Taxing the rich solves the problem?

In 2009 there were approximately

137,900,000 tax returns that paid $870 Billion in taxes

1,400,000 tax returns with incomes in excess of $340,000. (Top 1%)                                 They paid $318 Billion in taxes or 36.7% of all income taxes paid

6,900,000 tax returns with incomes in excess of $155,000. (Top 5%)                                 They paid $508 Billion in taxes or 58.7% of all income taxes paid                                   Source: Internal Revenue Service

The current annual federal budget deficit is $1,302 Billion        http://www.usdebtclock.org/

If we DOUBLE the taxes of ALL incomes over $155,000 we still spend $794 Billion* dollars more than we take in.

We have a spending problem NOT a revenue problem.  The politicians are distracting the uninformed or misinformed into a class war to hide their malfeasance.

ALL spending not specifically authorized by the Constitution must be eliminated.

VOTE ‘EM OUT  ALL of them.

*revised

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2 Responses to Taxing the rich solves the problem?

  1. tamerlane says:

    You say the top 1% paid 37% of all taxes? They own 42% of all the wealth. The top 5% paid 59% of taxes? They own 64% of the wealth. What’s up with that, Skippy?

    The combined wealth of just three men — Bill Gates, Warren Buffett, and Larry Ellison — is greater than the combined debt of all 50 states. If we took their stuff, we could balance the budget of every state.

    The richest 400 people in the country have more wealth than the bottom half (150 million) combined. If we took those 400’s stuff and gave it to the 150 million, they’d all be twice as wealthy overnight.

    Now, you explain why those 400 are 375,000 times more valuable than anyone else.

    • fisherhorne says:

      Do not confuse income with wealth. We do not tax wealh we tax income. Why should a level of wealth that has been accumulated over years of saving and investing AFTER tax dollars have any bearing on the dicsussion? It shouldn’t.

      The top 1% pay 37% of all taxes on less than 17% of all income.
      The top 5% pay 59% of all taxes on less than 32% of all income.

      Those 400 are more wealthy because they have more money. Now you explain why their wealth SHOULD be given to anybody else.

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