Obama Lies: WSJ shows taxing the rich won't cover the bill

[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

 

[Robert]

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

That's one thing we've never heard of being defined Just where is the line drawn at who's 'Rich' I don't know about you but I've never seen a Number.

Maybe one of you well meaning dems can let us know at what point or lower limit does a person get to say he's 'rich'

 

[MarcATL]

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

This is the original piece: Review & Outlook: Where the Tax Money Is - WSJ.com

Yet another Far RW Op-Ed posted by another Far RW reactionary poster.

Get real!

 

[Luissa]

So, I guess now we should just ignore it and not start to pay it off.

 

[xsited1]

Do people still listen to Obama? Really?

 

[teapartysamurai]

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

This is the original piece: Review & Outlook: Where the Tax Money Is - WSJ.com

Yet another Far RW Op-Ed posted by another Far RW reactionary poster.

Get real!

What MarcCommunist doesn't want you to see:

Say we take it up to the top 10%, or everyone with income over $114,000, including joint filers. That's five times Mr. Obama's 2% promise. The IRS data are broken down at $100,000, yet taxing all income above that level throws up only $3.4 trillion. And remember, the top 10% already pay 69% of all total income taxes, while the top 5% pay more than all of the other 95%.

We recognize that 2008 was a bad year for the economy and thus for tax receipts, as payments by the rich fell along with their income. So let's perform the same exercise in 2005, a boom year and among the best ever for federal revenue. (Ahem, 2005 comes after the Bush tax cuts that Mr. Obama holds responsible for all the world's problems.)

In 2005 the top 5% earned over $145,000. If you took all the income of people over $200,000, it would yield about $1.89 trillion, enough revenue to cover the 2012 bill for Medicare, Medicaid and Social Security—but not the same bill in 2016, as the costs of those entitlements are expected to grow rapidly. The rich, in short, aren't nearly rich enough to finance Mr. Obama's entitlement state ambitions—even before his health-care plan kicks in.

So who else is there to tax? Well, in 2008, there was about $5.65 trillion in total taxable income from all individual taxpayers, and most of that came from middle income earners. The nearby chart shows the distribution, and the big hump in the center is where Democrats are inevitably headed for the same reason that Willie Sutton robbed banks.

Review & Outlook: Where the Tax Money Is - WSJ.com

This is far right and reactionary?

Or just something the liberals don't want you to read, because it tells the truth about Obama's agenda?

 

[NYcarbineer]

Why don't they post what Obama actually said?

 

[PLYMCO_PILGRIM]

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

hence why I keep repeating the same mantra over and over.

We need to raise taxes on EVERYONE, including from the top 1% that pay 40% of all income taxes to the bottom 40% who currently pay zero federal income tax and DRASTICALLY cut spending across ALL GOVERNMENT PROGRAMS and even eliminate some agencies/programs.

When I say all I mean it, from planned parenthood to military spending.

If we dont make drastic cuts and increase revenues we are going to fail in the next few years as a nation.

 

[Luissa]

Why is it that we paid of our debt after WWII and during the Clinton years by raising taxes?

 

[xsited1]

Why is it that we paid of our debt after WWII and during the Clinton years by raising taxes?

Because we had fiscal conservatives running the show. (BTW, raising taxes during the Clinton years had a negligible effect on the debt and actually slowed growth during that time.)

 

[PLYMCO_PILGRIM]

Why is it that we paid of our debt after WWII and during the Clinton years by raising taxes?

Right now the bottom 40% pay 0% of the federal income tax, the top 10% pay 70% and the rest (me) pay 30% of the total tax revenue.

If we tax the top at 1% 100% its not enough money to cover the defecit, if we tax the top 10% at 100% its enough to cover the defecit but not enough to cover our unfunded liabilities (SS Medi). Therefore we can't do it with taxes alone.

We need to cut spending also.

I propose raising taxes on everyone from an income of $1.00/year to the very top a flat percentage rate that is applied equally to all income levels. I dont know what the percentage would have to be but I think every american needs to share in the burden and responsibilty of paying for what was spent and is planned to be spent.

 

[Againsheila]

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

hence why I keep repeating the same mantra over and over.

We need to raise taxes on EVERYONE, including from the top 1% that pay 40% of all income taxes to the bottom 40% who currently pay zero federal income tax and DRASTICALLY cut spending across ALL GOVERNMENT PROGRAMS and even eliminate some agencies/programs.

