This crazy rampant spending is putting our country in the same mess that gets people forclosed on!
From the folks at the Wall Street Journal:
"But let's not stop at a 42% top rate; as a thought experiment, let's go all the way. 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."
(thanks for the source Wizard)
1 comment:
I think that Obama is a good and decent man who's heart is definitely in the right place. I even agree with him that we probably need some bold measures here. But with a 13 trillion dollar debt, I think it was even more imperative that he and the Congress be better stewards of our money. My preference would have been for roads, bridges (find out what bridges are under code and fix them), and a PERMANENT middle class tax cut (none of this rebate nonsense). And, yes, if that didn't work, then (and only then) do you open up the coffers more.
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