bonnie Posted August 5, 2011 Posted August 5, 2011 « 9.1% unemploymentCut to the chase on cuts »IRS: Not enough rich to cover the deficit August 5, 2011 by Don Surber Soak The Rich, Eh? They do not have the money. A report from the Internal Revenue Service found that the rich — 8,274 people with incomes of $10 million per year or more — earned a total of $240 billion in 2009. Even of you confiscated every dime they earned, you would barely have enough money to cover government spending for 24 days. Of course, about a quarter of that money already goes to the federal government for federal income. So make that 18 days. Another 227,000 people earned $1 million or more in 2009. Millionaires averaged taxes of 24.4% of their income — up from 23.1% in 2008. They, too, did not earn enough money to come anywhere close to covering the annual deficits that are $1.5 trillion a year. Barack Obama was the first president to sign a budget with a $1 trillion deficit into law. In fact, all the taxpayers — including the ones who get a refund check bigger than the withholding taxes they paid — have the money. From Reuters: “Total adjusted gross income reported on tax returns, measured in 2009 dollars, was $7.626 trillion, down from $8.233 trillion in 2008 and $8.989 trillion in 2007. Total adjusted gross income was up only slightly from the $7.475 trillion reported in 2001, when there were 10 million fewer taxpayers. Adjusted gross income is the amount on the last line of the front page of a Form 1040 tax return.” Individual tax collections totaled $1,175,422,000,000 in 2009 — or 15.4% of all income. Doubling federal income taxes for everyone would still leave us $400 billion or so shy of balancing the budget. We must cut. We cannot afford to buy everything we want Quote Everything you do is based on the choices you make. It's not your parents, your past relationships, your job, the economy, the weather, an argument, or your age that is to blame. You and only you are responsible for every decision and choice you make, period ... ... Wish more people would realize this. Quotes by Susan Gottesman
Moderators John317 Posted August 5, 2011 Moderators Posted August 5, 2011 Very interesting post. Much food for thought. Quote John 3:16-17 For God so loved the world, that he gave his only Son, that whoever believes in him should not perish but have eternal life. [17] For God did not send his Son into the world to condemn the world, but in order that the world might be saved through him.
bonnie Posted August 5, 2011 Author Posted August 5, 2011 Very interesting post. Much food for thought. It seems the idea of cutting out all unnecessary spending is foreign to Obama and friends Quote Everything you do is based on the choices you make. It's not your parents, your past relationships, your job, the economy, the weather, an argument, or your age that is to blame. You and only you are responsible for every decision and choice you make, period ... ... Wish more people would realize this. Quotes by Susan Gottesman
Dr. Shane Posted August 6, 2011 Posted August 6, 2011 Obama and the Democrats are being very dishonest and disingenuous when they talk about raising taxes on the rich as a "balanced" approach. We need to cut spending but we are also going to have to pay more in taxes, even with cuts in the budget. The fact is that more people are retiring and taking their Social Security check than there are dying. Unless we want to up the age immediately for Social Security and make it a means-tested program, we are all going to have to pay more in taxes. Quote Pastoral Family Counselor... Find me at www.PostumCafe.com Author of Peculiar Christianity
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