When I say all I mean it, from planned parenthood to military spending.

If we dont make drastic cuts and increase revenues we are going to fail in the next few years as a nation.

Too late!

 

[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

This is the original piece: Review & Outlook: Where the Tax Money Is - WSJ.com

Yet another Far RW Op-Ed posted by another Far RW reactionary poster.

Get real!

It's real alright...

 

[ScreamingEagle]

So, I guess now we should just ignore it and not start to pay it off.

Just what do you think Ryan's plan is all about......?

 

[PLYMCO_PILGRIM]

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

hence why I keep repeating the same mantra over and over.

We need to raise taxes on EVERYONE, including from the top 1% that pay 40% of all income taxes to the bottom 40% who currently pay zero federal income tax and DRASTICALLY cut spending across ALL GOVERNMENT PROGRAMS and even eliminate some agencies/programs.

When I say all I mean it, from planned parenthood to military spending.

If we dont make drastic cuts and increase revenues we are going to fail in the next few years as a nation.

Too late!

I hope your wrong but am afraid you might be right.

 

[kiwiman127]

Man, these right wingers just love to defend the uber wealthy.
In this OP they are defending the wealthy against tax hikes and when Ryan's plan is discussed, they defend giving the wealthy huge tax cuts while taxes either stay the same or go up for the middle class (depends what tax bracket one is in).
Also, did Ryan lie when he presented his plan to the CBO? He included stats that don't add up. Thusly, the CBO went from saying Ryan's plan might work to saying that Ryan's plan has unrealistic numbers supported by nothing but overtly optimistic projections without supportive facts.
So there we have it. Obama's plan is smoke & mirrors and so is Ryan's.
The good part is that both plans open the door for serious debate on a subject that needs to be addressed NOW!

 

[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

hence why I keep repeating the same mantra over and over.

We need to raise taxes on EVERYONE, including from the top 1% that pay 40% of all income taxes to the bottom 40% who currently pay zero federal income tax and DRASTICALLY cut spending across ALL GOVERNMENT PROGRAMS and even eliminate some agencies/programs.

When I say all I mean it, from planned parenthood to military spending.

If we dont make drastic cuts and increase revenues we are going to fail in the next few years as a nation.

You're right......we are in deep debt doodoo....however....

Either we follow the tax-tax-tax formula of BO and wind up being a European-style backwater country.....OR

we slash and burn the burdensome, bloated government programs of medicare and medicaid and set the American people free....

Which style country do you want to live in...?

 

[ScreamingEagle]

Why is it that we paid of our debt after WWII and during the Clinton years by raising taxes?

If it was JUST the debt of 14 Trillion we might stand a chance to do so.....but we ALSO have the burgeoning debt of roughly 160 Trillion in unfunded liabilities.....which we flat cannot afford....

 

[expat_panama]

What MarcCommunist doesn't want you to see:

That graph puzzled me at first when I saw the bell shaped curve bold faced class warfare title, it contradicted my understanding that the rich paid the lion's share of revenue. Looking harder at just the numbers showed that most taxable income is from AGI's over $200k, and that's the highest of the top 5% of filers.

So even these data hand picked from somewhere in the IRS show that us rich are paying the bills around here.

 

[PLYMCO_PILGRIM]

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

hence why I keep repeating the same mantra over and over.

We need to raise taxes on EVERYONE, including from the top 1% that pay 40% of all income taxes to the bottom 40% who currently pay zero federal income tax and DRASTICALLY cut spending across ALL GOVERNMENT PROGRAMS and even eliminate some agencies/programs.

When I say all I mean it, from planned parenthood to military spending.

If we dont make drastic cuts and increase revenues we are going to fail in the next few years as a nation.

You're right......we are in deep debt doodoo....however....

Either we follow the tax-tax-tax formula of BO and wind up being a European-style backwater country.....OR

we slash and burn the burdensome, bloated government programs of medicare and medicaid and set the American people free....

Which style country do you want to live in...?

I'll take 75% of option 2 and 25% of option 1 please .

That is to say we need to drastically cut and raise taxes at the same time but the cuts are more of a solution than the taxes, if we raise taxes too far it will cause more problems than it solves.