Posted 5 years ago on April 3, 2012, 7:02 p.m. EST by tedscrat
This content is user submitted and not an official statement
In between cocktails, I decided to do a little math. According to CNN Money, there are 10.5 million millionaires in the United States. Let us assume that each one only makes 1 million dollars a year. If the tax rate is a flat 10%, that would bring 1.05 trillion dollars into the government treasury. If it is a flat 15%, then the total rises to 1.57 trillion dollars. Now, let us extend the 10% bracket to everyone, regardless of income. According to the 2010 census, 23.7 million households earn greater than 100,000 dollars a year A 10% tax rate, assuming each household earns only 100,000 dollars, would bring in 237 billion dollars into the us treasury
In review, a 10% tax rate on every individual making only 100,000 dollars or 1 million dollars would bring in approximately 1.3 trilion dollars per year into the us treasury..
Since I am assuming the lowest threshold for income, the coffers could go up much higher.
If the budget were trimmed by, say, 350 billion a year, that would be a 10% reduction in the budget based upon Obama's 2011 figures. Call me dense, call me a troll, but could someone please tell me that the fucking problem is here? Can a nation such as this be this incapable of balancing its books?