Cut out the tax cuts for wealthiest one percent and the money that goes overseas and then tell me about your version of "math"...:mf_laughbounce :
Originally Posted by HoustonMilfDebbie
Raising taxes on the top one percent is what Obama proposes to do with the so called Buffett Rule. If passed, the proposed tax increase on the wealthiest one percent would raise an estimated 46.7 billion dollars over the next ten years; rounded off, that's approximately five billion per year. To put that number in perspective, the federal budget is currently three thousand, eight hundred billion per year; that's 10.4 billion per day. The tax revenue raised by the Buffett Rule, would pay for less than one half of one day of federal spending.
The deficit for 2011 was 1.299 trillion. With the proposed tax increase on the wealthy, factored in, the deficit for 2011 would have 1.294 trillion instead of 1.299 trillion. The Buffett Rule would raise an insignifcant amount of money. Democrats are simply practicing class warfare, by pretending we can get out of or debt crisis by increasing taxes on the evil rich.
The top ten percent currently pay seventy percent of the income taxes. The lower fifty percent pay two percent of the income taxes. If we continue to make the income tax more and more progessive, we will destroy the economy, and actually reduce the tax revenue to the government.
It's obvious that our debt crisis is the result of run away entitlement spending. We are not going bankrupt because our taxes are too low.
http://thehill.com/blogs/on-the-mone...est-in-history