2009, the TOTAL income amassed by those in the United States who earn over $500,000 per year came to $1.03 trillion.
Sounds like a lot, huh?!
Well, not when you consider that if the government were to tax all of those top earners at 100% of their income, it would have left us with a federal deficit of $839 billion--which is DOUBLE GW Bush's LARGEST deficit--and what do we have to show for it?! Abnormally high unemployment (as Bush saw unemployment linger BELOW 5% during the majority of his presidency), no new jobs or a culture that allows for private business and industry to thrive here, and a housing bubble that still hasn't fully imploded!!
"...recently released statistics from the Internal Revenue Service indicate that taxing away 100 percent of the income of every American who earned $500,000 or more in 2009 would still have left the United States with a massive annual deficit."
If the federal government had increased the income-tax rate on Americans earning more than $500,000 to 100 percent in 2009--and seized the remaining $773 billion in income it had not initially taken away from these Americans--that would have closed the federal deficit for the year to $839 billion ($838,988,236,899.90).
After taxing away 100 percent of the income of those earning $500,000 or more in 2009, the Obama administration would still have needed to increase taxes on Americans earning less than $500,000 by a total of $839 billion--just to balance federal accounts for the year."
Hmmmm....$839 billion....how much was Obama's FAILED stimulus bill?! Oh, that's right...$787 billion!! IMAGINE, since the stimulus bill has FAILED, if Obama and the Democrats hadn't CHOSEN to waste all of that money on lobbyist and union "thank yous" for getting him elected?!
So, liberals, what should we do? Sign our full paychecks over the government, and allow them to issue us a monthly allowance?!
If only they would just tax the wealthy 100% our federal deficit problems would simply disappear....NOT!!Answer Question
The loopholes, credits, shelters all need to end. It's a brand new day and the tax code needs to be simplified. Everyone needs to pay a portion, no one should be getting off scot free and if I read one more article written by a multimillionaire talking about how they routinely pay less than 10% in federal and state income taxes, I might just come unglued. Today I heard that this tax year there were close to 2 TRILLION dollars in credits, deductions and loopholes extended to Americans.
Wealth is protected earnings are not. Funny earnings require your OWN hard work while wealth usually is something someone ELSE worked to achieve-
Answer by Sisteract at 8:55 PM on Apr. 18, 2011
Answer by grlygrlz2 at 9:03 PM on Apr. 18, 2011
Answer by grlygrlz2 at 9:04 PM on Apr. 18, 2011
Answer by grlygrlz2 at 9:06 PM on Apr. 18, 2011
Answer by grlygrlz2 at 9:15 PM on Apr. 18, 2011
Answer by vbruno at 9:22 PM on Apr. 18, 2011
Answer by stacymomof2 at 9:23 PM on Apr. 18, 2011
I haven't heard anyone advocating for 100% tax. I have heard people advocating for a 3%...yes THREE PERCENT...increase in taxes. Maybe that's the problem, though...the way everyone is flipping out about it, maybe they just misheard?
Ummmm, if 100% won't cover the OVER SPENDING..... How will 3%?
Answer by grlygrlz2 at 9:26 PM on Apr. 18, 2011
Answer by DSamuels at 9:42 PM on Apr. 18, 2011
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