Tax the rich! Tax ’em at 100%! That Still Leaves U.S. With $839B Deficit

Let’s tax the rich… tax them all! In fact, let’s tax them at 100% for 2009! That’ll fix our deficit problem!

Huh? What? What do you mean it won’t fix anything?

From CNS News

In fact, in tax year 2009 (the last year for which IRS has published statistics), the combined gross income of all Americans earning $500,000 per year or more was about $1.03 trillion ($1,029,256,075,000.00) of which these Americans paid $256.7 billion ($256,699,499,000.00) in federal income taxes.

That left this group of Americans about $773 billion ($772,556,576,000.00) in income that the federal government had not taken away in income taxes.

Also during tax year 2009, according to the Bureau of the Public Debt, the national debt increased by $1.61 trillion ($1,611,544,812,899.90).

If the federal government had increased the income-tax rate on Americans earning more than $500,000 to 100 percent in 2009–and seized the remaining $773 billion in income it had not initially taken away from these Americans–that would have closed the federal deficit for the year to $839 billion ($838,988,236,899.90).

After taxing away 100 percent of the income of those earning $500,000 or more in 2009, the Obama administration would still have needed to increase taxes on Americans earning less than $500,000 by a total of $839 billion–just to balance federal accounts for the year.

Well, CRAP! Damn those rich jerks! They’re useless… why can’t they just make more so we can take that away! Somebody get Michael Moore on the phone right away!

Oh… if they make more, then who makes less?

This entry was posted in Current Issues, Economy, Government, President Obama and tagged , , , , . Bookmark the permalink.

One Response to Tax the rich! Tax ’em at 100%! That Still Leaves U.S. With $839B Deficit

  1. Jenny says:

    I love this article! I was just talking with a liberal friend who of course was saying we have debt problems because the rich aren’t paying their fair share. This was such a great resource.

    Best to you and God bless.

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