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12 Bumps

If they would just tax the wealthy 100%...

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?!

http://www.cnsnews.com/news/article/100-percent-tax-those-earning-500k-or-mo

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
 
LoriKeet

Asked by LoriKeet at 8:39 PM on Apr. 18, 2011 in Politics & Current Events

Level 45 (194,908 Credits)
Answers (45)
  • 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-


     

    Sisteract

    Answer by Sisteract at 8:55 PM on Apr. 18, 2011

  • Too Bad Lori, some will choose to ignore this question.... This would be another opportune moment for a serious fair tax/flat tax debate...
    grlygrlz2

    Answer by grlygrlz2 at 9:03 PM on Apr. 18, 2011

  • Sister, there is over a trillion dollars in loopholes/deduction (ie mortgage interest deductions)... So, even if we taxed the wealthy AND closed the deductions and loopholes, guess what? Still not enough....
    grlygrlz2

    Answer by grlygrlz2 at 9:04 PM on Apr. 18, 2011

  • The fact of the matter, we cannot add MORE programs tomorrow when we can't even efficiently manage and afford the programs of today.... Sure wish we had a LEADER who would STOP adding programs and vilifying the wealthy..
    grlygrlz2

    Answer by grlygrlz2 at 9:06 PM on Apr. 18, 2011

  • Too Bad Lori, some will choose to ignore this question.... This would be another opportune moment for a serious fair tax/flat tax debate...

    ***

    This is why I wrote my subject line the way I did...I thought all the libs would come running over!! LOL

    I wish Cafemom would add a "page views" counter, so I could see just how many (liberals in most cases) open/read a post, then decide they have no answer, and back away quietly!! LOL :o)
    LoriKeet

    Comment by LoriKeet (original poster) at 9:10 PM on Apr. 18, 2011

  • I bumb the Page views idea!!!! That would be awesome!
    grlygrlz2

    Answer by grlygrlz2 at 9:15 PM on Apr. 18, 2011

  • Even if we taxed the rich 100% we would still have a deficit of 1.4 TRILLION dollars. The US Govt NEEDS to learn to live within it's means instead of increasing spending and taxes. EVERYONE eligible to vote NEEDS to VOTE and vote EVERY ONE OF THESE ASSHOLES OUT OF OFFICE!!!
    vbruno

    Answer by vbruno at 9:22 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? lol

    Balancing the budget can't be done by raising taxes alone. You have to raise taxes AND cut spending.
    stacymomof2

    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%?

    grlygrlz2

    Answer by grlygrlz2 at 9:26 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%?

    And if 100% won't cover it, then raising it 3% and possibly harming any growth we may have is supremely stupid! If you tax the top 10% at 100% (those making $114,000 combined and up) it won't even make a dent in the defiicit. Raising taxes will not help. We need to stop spending and start growing the economy.
    DSamuels

    Answer by DSamuels at 9:42 PM on Apr. 18, 2011

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