TAX THE RICH!
Here's a few numbers:
The so called "Buffet rule", the plan that taxes 1 million dollars or more in income at a rate of 30%, is expected to raise $47,000,000,000.00 over ten years. That equates to 4.7 billion dollars per year. The federal government borrows about $4,000,000,000.00 dollars per day to cover deficit spending. So the "buffet rule" covers the government borrowing for about 1-1/4 days. Now these numbers assume current base line law, ie; full expiration of the bush tax cuts.
Now say congress extends the bush tax cuts (which is very likely).There are varying estimates from $60,000,000,000.00 to $160,000,000,000.00 being raised over the next ten years from the "rule". So we will use Chuck Schumer's (d-NY) estimate of $160,000,000,000.00, which equates to $16,000,000,000.00 per year. That covers government BORROWING for about 4 days, give or take a few hours.
Now, is this meaningful change in tax policy? Signs say no, and many economists say that raising taxes on the wealthy (who provide investment dollars, jobs, and capital) can actually stifle economic growth and job creation.
So you have to ask yourself, is this class warfare? Is this igniting a battle between the haves and the have nots? Is it sound economic policy to do what just about every economist says not to do in a economic downturn? You decide that one.......
What I have seen is a president who is igniting culture wars, class warfare, and demonizing the wealthy for "not paying their fair share".
Here's a fact: According to the IRS's latest numbers (2009), the top 10% (adjusted gross income of $112,124.00 or greater) of incomes in the US paid a little over 70% of ALL income tax received by the IRS in 2009. Now that is adjusted gross income, which is after deductions, etc. The bottom 50% of incomes in America paid just 2.25% of all income taxes received by the IRS. That's people with AGI's of $32,000.00 or less. The top 50% paid 97.75% of all income taxes received by the IRS in 2009. There are newer estimates available, but these are the latest hard numbers provided by the IRS. The new estimates follow these numbers very closely, a little variance is noted.
We have an incredibly progressive tax code. The poor pay no income taxes, and in fact, with the restructuring of the earned income credit, people who make $45,000.00 or less may qualify for the credit, which gives millions of people thousands of dollars back. money they never earned, FREE money.
So the "wealthy" or "well off" aren't paying their fair share? Somebody definitely isn't paying their fair share, but it certainly isn't the wealthy, well to do, comfortable, or even above average incomes.