We have seen the future, and it sucks.

Take everything they earn, and it still won’t be enough.

26th February 2009

Read it.

Even the most basic inspection of the IRS income tax statistics shows that raising taxes on the salaries, dividends and capital gains of those making more than $250,000 can’t possibly raise enough revenue to fund Mr. Obama’s new spending ambitions.

“Soak the rich” is fine until the rich dissolve — and then where will you get your money?

A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue. That’s less than half the 2006 federal budget of $2.7 trillion and looks tiny compared to the more than $4 trillion Congress will spend in fiscal 2010. Even taking every taxable “dime” of everyone earning more than $75,000 in 2006 would have barely yielded enough to cover that $4 trillion.

One Response to “Take everything they earn, and it still won’t be enough.”

  1. Sis Says:

    If you drive a car, I’ll tax the street
    If you try to sit, I’ll tax your seat
    If you get too cold I’ll tax the heat
    If you take a walk, I’ll tax your feet