President Obama continues his mantra of "taxing the rich more" and "paying their fair share of taxes" while the largest tax increase in history on his prized "middle class" goes into effect on January 1, 2013. http://whtc.com/blogs/post/rkingman/2012/sep/23/wonder-taxation-obamacare/
Mike Flynn on breitbart.com asks ok, so let's say we're going to let the Bush-era tax cuts on the "rich"--currently defined as households making more than $250,000 a year--expire. How much will the higher income tax rates bring in?
$56 Billion a year.
Our current deficit is over $1 trillion a year.
So, higher income taxes on the "rich" will solve about 5% of our deficit problem.
Part of Obama's plan to raise taxes on the "rich" also would scale back or eliminate many deductions and credits they use to minimize their tax burden. Basically, the more you earn over a certain level, the more currently allowed deductions and credits would be reduced. What would this bring in? About $27 billion.
Eliminate "subsidies" for Big Oil? About $4 billion a year. Altogether, Obama has hobbled together some additional tax hikes on the "rich" bringing the government's total take to just over $100 billion a year.
Ok, liberals, you've just identified a path to plug 10% of our annual budget hole. What else you got? Crickets. I know Obama says he plans for another $300 billion a year or so in "savings," but these are always far out in the future and never quite seem to arrive. A large part of them is also based on very rosy economic assumptions.
Of course, even if these miraculously came to pass, you're still only solving about 40% of the deficit problem. Again, what else you got?
How about we stop all of this dog and pony crap and get to the heart of the problem: the IRS Tax Code and all of it's over seventy-three thousand pages! Conversely there are only 454 pages to the DaVinci Code.