Deficit Facts 101 — Tax the Rich

Our Government spent over $10B per day ($3.82T total) in 2011 for 365 days. About 207 days ($2.17 T) were paid for by tax income, and 158 days ($1.65T) were paid for by deficit borrowing or printing money. Don’t be conned by political rhetoric, media sound bites, and negative ads — know the facts!! http://ow.ly/8SPog and http://ow.ly/8SRTG

Let’s tax and/or take away the assets of the rich to cover the deficit. Lets start by thinking big and move down. Which of the following would you choose?

  1. Let’s take ALL income from every household making above $250K/yr. This would pay for 141 deficit days, but kills any entrepreneurial sprits.
  2. Let’s take ALL the income and assets from all U.S billionaires (~400). This $1.29T would pay for 129 deficit days.
  3. Let’s reinstate Bush Tax cuts (per resident Obama’s demand) for individual and households making over $200-250K respectively. This $80 B/yr. would pay for 8 deficit days.
  4. Let’s take all the money from movies, their promotional items, and sell every home in Beverly Hills. This  $25B + $30B would pay for 5.5 deficit days.
  5. Let’s take all salaries but not endorsements from all sports stars including NASCAR. This $9.4B would cover  <1 deficit day.

What might result from these actions:

  1. Some options are reasonable, e.g., restructuring tax systems, but are we being duped into believing a few simple fixes will significantly reduce the deficit?
  2. Who pays the taxes these individuals are now paying?
  3. What will be the impact on entrepreneurs’ and the American dream of: If you work hard you can get ahead?
  4. What will happen in 2012 and beyond? How will you be impacted?

Much higher taxes and/or significantly lower “entitlements” are the only long-term outcome.

Be Sociable, Share!

About

Dr. Cleland’s Ph.D. is from Purdue University where he specialized in complex systems theory. His technical training and experiences includes analyses of many types of systems, involvement with numerous federal, state, and local agencies, and management of a broad set of set of professionals, services, and trades people. He has managed scientists, engineers, policemen, firefighters, environment, health, safety and emergency planning experts, building trades and maintenance crafts personnel, and others.

Leave a Reply

Connect with S.O.S.

Get Updates via Email

Enter your email address to receive updates whenever new content is added.

Categories

February 2012
S M T W T F S
« Jan   Mar »
 1234
567891011
12131415161718
19202122232425
26272829