If we took all of the income from "the Rich" this year...

[mal]

What would that be?...

Since "the Rich" is a Relative Term, let's say it's the upper 5%...

You know, the one's who pay some 50% of all Income Taxes already...

Let's say we take ALL of their income, as Punishment for Raping the Poor and Minorities of this Oppressive Nation, and then Apply it to the Debt...

What kind of dent would that make?



peace...

 

[BoycottTheday]

The stock market tanked yesterday because "you people" are fucking this country up.

The duopoly of checkerd pants Rhino's and the Democratic party are reaping what they sowed.

Enjoy.

 

[B. Kidd]

Wouldn't cover the deficit. Falls short. Like you stated, would only dent the debt.

 

[mal]

The stock market tanked yesterday because "you people" are fucking this country up.

The duopoly of checkerd pants Rhino's and the Democratic party are reaping what they sowed.

Enjoy.

Give in to your Anger... With each passing moment, you make yourself more my Servant....



peace...

 

[BoycottTheday]

Maybe picking on the Tea party some more will help.

 

[mal]

I Think calling Boooooooooooooooooooosh a "Chimp" would fix everything!

I thought after Obama Ended all of these "Endless Wars" for Corporate Bald Fat White Oil, that the Economy would Magically Fix itself...

What?... He didn't End any Wars?...

He Expanded and Created new ones?...

My Bad.



peace...

 

[BoycottTheday]

No no its Reagan.s fault now, get with the program, we cant do anything!!!

Its hope and changeless! Time for the Oman to upgrade the limo fleet!

Maybe send Mrs O and her 40 personal assistants on another world tour!

 

[Mr.Nick]

What would that be?...

Since "the Rich" is a Relative Term, let's say it's the upper 5%...

You know, the one's who pay some 50% of all Income Taxes already...

Let's say we take ALL of their income, as Punishment for Raping the Poor and Minorities of this Oppressive Nation, and then Apply it to the Debt...

What kind of dent would that make?



peace...

Money in the bank??? cash money???

Disposable income? top 5%?

10-15 billion??

Probably less than that...

Of course we're talking about actual individuals and not corporate entities correct?

 

[mal]

What would that be?...

Since "the Rich" is a Relative Term, let's say it's the upper 5%...

You know, the one's who pay some 50% of all Income Taxes already...

Let's say we take ALL of their income, as Punishment for Raping the Poor and Minorities of this Oppressive Nation, and then Apply it to the Debt...

What kind of dent would that make?



peace...

Money in the bank??? cash money???

Disposable income? top 5%?

10-15 billion??

Probably less than that...

Of course we're talking about actual individuals and not corporate entities correct?

Define Corporate Entities... And would taking that money take the Wages/Salaries of it's Employees?... Or are you just talking Profits?...



peace...

 

[martybegan]

Iowahawk did the math on this, in his usual comical way

iowahawk: Feed Your Family on $10 Billion a Day

 

[Old Rocks]

Interesting. No one is talking of confiscating everything that those with money have. Only of a tax structure like the one that we had when the nation was solvent.

I love the arguements here for not taxing the rich at the rate that the rest of us are taxed. First, taxing them will eliminate jobs. Clinton raised their tax rate, and he had the greatest job expansion rate in the history of this nation. In spite of all the doom and gloom predictions of the wingnuts. Bush gave the wealthy tax breaks, and the job expansion rate did not even keep up with the people graduating from college and high school.

But we have our single wide economists here just so eager to pucker up and kiss the asses that are shitting in their faces. Just warms the heart to see their devotion.

 

[G.T.]

If we gave it to the people who actually build things and new wealth is actuallyt created as a result in the form of an onslaught of small businesses who produce consumer goods, we could begin paying things down. Of course, I don't believe in taking all of their money.

Right now, a lot of the money in this Country is publicly traded as opposed to being invested in SMALLER businesses, and when you invest on giant companies who make their money by investing in giant companies, the economy becomes a phony little cluster fuck of fake paper.

 

[martybegan]

Interesting. No one is talking of confiscating everything that those with money have. Only of a tax structure like the one that we had when the nation was solvent.

I love the arguements here for not taxing the rich at the rate that the rest of us are taxed. First, taxing them will eliminate jobs. Clinton raised their tax rate, and he had the greatest job expansion rate in the history of this nation. In spite of all the doom and gloom predictions of the wingnuts. Bush gave the wealthy tax breaks, and the job expansion rate did not even keep up with the people graduating from college and high school.

