...because they aren't paying for anything. âShare The Painâ: MSNBCâs Mika Happy 47% Of Americans, Ironically Same Percentage Who Donât Pay Any Income Taxes, Want To Redistribute The Wealth By Heavily Taxing The Rich <iframe title="YouTube video player" width="480" height="390" src="http://www.youtube.com/embed/Swf4fWzdG5U" frameborder="0" allowfullscreen></iframe>
What is astonishing is that it was the Republicans in the mid '90's with their "family values" thingy that set up the new tax regime.
actually i prefer margaret thatcher's famous quote on the subject: "The problem with socialism is that eventually you run out of other people's money [to spend]."
Ugh, you had to post that didn't you. That's OK. I didn't really need to keep my breakfast in my stomach. There's always lunch. So the rich pay what....90% of all the taxes in this country and that's not enough? How about this statistic. If the US Government raised taxes to 100%, in other words, took all the income away from everybody, it still would not pay off the debt. Wake up folks.
Yeah, sorry. The entire unfunded future promises of American largesse are roughly $113T. According to Internal Revenue Service data, the entire taxable income of everyone earning over $100,000 in 2008 was about $1.582 trillion. Add in the rising number of people not contributing... In liberal speak/math, this is easy to solve, we just need to tax the rich.
In other words, if Odumbo taxed all income over $100K @ 100% tax rate, that would ALMOST offset the deficit??
Almost. And then you'd need another 70+ plus years to break even on the entitlements. Assuming all rich people would have no problem living income free for that long.
Does that include the 47% of Americans include the 45% of Americans (69 million Americans) that don't owe any income taxes?
Our current account deficit is almost 14 trillion. So, it would pay off only less then 10% of the current account if we raised taxes to 100% on everybody.