Posted 12 months ago on Dec. 13, 2012, 9:45 p.m. EST by highlander
This content is user submitted and not an official statement
I did some number crunching and plugged in what, I presume, to be a fair tax on the 1%. In a 10/28/11 New York Times article, there was a breakdown of the top 1% as of 2006. Here are some figures: 1. 14,000 families have an average income of $31 million. that amounts to a total annual income of $434 billion. 2. 135,000 families have an average income of $3.9 million that amounts to a total annual income of $525.5 billion. 3. 1.35 million families have an average income of $717,000 that amounts to a total annual income of $968 billion 4. 13.2 million families have an average income of $167,000. that amounts to a total annual income of $2.2 trillion. If the total annual income of the above were taxed at 50%, that would bring in roughly $2.1 trillion a year. If, gasp!!! we were to tax the remaining 99% at 10%, lets look at what the federal government would get: again, based on that same article, there are 132 million households that earn an average of $36,000. that amounts to a total income of $4.75 trillion. A 10% tax on that would bring in $475 billion. the total income would come to around $2.6 trillion.
According to the 2011 federal budget, $3.5 trillion was spent. That means that under the new progressive, fair tax, there would still be a $900 billion deficit. That deficit would be tacked to a $16 trillion debt.
With a fair tax like that, how long would the greedy, parasitic rich keep their ill-earned earnings within the borders to pamper the poor?
A fair tax like that might bring in $2 trillion in the first year, but it would not be $2 trillion after that.
Sorry, guys, but it appears that a progressive tax where the 1% pays their fair share.amounts to a steaming pile of progressive shit; it may be progressive and fair, but it is still a pile of shit.
Everyone, I mean everyone, needs to pay a tax of some amount AND the government needs to seriously cut spending!!
That is why I do not back your movement.