But we have our single wide economists here just so eager to pucker up and kiss the asses that are shitting in their faces. Just warms the heart to see their devotion.

No one is saying that most progressives want to confiscate wealth (except for MikeK, he LOVES the idea). The article is an exercise in scale, trying to show that even "IF" you did confiscation on the scale implied, it would basically help you for about a year, then you would be out of money again for the next year.

The concept here is that even if you keep raising rates on "the wealthy" there isnt enough overall funding to keep doing it and maintain the level of spending we have now.

 

[G.T.]

Interesting. No one is talking of confiscating everything that those with money have. Only of a tax structure like the one that we had when the nation was solvent.

I love the arguements here for not taxing the rich at the rate that the rest of us are taxed. First, taxing them will eliminate jobs. Clinton raised their tax rate, and he had the greatest job expansion rate in the history of this nation. In spite of all the doom and gloom predictions of the wingnuts. Bush gave the wealthy tax breaks, and the job expansion rate did not even keep up with the people graduating from college and high school.

But we have our single wide economists here just so eager to pucker up and kiss the asses that are shitting in their faces. Just warms the heart to see their devotion.

No one is saying that most progressives want to confiscate wealth (except for MikeK, he LOVES the idea). The article is an exercise in scale, trying to show that even "IF" you did confiscation on the scale implied, it would basically help you for about a year, then you would be out of money again for the next year.

The concept here is that even if you keep raising rates on "the wealthy" there isnt enough overall funding to keep doing it and maintain the level of spending we have now.

Intelligent spending is investment. It means, that you spend and get a *bigger* return. It's how the Wealthy make money on their money.

So when people say thing like "taking all their money isn't enough," it ignores the fact that we could make money on that money.

But I still don't believe in doing so.

 

[8537]

God Forbid we tax hedge fund managers at the same rate as doctors, lawyers, engineers and small business owners. That would crash the economy!

 

[editec]

What would that be?...

Since "the Rich" is a Relative Term, let's say it's the upper 5%...

You know, the one's who pay some 50% of all Income Taxes already...

Let's say we take ALL of their income, as Punishment for Raping the Poor and Minorities of this Oppressive Nation, and then Apply it to the Debt...

What kind of dent would that make?



peace...

Well gee!

Then that sounds like a really bad idea, doesn't it?

Remind me again...who is advocating that we take ALL their incomes?

That strawman is one silly stawman.

And you sure kicked HIS ass, amigo.

You must be very proud.

I know I'm impressed.

 

[Flagwavrusa]

What would that be?...

Since "the Rich" is a Relative Term, let's say it's the upper 5%...

You know, the one's who pay some 50% of all Income Taxes already...

Let's say we take ALL of their income, as Punishment for Raping the Poor and Minorities of this Oppressive Nation, and then Apply it to the Debt...

What kind of dent would that make?



peace...

The only way the national debt will ever be erased is when we start electing fiscally responsible politicians. What voting block would do such a nutty thing? They are called the Tea Party, i.e. the people people in the middle who work, pay taxes, raise families, and want a sensible government.

Problem is, they are out-muscled by the elites and by the masses whose input into the political process is to try to game the system.

Solution set:

1) We limit the wealth of the uber rich so they are no longer be able to use their money to bend the political process in their favor.

2) We take away the right to vote from parasites who live off the dole.

3) We elect representatives who cut spending, reduce government, and balance the budget.

 

[Cuyo]

What would that be?...

Since "the Rich" is a Relative Term, let's say it's the upper 5%...

You know, the one's who pay some 50% of all Income Taxes already...

Let's say we take ALL of their income, as Punishment for Raping the Poor and Minorities of this Oppressive Nation, and then Apply it to the Debt...

What kind of dent would that make?



peace...

Arguments like this are a dead-ringer for someone who doesn't really understand how our "Money" works. It's fiat. And what you're describing has been proposed by nobody and would never happen.

Buuuuut.... The short answer to your question is as follows.

In 2009 there was roughly $55 trillion in wealth or "Net Worth" held by individuals and households in the United States. The top 1% "own" roughly 42% of that financial "Wealth." The next 4% control roughly another 27%.

Therefore if your hypothetical could take place, confiscating the wealth of the top 5% would provide roughly $37 Trillion dollars - About 3 times the cumulative national debt.

edit: I hope pointing out the grossly disproportionate distribution helps to explain to you why they "Already pay 50% of taxes."