Monday, April 18, 2011

Happy tax day, America!

How about a few tax day statistics brought to you by the Wall Street Journal.

Intelligent people know that you can't balance the budget through taxation, and certainly not by soaking the rich.  But the WSJ proves it with actual numbers.

For instance, according to the IRS, if you taxed the top 2% (the evil rich that Obama targets with his recent proposal) and jacked their tax rates all the way up to 100%.  That is, you take every penny they make.  You will end up with about $940 billion dollars.  Laughable.  Not nearly enough to dent Obama's $4 trillion budget.

Then, you go after the top 10% (those making >$100,000 a year) of income earners and you take 100% of their income.  That gets you $3.4 trillion.  Still running a deficit if Obama's spending budget is passed.

The point is, there is no way this budget can be balanced by taxing the rich.  Impossible.  I hope the middle class is watching because, rest assured, they're coming after your wallet too!

Meanwhile, a related dive into statistics show that 45% of Americans don't pay any income tax at all.  Surprise, surprise.  But don't worry, we also have poll numbers that say 43% of all Americans believe that current tax rates are "just about right" and don't see a need to change. 

45% don't pay
43% say taxes are fine as they are


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