[Man50D]

The federal income tax code has been a ruse for a long time. It takes money from people before they receive their paychecks. Obama and McCain's tax plans are merely more tinkering with a system that can't be fixed. The only alternative is to replace it with a national sales tax. The Fair Tax Act(HR25/S1025) that has been before Congress will accomplish that goal and abolish the IRS thereby restoring at least some freedom and power to the people. Fair Tax ping!

[cowboyway]

"Including all tax returns that had a positive AGI [adjusted gross income], taxpayers with an AGI of $153,542 or more in 2006 constituted the nation's top 5 percent of earners. To break into the top 1 percent, a tax return had to have an AGI of $388,806 or more. The top-earning 25 percent of taxpayers [have an] AGI over $64,702."

Fiscal Facts

If I read the Table 1 right, the top 5% AGI is just under 3 trillion. The 2008 federal budget was a little over 3 trillion.

So even if you tax the top 5% at a 100% rate you would still fall short of financing the current government much less sending out checks to the bottom 40%. (You have to send out checks to the top 5% too because you took all their money away.)

Also, how will That One finance all the new spending?

Obama is either a liar or dumber than an anvil.

[FBD]

Obama’s tax plan will include:
28% tax on the profits of ALL home sales.
39.6% Tax on all investments that pay dividends: IRA’s, mutual funds, insurance annuities, etc.

Other new taxes that have been proposed by Obama:
-a tax on homes larger then 2400 square feet.
-a natural resources consumption tax of heating oil, natural gas, electricity.

a tax to pay for socialized medicine.