Why argue about the budget? A country as large and wealthy as the United States shouldn’t have any trouble paying its bills. The money is there. So why aren’t the bills getting paid?

Why We Cannot Balance the Budget -- GE and Other Corporations, Like the Rich, Are Not Paying Fair Share of Taxes -- See Why We Are in Trouble!
Last Word w/ Lawrence O'Donnell

Ronald Reagan gets a mention in here. Perhaps he was regretting what he said here:
Inaugural Address, 1981

TAX THE RICH!
Original Post
What is a "fair share" of taxes? How much of one's income should be subject to confiscation by the government? I say no more than 33%. If the Feds weren't so busy transferring wealth from one set of taxpayers to another via subsidies, corporate welfare and loopholes I think we would find this is adequate. JMO
quote:
Originally posted by HIFLYER2:
You really want to scare yourself or just plain make yourself mad add up the total amount you pay in taxes not just income. Add up property tax, sales tax, road tax, fuel and energy tax etc you will be surprised.

AND, it will be less than the top 1% of taxpayers and many corporations pay.
Eliminating the Bush tax cuts would yield $40 billion annually.

Problem is, that the projected FY 11 deficit will be about $1.65 trillion. Another $40 billion would be a drop in bucket.

Now, as to taxing more:

Per: en.wikipedia.org/wiki.household_income_in_the_United_states

There are 1,699,000 household incomes of $250,000 and above make up 1.5 percent of all households.
Another 1,325,000 household incomes with income from $200,000 to $249,999 make up another 2.87 percent of all households for a total of 4.37 percent.

Per: www.taxfoundation.org/news/show/250.html

The upper 5 percent of taxpayers in the country had a total income of $2,926,701,000 for which they paid $605,718,000 or about 20.7 percent of their income. Increasing that to $1.65 trillion would take about 56.4 percent.

The government might collect that one time. Afterward, the taxpayers would either flee the country, simply refuse to earn more, or hide their income in shelters.

Removing that much income from the economy would ensure a flat lined economy, or a double dip recession.

You can only shear the sheep so close.

France taxed and taxed their corporations until they drove them to the brink. Now, the French government is either wholly the owner, or the majority shareholder of several large corporations (sound familiar). Corporations that aren't making a profit. Their government raises taxes to keep the corporations in existence and the employees employed. Its the old self licking lollypop.

Reality bites. Socialist reality bites big chunks and leaves behind large cowpatties.

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