Well this should probably be titled more of depression by numbers but it should help illustrate how new and additional taxes aren’t going to solve our current problem. All numbers for this exercise have been obtained from US Debt Clock.
Current Tax Revenue as of Today: $2.2 Trillion
Current Spending As of Today: $3.6 Trillion
Deficit for the Year As of Today: $1.4 Trillion
US Population: 311 Million
Deficit per man woman and child: $4,500
US Taxpayers: 111 Million
Deficit per taxpayer: $12,612
In order to break even in our spending that’s what’s needed in new taxes. But remember they are only going to raise taxes on those earning over $200,000. What does this do to their effective tax rate?
According to Fact Check, places 1 in 50 households making more than $250k a year. That comes out to 2% of households, which we will for the sake of providing maximum cushion apply it to 2% of the population.
Population making over $250k: 6.22 Million
Deficit per “Taxable Citizen” under their plan: $225080
Given that huge disparity it can be assumed that the effective tax rate for those who earn $250k or more will be 90%. Remember the population making over 250k in this case is probably grossly exaggerated and I expect the required tax rate to be 100%. So what incentive will they have to continue working, or running their business who employee others? Joe did an example of how these cuts are actually looking for a simpler perspective most can understand. The government needs to learn to spend within it’s means, the rest of us have to. They have a credit card and own the credit company which keeps issuing new credit. Eventually you end up so far in over your head there’s no way out but bankruptcy.
It seems that many are willing to listen to this class warfare, and are more than happy to use the force of government to prey upon the efforts of others. Doesn’t matter if they’re a D or an R, the bottom line is neither really cares about the future of the union and arresting the deficit. All they care about is their reelection which means giving taxpayer money to voters. The few that have the balls to stand up and say no more are berated by none other than king RINO McCain.
Hope you have all invested in a plan “B” because it appears that our elected reps have pushed the throttles forward and put the nose straight at the ground. This is going to leave one hell of a crater.
Another way to look at all of this, every tax payer is a single father with 2.7 children he is providing for. So in a household that is “DINK”, Dual Income No Kids, they support 5.4 other people. There is an enormity to the spending situation, it appears that only a few of us are willing to point out the wickedness along with its size.