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The Drawn-Out Crisis -- It's the Obama Way
Kevin in Arkansas
Saturday, December 1, 2012 at 8:50 PM
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Kathleen:
"it is only a small amount more in additional taxes they ("the rich") would be contributing ..."
A small amount indeed, and you don't even realize how small. From "Eating the Rich" by Walter Williams.......
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. ++++++++++++++++
It's a SPENDING problem, Kathleen, not a revenue probably. If you want more REVENUE then lower the tax rates. It's been proven time and time again that raising rates DECREASES tax revenues and lowering rates INCREASES revenues.
But Obama does not care. It's all about a nebulous "fairness" policy, punishing the rich, instigating class warfare and spreading the wealth. If Obama really wanted to increase revenues he'd be slashing rates.