Voice For Liberty

The rich don’t have enough money

Bob Weeks

in

Even if President Barack Obama gets his way in upcoming tax negotiations, we’ll still be a long way from tackling the deficit.

The document General Explanations of the
Administration’s Fiscal Year 2013 Revenue Proposals, Table of Revenue Estimates holds the details:

Obama Administration projection of increased tax revenue

If Obama is successful in his plan to increase taxes on upper-income taxpayers, it will bring in — according to this estimate by the Treasury Department — $56 billion in 2013. If additional tax expenditures are eliminated, revenue could increase by $83 billion. Both of these numbers are projected to rise in future years.

To place these numbers in context: In fiscal year 2012, which ended just one month ago, the federal government spent an estimated $3,500 billion. The largest tax revenue increase Obama hopes for is 2.4 percent of this.

Considering only the deficit from 2012, estimated at $1,100 billion, the $83 billion tax hike is 7.54 percent. But that’s only the deficit, which is the amount we borrow, not the amount we spend.

These tax increases are not going to solve our problems with the federal budget. That’s assuming that the tax hikes will not cause economic harm.

The federal budget is so out of balance compared to the size of the economy that even the wildest dreams of liberals won’t balance the budget. The Tax Foundation has calculated from IRS data that if government taxed 100 percent of the income earned by those who earn over $1 million, it would raise $709 billion. That’s not really close to last year’s deficit of $1,100 billion.

And then, why would these people work?

Comments

2 responses to “The rich don’t have enough money”

  1. Larry

    Why would they work? Because there will Not be a 100% tax rate!! You would be naive to think of a 100% tax rate. You also talk about Liberals & Spending BUT congress is made up of Conservatives who spend also. Congress is in charge of spending, Congress is in charge of Spending, CONGRESS is in Charge of Spending!!
    If we are to get out of the Hole that our Congress has put us in then they must CUT SPENDING. If YOU as citizen do not know of at least 2 programs that should be cut dramatically then you have NOT BEEN paying Attention to Congressional Spending. We have Congressmen that have supported unnecessary spending yet we continue to reelect them, because some of the Federal Money comes to Kansas. All citizens of All States have the same problem,,,,,,we must elect them so we can get some of our Federal Dollars back,,,, .
    This has gone on for years and is self sustaining. If we are ever to dig our way out of the mess we are in we MUST Stop our current habits. Kansas passes NEW taxes to obtain monies to Match the Federal Funds that are available,,,,,,yet this very process digs us deeper into the hole of debt.
    If the tax is not increased on the Rich the tax will be increased on the poor,,,,,, the government needs your money to spend.

  2. Chuck Glover

    Why would they work? In reality they don’t work, they invest money to such large extent that they control the work of others. It’ called Large Business Ownership….from which they pay themselves large capital gains, a.k.a. Personal income. but there is a problem: Their Entrepreneurship has been on semi-automatic pilot, for the last four years and if they have invested that investment has “gone over the waves” to foreign nations where they pay salaries at 10 cents on the dollar compared to an American Labor Force, then send their products back to America, to sell at enormous profits to “fools” who continue to believe that Materialism “makes them just as important as the “Joneses” they wish to emulate. It’s a self defeating, catch 22 cycle, and no Fiscal Cliff, No tax reform and NO Spending Cuts unless they are cataclismic and enough to destroy this country, will ever right the damage that has already been done. All Politicians pay “lip service” to Smaller Government. Real Spending Reduction requires a 40% labor reduction in Every Public Service Department, not only in Federal Government, but Every State and Local Government as Well. Is that acceptable? It would be to me, but it damn sure wouldn’t be to the Rest of America, Not unless our Greatest Domestic Product would be the building of Caskets, as it was during the American Civil War or a Future Revolution, because that would be the end result of such Draconian Measures. When I say “labor reduction” it should go without saying that the First Casualties should be the 535 Morons who have created the chaos to begin with, as well as every crooked lobbyist they ever catered to. Would be a damn nice start, but sure as hell isn’t going to happen.

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