Where does Obama come up with his weird MATH???

Discussion in 'Politics' started by healthmyths, Nov 14, 2012.

  1. healthmyths
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    healthmyths Gold Member Supporting Member

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    Obama said today:

    But when it comes to the top 2 percent, what I'm not going to do is to extend further a tax cut for folks who don't need it, which would cost close to a trillion dollars.
    And it's very difficult to see how you make up that trillion dollars, if we're serious about deficit reduction, just by closing loopholes in deductions.
    You know, the math tends not to work."

    OK let's see Obama's math...
    He wants the 35% current rate to go BACK to 39.6% -- a 4.6% increase.
    in 2009 AND folks I've asked you download this most current IRS table! This site: SOI Tax Stats - Individual Statistical Tables by Size of Adjusted Gross Income

    So first what is the top 2%?
    Let say it's top 2% of total adjusted income sound right?
    In 2009 according to that above there was $7.626 Trillion total income reported.
    So top 2% of all the $7.626 Trillion income is $152 billion that Obama says is available for taxing sound right???
    So 4.6% additional tax would be about $7 billion in additional tax revenue! $1 trillion would take 143 years... so Obama doesn't mean 2% of top Incomes.

    So does he mean the top 2% of tax payers?
    There were 227,202 returns for people over $1 million adjusted taxable income but that's only 0.28% of the population.

    So just who is the top 2%???

    from the above tables.. 3.7% of the total reported $7 trillion or 280 billion was paid by 76,000 tax payers.
    So taking another 4.6% (raising from 35 to 39.6%) would add another $13 billion...

    SO FOLKS I am confused!
    Based on the IRS tables of what tax payers paid in 2009 I don't see where returning 4.6% on what top 2% would generate $1 trillion???

    Can someone help me as to who the top 2% are and how much in taxable income they represent? Seems simple but I don't see where adding $13 to $17 billion will cover $1 trillion!!!
     
  2. healthmyths
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    healthmyths Gold Member Supporting Member

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    I really am wondering who are these 2%?
    I just heard the standard was those that earn over $250,000!
    3,895,526 tax returns over $200,000 with their total taxable income in 2009 being $1.724 trillion.

    So 4.6% of $1.724 trillion would be about $80 billion more a year in tax revenue!
    It would take 12.6 YEARS to cover the $1 trillion Obama wants covered!

    So again where is the 2% that taxable income will cover at 4.6% Obama's weird math of $1 trillion???
     
  3. asaratis
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    asaratis Uppity Senior Citizen Gold Supporting Member Supporting Member

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    News Flash...This just in...


    OBAMA IS A LIAR!


    Film at 11:00!
     

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