That's according to the OECD-24 report back in 2008. Remember back then, when Candidate Obama was going around talking about spreading the wealth around? I guess he didn't realize that our wealth was already being spread around quite well. It looks like the leftist rhetoric about the rich not paying their fair share is a bunch of hooey after all?
I've already painted this picture several different ways, I'm not sure how many more are available. The top 1% in America pays more than the bottom 95% combined. Think about that. The top 50% combined pays 97% of all Federal revenues. If you take out the top 1%, the remaining 49% pays 59% of all Federal revenue. Now that 49% of people are the folks who earn between $30,000 and $400,000 per year. So who is going to pay more if taxes are increased? Do you make between 30K and 400k? If you do, it's highly likely you will help fund the situation.
Our current financial mess can not be solved by taxing, spending must be cut if there is any chance of avoiding a complete economic failure. We've simply ran out of other peoples money.
Cheers,
Mike
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unfortunately with the current economic mess with have ourselves in it will take cuts and increases in revenue. Either by bringing more in by job creation, that doesn't seem to be happening. So the money has to come from someplace.
ReplyDeleteWell Greg, the issue here is that the money can't come from anywhere. There isn't enough money to solve this without cutting first. We need to raise revenue sure, but it needs to come from production and increase in jobs, not from taxes. The Fair Tax is one idea that could kick the whole system into shape.
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