Can We Tax The Rich Enough To Get Out Of Debt?

Seeing as the budget shortfall is 1.5 Trillion just this year alone, how much more should we tax the "evil rich" so that government can balance the books?
Can We Tax The Rich Enough To Get Out Of Debt? | Tarheel Red
If confiscating all of their money won't balance the books, then why do some say just raising their taxes would do it?

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No Need to Thank Me For REP!

No.

This is a humorous analysis - but the figures are accurate:

iowahawk: Feed Your Family on $10 Billion a Day

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"Nothing is more curious than the almost savage hostility that Humour excites in those who lack it." - George Saintsbury, A Last Vintage

We must confiscate ALL THEIR ACCUMULATED WEALTH GOING BACK 10 YEARS as well as ALL WAGES FOR SAME TIME PERIOD.

Of course, this won't make a dent in the national debt, which is a different animal entirely from the annual budget. National debt is running around 14 trillion.....

BUT.... We'll all feel better hosing "the rich."

Barack Obama told the nation last Wednesday that “improvements” in Medicare and hiking taxes on the wealthy would stabilize government spending and bring deficit spending to what can charitably be described as a dull roar. The Wall Street Journal does some fact checking on these claims and finds them entirely false. Even if the “rich” gets defined down to the top 10% of filers — whose average annual household income is $114,000 — the level of revenue from even a 100% tax would still not close the budget gap:

WSJ shows taxing the rich won’t cover the bill « Hot Air

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"You can take from A and give to B if B pays more taxes?"
~Justice Antonin Scalia on Kelo v. New London

"We are fast approaching the stage of the ultimate inversion: The stage where the government is free to do anything it pleases, while the citizens may act only by permission – which is the stage of the darkest periods of human history, the stage of rule by brute force." ~Ayn Rand

“Medicine is the keystone in the arch of socialism”~Lenin

You've been had again.
The top 1% have over $20 trillion in wealth. Capital assets like stocks are not included in the figures CON$ use to calculate the money of the rich. Taxing that wealth at 7.5% will cover the deficit. Is a 7.5%wealth tax on the top 1% too much to ask for the country that protects their right to private ownership. Hell, a 10% wealth tax on the top 1% would not only eliminate the deficit, but also would eliminate the national debt in 30 years, that's more than either Obama's or Ryan's plan does.

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See ya'll? What did I just get done posting?

Who says that?

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Capitalism wherever possible; Socialism wherever necessary.

I misposted, it's $20 TRILLION!!!

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Yeah but you got the wealth part of the equation correct!

No more rich?? Who is going to pay the majority of the Fed taxes that they pay righ now?? Remember that 40-50% that pay for nothing?? It ain't gonna be them..

You got it. The middle class. Hope our assholes are in good shape because we're gonna need em.

You understand the difference between wealth and income right? Raising income taxes will not come close to plugging the budget deficit for just one year.

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“Perhaps one of the most important accomplishments of my administration has been minding my own business. Government shouldn’t play a part in everyday life. Jefferson said that the people should be left to manage their own affairs. His opposition will bear careful analysis, and the country could stand a good deal more of its applications. The trouble with us is we talk about Jefferson, but we do not follow him. In this theory that the people should manage their government, and not be managed by it, he was everlastingly right.” – Calvin Coolidge.

The Lefties. "We must raise taxes on the wealthy because they can afford it!". Where have you been?

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No Need to Thank Me For REP!

This has become the desperate fallacy settled on by the lackeys for the Rich,

that if they can't solve the entire problem then the Rich ought to be exempt from ANY sacrifice to solve the problem.

It's idiocy.

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Capitalism wherever possible; Socialism wherever necessary.

Yes...see the Clinton era. And other previous eras where the tax rate was high and the country was doing great.

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Let's face it -- when our "Christianity" makes us unloving we obviously don't have the real thing, even if we are correct on all the doctrines. But when we realize that Christ, through the grace of God, has truly rescued us from the pit on sin, our response will be love. A lack of it indicates that we have yet to be rescued ourselves.
- George R. Knight
Not that which goeth into the mouth defileth a man; but that which cometh out of the mouth, this defileth a man. - Matthew 15:11

Yes, wealth, like capital assets, remain untaxed accumulating value, like an unlimited IRA, until they are sold. And when they are sold they are taxed at a lower rate than wages. Lyin' Ryan wants to eliminate all capital gains taxes so wealth will not be taxed even after it's sold making it even better than an IRA.
I say, in a "Capitalistic" system we should tax that capital gain!!!

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