Obama and the liberals want us to believe that by taxing the rich more we can fix our financial mess.
Never mind that the top 1 percent of our earners now pay over 40 percent of all individual taxes collected.
Never mind that the top wage earners are the only ones creating jobs in America today.
The year 2008 is the latest year that data is available from the IRS. In that year the top tax rate was 35 percent on incomes above $357,700 — raising $218 billion (35 percent) in taxes.
In 2011 our deficit is $1.7 trillion, estimated to be $1.1 trillion in 2012.
So let’s increase the taxes on the rich by 20 percent or 50 percent or even 100 percent.
At 100 percent —yes we take all their money — the IRS would collect $623 billion in taxes — barely half our deficit. Oops, we took all their money and totally destroyed the business community in America.
Class and wealth envy is a lot easier a campaign platform to run on than facts and figures and the painful truth.
Even Barry can’t tax our way out of the recession — get the axe out and start cutting!