Taxing The Rich Is Like Robbing Banks – It’s Where the Money Is

Or is it?

Take a look at the IRS tax stats.

http://www.irs.gov/pub/irs-soi/06in01etr.xls

The most recent data from 2006 shows that the top 1% had taxable income of $1.79 trillion, just s smidge more than President Obama’s $1.75 trillion deficit. At first glance the solution seems to be simple – tax the rich 100%. The mathematical problem with that is that the President has already used over $400 billion of the $1790 billion to even get down to $1.75 trillion

Not even the rich make enough money to pay for President Obama’s spending.

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One response to “Taxing The Rich Is Like Robbing Banks – It’s Where the Money Is

  1. President Obama claims that he can cut the deficit in half by the end of his first term, not that this plan now on the table will balance the budget. In order to save a dying economy, Republicans and Democrats alike are willing to spend the government dryer than it already is.

    My economics teaching in high school taught us that while it’s true figures don’t lie, all liars can figure. That’s a funny little math trick you do up there. But be honest about what is being said.

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