It does not matter at all WHO is in the White House; our taxes will go up until the people with money run out or run away.
We are spending 60% more than we are taking in. (60% = $1,298B ($1.3T) dollars)
That means we need to increase ALL taxes by 60% to break even THIS year, and that doesn’t pay a dime towards the debt that is larger than our entire economy.
Tripling the income taxes on the top 1% would not balance the budget; neither would doubling the income taxes on the top 10%. Raising income taxes sufficiently to cover out-of-control spending will devastate an already fragile economy. Such a move would chase those with the financial ability to do so away from such an oppressive penalty, leaving only the “entitled”, and them unsupported. We do NOT have a taxing problem, we have a spending problem.
The UGLY TRUTH
We could slash military, cut it in half; saving $350B we would still have a deficit of $948B. Of course ALL overseas bases must be closed and the Navy would be forced to dock all sea craft, and the Air Force would ground over half its aircraft. Then we could eliminate ALL foreign aid; saving another $38B, leaving a deficit of $910B. Waste and fraud are reported to be over 10% of the entire budget, so eliminating ALL waste a fraud would net $345B, and we’re still short $565B.
Our current budget spends $2,210B annually on unconstitutional social programs*, if we eliminate ALL spending except these social programs* we would still run a spending deficit of $47B. That means NO military, NO veteran’s benefits, NO interest on our debt, NO foreign embassies, NO ambassadors, NO Supreme Court, NO Congress, NO President, NO Secret Service protection/housing/staff/lights/water/anything for ANY federally elected official, and we would STILL have a deficit of $47B.
The UGLIEST TRUTH
It is past time for us to defund any and all federal programs*, policies*, agencies* and agents* not specifically authorized by the federal government. We will do it eventually; either under the rule of law, abiding by the strict and specific language of The Constitution of the United States, or by the complete collapse of our entire economy under the weight of rampant irresponsible debt.
Either way will be ugly, very ugly. Addicts kicking habits decades old are rarely pretty. The former method may have a very slim chance, under the semblance or perception of law and order, of rescuing at least a modicum of American societal civilization, the latter has no such chance. If our career politician representatives haven’t the stomach or the spine to slash wholly irresponsible and completely unconstitutional spending* to the bone the melt-down will be murderous, literally.
Per The U.S. Government Accountability Office (GAO) http://www.gao.gov/
|Total Expenditure 2010||100%||$3,456B|
|Medicare, Medicaid, and CHIP *||21%||$732B|
|Social Security *||20%||$707B|
|“Safety Net Programs” *, ***||14%||$495B|
|Benefits federal retirees/veterans **||7%||$238B|
|Interest on the debt||6%||$201B|
|Scientific and medical research *||2%||$69B|
|Non-security International Affairs||1%||$32B|
|Expenditure over Receipt||160%|
|Receipt over Expenditure||63%|
As you can see from the table below;
the Top 1% are those with adjusted gross incomes above $344,000, they
make 16.9% of all income and
pay 36.7% of all income taxes
have an AVERAGE tax rate of 24%.
People making that kind of income buy cars and fuel, electricity, houses, groceries, clothes, TV’s, and everything everyone else does but more so. They also hire house keepers, lawn maintenance, auto mechanics, etc., go to restaurants, theatres, race tracks, and a thousand other things that support the economy.
Real income data CBO- for fiscal year 2010
|Bottom of Income||Avg. Tax Rate||Avg. Share of Income||Avg. share of Taxes|
|Top 5% (Inc. 1%)||$154,643||20.5%||31.7%||58.7%|
|Top 10% (Inc. 5%)||$112,124||18.1%||43.2%||70.5%|
|Top 25% (Inc. 10%)||$66,193||14.7%||65.8%||87.3%|
|Top 50% (Inc. 25%)||$32,396||12.5%||86.5%||97.7%|
“”To take from one, because it is thought his own industry and that of his father’s has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, the guarantee to everyone the free exercise of his industry and the fruits acquired by it.”” –Thomas Jefferson
* Healthcare, Welfare, SSI, WICS, Medicare, Medicaid, Social Security, Depositor’s Insurance, FEMA, Scientific/Medical Research, Educational Aid, Federal Transportation Aid, and a host of others.
** If the retirees in this group are from agencies* above, these benefits are as unconstitutional as the agency.
*** These programs include: the refundable portion of the earned-income and child tax credits, which assist low- and moderate-income working families through the tax code; programs that provide cash payments to eligible individuals or households, including Supplemental Security Income for the elderly or disabled poor and unemployment insurance; various forms of in-kind assistance for low-income families and individuals, including food stamps, school meals, low-income housing assistance, child-care assistance, and assistance in meeting home energy bills; and various other programs such as those that aid abused and neglected children.