Follow Neal Boortz on

The world-famous Internet site of the Nationally Syndicated Neal Boortz Show!

Listen: Weekdays 8:30-1pm ET

Nealz Nuze

Posted: 7:33 a.m. Monday, Sept. 10, 2012

So You Want to Raise Taxes on the Rich, Eh? 

  • comment(49)

Related

Tax the Rich photo
John Spink, jspink@ajc.com
An activist with Occupy Atlanta sleeps early Wednesday at the group's encampment in Woodruff Park downtown. On Tuesday afternoon, protesters marched to the Midtown offices of the Bank of America.

Previous Posts

By Neal Boortz

In an interview yesterday, Dear Ruler said that he would be "more than happy to work with the Republicans" to cut our national debt … but that means the Republicans have to drop their opposition to raising taxes on the evil rich.  Oh, so raising taxes on the evil rich is going to help trim our national debt?  There’s only one, minor, teensy-weensy problem with this idea …

According to the Joint Committee on Taxation, the proposed tax increase would raise only $68 billion by shifting the top tax bracket from the Bush era rate of 35 percent up to 39.6 percent (plus a few from the health care law). The government expects to spend $9.9 billion per day, or a projected $3.627 trillion for this year. Based on these numbers, the addition $68 billion from a tax increase would pay for 6.8 days of government operation. Considering the deficit is projected to reach $1.2 trillion (continuing the streak of four straight years of deficits above $1 trillion), those additional 6.8 days would still leave 114.4 days of government unfunded. In fact, even if we taxed everyone who earns over $1 million 100 percent of their income - every single penny - we would still have 49.6 days where Washington has to borrow to cover its spending.

You read that correctly … raising taxes on the evil rich would only raise enough revenue to fund our government for less than one week. 

 Taxes are not the problem here.  The problem is the size and scope of our government.

 

 

Neal Boortz

About Neal Boortz

Neal Boortz chronicles his 42 years of talk radio in his book "Maybe I Should Just Shut Up and Go Away" Available on line and printed from Barnes and Noble and Amazon.

Connect with Neal Boortz on:TwitterFacebook

  • comment(49)

 
 

Neal Boortz's Latest Tweets

 
 

© 2013 Cox Media Group. By using this website, you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad ChoicesAdChoices.