Oddly enough.... It almost seems as though the Democraps want everyone depending on government.... This would capture all the votes.... Part of the gameplan.....
Let's complete the thought experiment.... We know that work costs you something (sleep, time with your family, etc.). So, if every $1 above $500K is confiscated, then you wouldn't put forth the effort to make it. that takes the tax revenue from anything above $500K to zero. So, to get the revenue necessary to meet the obligations government created, we would have to have a confiscatory taxes on everyone making over, say, $400K. Nobody will make more than $400K. Repeat the process until we're all making $1/year and the real economy is the black market. In other words, the thought experiment leads us to one place: POVERTY!
Getting to be very Latin American.... ie Chavez and Venezuela.... ..................................................................................... The bottom line is that the current path leads to a better than $3 Trillion deficit.....in 2010.... This is no joke.... And when you combine this with who is going to buy US debt....when the normal foreign purchases are around $200 billion....what does this tell you.... And now think about the other countries needing to raise money as well.... The future is rather obvious....
Yes, yes, YES! Just today, my wife (who admits to knowing nothing about finances or money... I mean, how could she... she's a doctor)... says to me... 1. "If NObama is going to tax it all away, why don't we just go on a spending spree and at least enjoy it before it's confiscated?" 2. "I should start working just part time. I'm not going to bust my butt just so the Gummint can tax it all away for their social programs." Personally, I want to leave the country... but she won't hear of it so long as her parents are still living.. (Let me tell you about her "busting her butt"... she routinely works about 50 hours a week in one of the lower paid surgical specialties. She was 30 years old before she got "regular doctor salary"... she spent 12 years in post-high school training.. med school, residency, and fellowship.. before she was trusted to operate on people's children. She takes call. That means, taking a call in the middle of the night, driving to the hospital to treat an injured kid... because it's better for the kid's recovery to do it in the middle of the night rather than wait until morning... she sometimes has 16-hour days.... 60-70 hour weeks. And her "reward" for that is to be FURTHER OVERTAXED TO PAY FOR NOBAMA'S AND THE DEMOCRAPS SPENDING SCHEME TO BUY VOTES AND POLITICAL POWER?) Socialists don't get it. If the incentive to accomplish and produce is "taxed away", soon there won't BE ANYTHING TO TAX... the ambitious and capable (the source of funds for DemoCrap Socialist spending programs) will just throw up their hands and say "FUCK IT... WHY BOTHER?" AMERICA CANNOT AFFORD NOBAMA AND SOCIALISM!
The reason you will never have it is because the tax code is designed to not tax democratic voters. If they have a broad consumption tax then they will be taxed. So forget it. It will never happen.
The bottom line is that a 10% consumption tax will .... Stabilize revenue Corporations from all over the world would flock to the US for its tax friendly status.... Will secure long term prosperity.... Will put funds directly in the hands of small business.... Small business can provide jobs far more effectively and efficiently than govt can....The govt will spend 10x what a small business will spend to provide a job.... The elimination of the IRS would lift the human spirit and the will to work.... The US would belong to its people and not the government.... ............................................................ Ansd most importantly....will get the US out of its current predicament.... THE PROPOSED PLAN WILL NOT !!!!!!!!!!!!
A wealth tax of even more than 10 percent is more likely and, for the better part, more fair -- even after acknowledging that it would punish the innocent with the guilty.