Posted on 05/04/2011 5:43:58 AM PDT by NamVet71MP
America finally comes to its senses and faces the fiscal facts.
“The United States will always do the right thing—when all other possibilities have been exhausted.” Thus Winston Churchill, who, as the son of an American mother, was entitled to say such things.
...
The first possibility is the one devised by Rep. Paul Ryan, which would eliminate the deficit largely through deep spending cuts and Medicare reform. Possibility two is President Obama’s bid to close the budget gap with more modest cuts and tax hikes on “millionaires and billionaires.”
It’s a bracingly binary choice. Shrink the government. Or squeeze the rich. It will be worth my son’s coming to college in the U.S. just to see which of the two Americas he chooses.
(Excerpt) Read more at newsweek.com ...
mewsweek...sold for a dollar, make that $.80
presented as if “squeezing” the rich could even work when the deficit and debt is this huge.
“Possibility two is President Obama’s bid to close the budget gap with more modest cuts and tax hikes on “millionaires and billionaires.””
Well, “Possibility two” is an impossibility.
Total income tax revenue (that’s from *everyone* who pays income taxes) in 2010 was about 1.1 trillion dollars.
The Obama deficit in 2010 was 1.3 to 1.4 trillion dollars.
You could *double* the income tax rate on *everyone* (not just the “rich”, but everyone), and you’d only raise another 1.1 trillion - you couldn’t even cover the deficit that way.
The figures above need to be pointed out every time some stinking democrat talks about balancing the budget by raising taxes - you couldn’t even balance an Obama/democrat budget if you *doubled everyone’s* taxes.
The problem is spending, spending, spending - NOT revenue.
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