Here is the stupid thinking of liberals. Leave aside the above post which shows that those making $250,000 are not "rich", they are typically small business owners. This is not a salary but business income, from which you pay employees, buy and store goods, pay accountants, lawyers, CPAs and then yourself. These people actually clear less money than I do on my salary and yet they are considered rich and I am not. By the way, I don't consider myself rich - I live in an apartment and drive a five year old car that I bought used.
But here is an interesting point which shows the absolute stupidity of the Obama administration or, more likely, their use of class warfare to drum up the idiots who believe the drivel coming from their propaganda filled minds: http://confoundedinterest.wordpress.com/2011/04/18/100-tax-on-rich-raises-only-13-of-the-current-year-deficit/.
100% Tax on Rich Raises Only 2/3 of the Current Year Deficit
Well, so much for the tax/soak the rich rhetoric.
A 100% tax on taxpayers earning $500,000 or more would STILL leave us with a $500 billion deficit.
And that is assuming that don’t move out of the country.
Look at the IRS numbers for 2009. There were 717,932 filings for $500,000 and over. This amounts to $1,029,256,075.
If we lower it the John Edwards standard of $200,000, it would be $1,941,462,807 which exceeds the current deficit.
But confiscating income above $200,000 would be destructive to the economy and drive away capital from our shores. We would be the new Venezuela.
So even if we tax the rich at 100% tax rate, we would only pay of 2/3 of the current deficit.
This is an example of how outrageous the Obama / Democrat budget is. When we can barely cover ONE YEAR OF DEFICITS by income confiscation of everyone that makes $200,000 and above, you know how horrible and damaging it is.
Point of clarification: this means seizing the incomes of all those making above $500K. It we simply took only the income in excess of $500k (a BAD idea), we wouldn’t get anywhere near paying for Obama’s deficits.
Taxing the rich make for good crowd chants through bullhorns, but it is a wasteful and shallow response to “Why not cut spending?”
Representative Ryan, the ball is in your court.
Remember, this is the deficit for a single year. So taxing the rich even at 100% does not magically solve your problems and, if you did so, you would drive them away anyway.
So when Warren Buffet says "tax the super rich" -
http://www.nytimes.com/2011/08/15/o...h.html?_r=2&smid=tw-nytimesbusiness&seid=auto - he is showing that he must have made his money by sheer luck, because this statement is a stupid as it comes. If you only tax the "super" rich, that means less revenue than above for two reasons. Your not going to tax them at 100%, but if you did they are still a subset of the group making $500,000+/year. So that is less revenue there. So let's say you lowered the top marginal tax rate to 75% for money over $1,000,000 (assuming this would be a super rich person). That takes in less than the 100% thought experiment example above so that is even less revenue.
And guess what would happen to that revenue which would not even put a dent in a single years budget? You think it will go towards lowering the deficit? If you do, you have not been following politics for very long. Even under Reagan government still grew. So without a Cut, Cap and Balance your left with....? That's right - an unsustainable welfare state that Europe is just now figuring out does not work as their leaders look over to the U.S. and scratch their heads at how stupid we appear to be. Hey dolts, we already tried this - it does not work - WTF are you doing?
Which leads me to only one conclusion - liberals want to destroy the economy. I don't think they are dumb - they know exactly what they are doing. So if you want the economy destroyed, vote for a liberal. Or let;s flip the argument. If they are that dumb, do you want them running your economy?
Think about that.
Jobs in Iowa are moving to CANADA! Companies are moving to places where corporate tax rates are low and out of this country. The pipeline that was supposed to be built all the way to TX is being stopped by Obambi, so Canada is just building one to the West coast for CHINA to pick up the goods.
If you voted for Obama once, you can be forgiven for being caught up in the Hopey Changey thing. Vote for him again and not only are you IQ challenged, but you will get what you deserve.
And before you start the, but it's Bush's fault we are in this mess, I'll put that to rest right here:
Bush Deficit vs. Obama Deficit in Pictures
And yes, the above link does include the wars in Iraq and Afghanistan.
Lesson: you can't print you way or stimulate your way out of a recession. It simply does not work. The only way - proven time and time again - is to stimulate not public sector jobs but private sector jobs. It's not even Economics 101 - it's Economics for the Completely Clueless for children ages 3-8.
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