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Forum Post: tax everyone!!!

Posted 2 years ago on April 3, 2012, 7:02 p.m. EST by tedscrat (-96)
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?

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[-] 1 points by jrhirsch (4714) from Sun City, CA 2 years ago

2011 budget was $3.83 trillion or 31% of GDP of about $15 trillion. Total debt close to $15 trillion.

Now look at it as if the government was a person. Making $38,300 a year with credit card debt of $150,000. He spends every penny he makes and then some, so instead of paying down the debt, he continues to borrow on the credit card, further increasing the debt.

[-] 1 points by jph (2652) 2 years ago

the military.

the fact that the gov. borrows from private for-profit banks and pays interest on it's debt to those private banks.

you need to add the fact that the rich do not earn an 'income', they make money from capital gains, what is the tax on that? by letting people make money from money and pay less tax on that income, you have a tilted game.