daveman
Diamond Member
It's even more important to understand that your childish "Tax the rich!!" greed and envy completely falls apart if you do the math:![]()
The problem is obvious to anyone capable of reading charts. Unfortunately, most right wingers aren't that bright.
A chart that says that, is the reason why GOVERNMENT must step in, in violation of the Constitution?
In this example, "government stepping in" means increased taxation for the One Percent, which is not unConstitutional. It would serve as an expedient adjustment to the Nation's troubled economy. And increasing the tax rate of the rich won't hurt them. It will simply make them a little less rich.
It is important to understand that any such adjustment will have absolutely no negative effect on 99.9% of those who are protesting against it.
Milking the Millionaires | National Review Online
- Millionaires accounted for just 0.17 percent (236,883) of the more than 140 million tax returns filed in 2009, and reported income totaling $727 billion.
- The federal government will spend about $3.6 trillion this year (a rate of $300 billion per month), running an annual deficit of about $1.3 trillion. So, even if the IRS decided to confiscate every cent earned by millionaires in a given year, it would amount to less than half of the new debt we are taking on each year, and would barely be enough to fund the government for two months.
- According to Forbes, the 400 wealthiest individuals in the U.S. are worth a combined $1.37 trillion. Confiscating all their wealth (not just annual earnings) would buy us another 4.5 months.
- The top 1 percent of income earners (just a quarter of which are millionaires) earn just 20 percent of the countrys personal income, yet pay 38 percent of federal income taxes. For the top 10 percent of earners, those figures rise to 46 percent and 70 percent, respectively.
Get it? It's like robbing the bank and finding only enough money to buy two carts of groceries. It's not enough to live on forever.
Progressivism never withstands collision with reality. NEVER.