Taxing ‘Rich’ Won’t Dent The Deficit
Posted: October 8, 2012
Jack Daulton hit the nail on the head, but needs a few facts to add to his story (“Redistribution Of Wealth is Socialism,” Aug. 28).
The despised top 1 percent pays 37 percent of the personal income taxes in this country. The top 5 percent pay 60 percent of the taxes. The top 10 percent pay 96 percent of the taxes. The bottom 50 percent of “taxpayers” pay nothing!
If the people making $250,000 and above paid the rate Obama wants, “to make it fair”, it would only add $47 billion a year, against a debt of $1.3 trillion this year. That $47 billion would fund the government for eight days. If you took all the income of the “millionaires and billionaires,” plus all income down to $250,000 you would not have enough to cover the debt taken on for just one year.
The despised top 1 percent pays 37 percent of the personal income taxes in this country. The top 5 percent pay 60 percent of the taxes. The top 10 percent pay 96 percent of the taxes. The bottom 50 percent of “taxpayers” pay nothing!
If the people making $250,000 and above paid the rate Obama wants, “to make it fair”, it would only add $47 billion a year, against a debt of $1.3 trillion this year. That $47 billion would fund the government for eight days. If you took all the income of the “millionaires and billionaires,” plus all income down to $250,000 you would not have enough to cover the debt taken on for just one year.
Earl Jantzi
Grottoes
Grottoes