The time to raise taxes is now. I can't argue any longer that we need to cut spending. It's obvious we have to raise more revenue. Because without a doubt, the federal government has to spend $3.6 trillion dollars a year. They HAVE TO.
I mean if they don't, we'll have starving babies and dead seniors in the streets. We'll have hordes of uneducated doofuses wandering the streets and most of us will have limbs blown off from faulty consumer products, IF our wise overlords can't spend $3.6 trillion dollars a year...most likely about $4 T next year and $4.5T the year after. But they gotta have it, or we're all doomed.
So we have to raise revenue. Lord knows we don't have a spending problem, we have a revenue problem. Of course that problem was caused by the "Bush" tax cuts. All those filthy rich crooks taking what is rightfully ours! Am I right?
Total revenue $2.4 trillion
Total expenditures $3.6 trillion
Deficit $1.2 trillion
Debt $14 trillion
So, all we have to do is raise taxes on those cheating millionaires and billionaires and we'll have all the money we need...am I right?
Those fat cat millionaires and billionaires, the Top 1% don't pay their fair share. So they need to be punished and forced to help out.
Oh wait a minute, the Top 1% of income earners are $380,000 and over. Hmmm, not exactly fat cat billionaires are they? Well they deserve to be punished anyway, am I right?
According to 2008 income tax data the Top 1% had an AGI of $1.6 trillion...well, jeeze if we tax them at 100%, we still can't cover our $3.6 T in expenditures.
We need to expand our net. How about the Top 10%...surely those evil *******s that are in the Top 10% should bear more of the burden...am I right?
Wow, the Top 10% includes those incomes of $114,000 and over...not exactly fat cat material. And I seem to be harsher on these guys than President Obama...he said he wouldn't raise taxes on less than $200K or was it $250K...I don't remember, he kept moving the line. Anyway, someone making $114K is a lot more than I make...so obviously these people are theives and their wealth was accumulated dishonestly.
According to 2008 income tax data the Top 10% had an AGI of $3.8 trillion. Now we're talking. Now we can cover our expenditures...surely there would be no adverse economic effects if we taxed these trolls at near 100%...am I right?
Well wait a minute. If we taxed them at 100%, that wouldn't leave anything for our brothers and sisters at the state and local level to suck-off...I mean...extract...income from.
So let's expand our net to the Top 25%. I mean they make more money than 75% and that's just not fair.
Hmmm, the Top 25% includes income of $67K and over. My dad, after working hard, putting in many hours for many years, finally had a job making about that much before he retired. He seemed to be a decent enough guy and I kind of always hoped to follow in his footsteps...Well no time to think of that now. We have a Revenue Problem...And by definition, if someone makes more than me, they are an evil, dishonest SOB.
Top 25% AGI $5.6T. OK, we have to raise $3.6T and save some for the states and locals. If we tax them at 65% we raise $3.6T. Perfect. That covers federal expenditures and leaves 35% for state/locals to feed off...err, I mean...raise revenue for their wonderful, glorious programs.
I don't know what those folks are going to use to pay their bills. I'm not really sure who is going to invest in businesses to create new jobs. Ha! What am I thinking? People don't create jobs...Presidents do! Of course...shew, load off my mind.
Well, I can remember back in my younger days Dad used to slip a few bucks to help me out when I needed it. I don't know how these folks are going to be able to help out their loved ones...welfare maybe? Oh yeah, that's right they make too much money to qualify for that.
Maybe it's not exactly fair to let the Top 25% pay for everything.
Let's see...the Top 50%...Wait a second, hold the phone...That's Me!
OK, maybe the math is a little fuzzy...but remember the deficits were caused by the Bush tax cuts and all we have to do to close the deficit is to raise taxes on the rich. At least that's what Harry Reid says, and I believe him. Because that's the problem right? It's not spending, it's the fact that taxes were lowered for all of Bush's buddies...that's why we're are in this mess, right?
But to reach the spending level of just ONE fiscal year..."The Rich" has to be defined as someone making 30K a year!
But, let us not forget...we don't have a spending problem...we have a revenue problem.
Yeah, right.
The Huffington Post Alexander Eichler First Posted: 07/ 5/11 10:30 AM ET Updated: 07/ 5/11 01:46 PM ET