"Not One Thin Dime"
sure as hell a buncha thick quarters
Consider the IRS data for 2006, the most recent year that such tax data are available and a good year for the economy and “the wealthiest 2%.” Roughly 3.8 million filers had adjusted gross incomes above $200,000 in 2006. ... These people paid about $522 billion in income taxes, or roughly 62% of all federal individual income receipts. The richest 1%—about 1.65 million filers making above $388,806—paid some $408 billion, or 39.9% of all income tax revenues, while earning about 22% of all reported U.S. income.
... as a thought experiment, let’s go all the way. A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue. That’s less than half the 2006 federal budget of $2.7 trillion and looks tiny compared to the more than $4 trillion Congress will spend in fiscal 2010. Even taking every taxable “dime” of everyone earning more than $75,000 in 2006 would have barely yielded enough to cover that $4 trillion.
A course after a few years of the impending hyperinflation--the Obama Bounce--we’ll all be making more than $250-thousand a year.
Whoopee! We’re all agunna be rich!
.Posted by OregonGuy on 04/23/09 at 08:34 AMRight-on about inflation!
Obama is counting on the ignorance of the masses to keep the illusion that there is a middle class tax cut. In fact, the tax will come in the form of inflation. Inflation, unemployment and interest rates will probably be in double digits nest year.
And with all the young voters without any education in economics, Obama will still have a positive approval rating. (or hopefully not).
Posted by MAS1916 on 04/23/09 at 11:44 AM
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