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

[Mad Scientist]

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

First, the deficit is $1.5 trillion dollars. Can the folks who make more than $200,000 make that up? There are 4,359,936 filers who make that amount of money. Simple math says that if we take 1,500,000,000,000 and divide it by 4,359,936 we get $344,041.7. That means we would have to bill each of those people who earn more than $200,000 a year $344,042 a year. Just to break even.

If confiscating all of their money won't balance the books, then why do some say just raising their taxes would do it?

 

[boedicca]

No.

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

iowahawk: Feed Your Family on $10 Billion a Day

 

[Midnight Marauder]

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."

 

[ScreamingEagle]

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

 

[edthecynic]

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

First, the deficit is $1.5 trillion dollars. Can the folks who make more than $200,000 make that up? There are 4,359,936 filers who make that amount of money. Simple math says that if we take 1,500,000,000,000 and divide it by 4,359,936 we get $344,041.7. That means we would have to bill each of those people who earn more than $200,000 a year $344,042 a year. Just to break even.

If confiscating all of their money won't balance the books, then why do some say just raising their taxes would do it?

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.

 

[Midnight Marauder]

The top 1% have over $20 billion in wealth.

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

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

 

[NYcarbineer]

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

First, the deficit is $1.5 trillion dollars. Can the folks who make more than $200,000 make that up? There are 4,359,936 filers who make that amount of money. Simple math says that if we take 1,500,000,000,000 and divide it by 4,359,936 we get $344,041.7. That means we would have to bill each of those people who earn more than $200,000 a year $344,042 a year. Just to break even.

If confiscating all of their money won't balance the books, then why do some say just raising their taxes would do it?

Who says that?

 

[edthecynic]

The top 1% have over $20 billion in wealth.

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

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

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

 

[Midnight Marauder]

The top 1% have over $20 billion in wealth.

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

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

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

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

 

[Claudette]

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.

 

[Dont Taz Me Bro]

The top 1% have over $20 billion in wealth.

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

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

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

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.

 

[Mad Scientist]

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

First, the deficit is $1.5 trillion dollars. Can the folks who make more than $200,000 make that up? There are 4,359,936 filers who make that amount of money. Simple math says that if we take 1,500,000,000,000 and divide it by 4,359,936 we get $344,041.7. That means we would have to bill each of those people who earn more than $200,000 a year $344,042 a year. Just to break even.

If confiscating all of their money won't balance the books, then why do some say just raising their taxes would do it?

Who says that?

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

 

[NYcarbineer]

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.

 

[MarcATL]

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

First, the deficit is $1.5 trillion dollars. Can the folks who make more than $200,000 make that up? There are 4,359,936 filers who make that amount of money. Simple math says that if we take 1,500,000,000,000 and divide it by 4,359,936 we get $344,041.7. That means we would have to bill each of those people who earn more than $200,000 a year $344,042 a year. Just to break even.

If confiscating all of their money won't balance the books, then why do some say just raising their taxes would do it?

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

 

[edthecynic]

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

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

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.

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!!!

 

[NYcarbineer]

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?

Who says that?

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

No, that's not what the OP says.

The OP claims that people are claiming that taxing the Rich and doing nothing else can balance the budget.

I want to know who claims that.

 

[Zoom-boing]

Ok I just am not getting why they don't cut spending. I mean REALLY cut spending. Both sides have their 'do not touch' lists. Ok. And? Why doesn't each side sit down and formulate a plan to cut say 1T from their 'do not touch' lists? Both sides, just do it. Why can't they act like adults and do the job that needs to be done instead of all the sniping and sniveling? And that goes for Barry as well. I've never seen a president behave less presidential. Everything is still Bush's fault is still the Republicans fault is still someone else's fault. When is he going to grow a pair and take fucking charge instead of campaigning and blaming? I know, I ask for a lot from a president. I am so sick of this shit. Maybe they do need to raise taxes. Ok. But NOTHING will get accomplished unless they drastically CUT THE SPENDING. What part of 'WE ARE BROKE' is beyond their grasp?

 

[Vanquish]

How about we do BOTH?

Cut spending AND tax more. It's the only REAL solution when you finally get honest with yourself.
Just cutting back is going to get you X$. Cutting back AND raising taxes gets you X$ + maybe even X*2 or X*5.

I'm having to pay a lot of taxes this year and it sucks, but doing both is the only way our deficit AND our national debt will ever get corrected.

Why wont people accept doing BOTH as the solution??

 

[MarcATL]

How about we do BOTH?

Cut spending AND tax more. It's the only REAL solution when you finally get honest with yourself.
Just cutting back is going to get you X$. Cutting back AND raising taxes gets you X$ + maybe even X*2 or X*5.

I'm having to pay a lot of taxes this year and it sucks, but doing both is the only way our deficit AND our national debt will ever get corrected.

Why wont people accept doing BOTH as the solution??

The Left has already collectively accepted this as THE solution.

Only the RIGHT is being STUBBORNLY partisan and ideological like the radicals that they are, threatening the stability of the country along the way.

 

[Mr. Shaman]

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

First, the deficit is $1.5 trillion dollars. Can the folks who make more than $200,000 make that up? There are 4,359,936 filers who make that amount of money. Simple math says that if we take 1,500,000,000,000 and divide it by 4,359,936 we get $344,041.7. That means we would have to bill each of those people who earn more than $200,000 a year $344,042 a year. Just to break even.

If confiscating all of their money won't balance the books, then why do some say just raising their taxes would do it?

If more o' you Teabaggers (here) were of voting-age.....or, could show proof of a High School Diploma....you'd know that another round o' Clintonomics is the exact-cure, for another BUSH ECONOMIC-DEBACLE!!!!​