Skip to comments.Rep. Scott: Taxing Those At $100,000 And Up at 100% Will Not Get Us Out Of This Year’s Deficit
Posted on 04/16/2011 1:18:06 PM PDT by IbJensen
The President tries to tax, to tax our way out of debt -- placing the burden on those earning more than $100,000, Rep. Tim Scott (R-S.C.) said on the House floor Thursday morning.
The problem, sir, is a simple one -- that if we were to tax these individuals 100 percent of their income, we still could not cover our deficit this year alone. As a matter of fact, to tax our way out of debt we would need to increase taxes across the board on every man, on every woman and every business by 60 percent. You simply cannot tax your way out of this debt, Scott said.
In his fiscal address Wednesday, President Obama expressed his desire to allow Bush-era tax cuts to expire for individuals making $200,000 or more a year and couples making $250,000 or more as part of his plan to reduce the deficit.
President Obama was critical of Rep. Paul Ryans (R-Wis.) plan, The Plan To Prosperity, which would keep the current tax rates from the Bush era tax cuts of 2001 and 2003 in place.
"Taxing the rich" has been the liberal mantra for years.
I'm well into my '70's, and grew up in a family in which I must have heard a thousand times the the "Democrats are the friend of the working man". As Churchill said, "If you're not a Liberal in your '20's, you have no heart...If you're not a Conservative by your '40's, you have no brain".
The Liberals have historically played the class warefare card to maintain their voting base among minorites, yet after 50-plus years of liberal policies, the monorities are as bad off, or worse, as ever. It's the people with decent incomes that make the investments in the economy that create jobs, and who are already paying a disproportionate percentage of all the personal taxes collected by all livels of givernment. Those are the Fed's own figures, and can easily be verified by any doubters. The only way that we will reduce, and hopefully evevtually retire the deficit, is TO CUT GOVERNMENT SPENDING by cutting government's throat! Anyone who can't understand that has no business in any level of government.
What a cluster**** we have created in Washington.
There is, quite literally, not enough money in the entire world to sustain the programs Obama and the Democrats have put in place for any substantial amount of time, and yet they want to put in place even more programs.
Well,If 100% isn’t enough, we’ll just have to make it 150%
The problem, sir, is a simple one -- that if we were to tax these individuals 100 percent of their income, we still could not cover our deficit this year alone.
That IS not the point! It never was the point (with the LEFT)!
God, the Republicans are STUPID.
Of course "taxing the rich" (whatever that means) is not going to solve the debt, eighty percent of the voters have no real quantitative idea of the debt anyway.
But the motion of "taxing the rich" consolidates the resentment of the dull, uninformed voter, and emotional youth, and farms votes. Emotionally!
This guy Weaver is a paid strategist???
The solution is to raise the tax on the "rich," some, declare loud and clear, we are compromising on this, but it is not going to quantitatively solve any debt problem, and never never never could; this gives the opening to explain that fact right in the face of the Democrats. All the while slashing the federal government (spending) with a chain saw, i.e. bureaucracy, departments, programs, declaring loud and clear this is necessary by virtue of the arithmetic clarified above.
I don't care what generation one is, they can see this.
Incidentally the Left will hate, absolutely hate, the fact, they were exposed.
Taxing income won't raise enough income. I guess they'll want to tax wealth next. It's taxed indirectly now, of course, through real estate, and through income based phaseouts of income, but that's ineffecient, and no one comes like they used to and takes every fifth goose out of the barnyard (or every tenth dollar out of your bank account).
Of course it's "un-American", but your government needs the money! At present, we only do it at death, but think how much could be raised for the social good if we taxed wealth every year.
When people have nothing left to lose in peace they have everything to gain through war.
Tim Scott/South Carolina bump.