Recently President Obama dredged up his same old campaign speech about the “rich” needing to pay their fare share. Of course, after finding out that too many Americans that make over $250k/year vote, he is now looking to attack those that make over a million a year.
Ok, I throw in the towel. We should give the Democrats all the tax increase they are asking for and more. We should tax all income over $1million/year at 100%. I guess everything will be sunshine and roses after that, right? Wrong.
Lets look at the income tax numbers of 2009, mainly because that is the last year available. If we took every penny of income earned by Americans over $1million in 2009 the IRS would have collected almost $184 billion.
So let me ask all those brilliant Democrats, progressives, liberals, socialists or whatever you want to be called… what about the other $1,400,000,000 in deficit spending?
Now back to reality. First, it would be unAmerican to tax anyone at 100% no matter what FDR said when he tried it. Don’t forget the fact that if the Democrats raised the taxes as much as they wanted to people would leave America in droves and millions more would be unemployed.
Secondly, raising revenue through taxes will not solve the problem of our out of control federal budget. We need real significant cuts to spending if we want to ever see a growing economy in this country again.
So cut the spending, then we can raise revenue to meet the needs of a growing economy. Besides, if you cut spending and the economy starts to flourish, we will see increase revenue through economic growth… as it is intended to happen.
Today is Wednesday September 21st 2011 and it is not too late to fix it. I don’t know if I will be able to say that tomorrow so don’t wait.