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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: combjelly who wrote (620100)	7/19/2011 1:33:11 PM
From: Brumar89	Respond to of 1578012

Let's just talk about their INCOME, not their wealth: ... The problem is that there just isn't enough money even if he were to really jack up the taxes on those millionaires and BILLIONAIRES and confiscate all their earnings. The WSJ does the math for us. Consider the Internal Revenue Service's income TAX statistics for 2008, the latest year for which data are available. The top 1% of taxpayers—those with salaries, dividends and capital gains roughly above about $380,000—paid 38% of taxes. But assume that TAX policy confiscated all the taxable income of all the "millionaires and billionaires" Mr. Obama singled out. That yields merely about $938 billion, which is sand on the beach amid the $4 trillion White House budget, a $1.65 trillion deficit, and spending at 25% as a share of the economy, a post-World War II record. Say we take it up to the top 10%, or everyone with income over $114,000, including joint filers. That's five times Mr. Obama's 2% promise. The IRS data are broken down at $100,000, yet taxing all income above that level throws up only $3.4 trillion. And remember, the top 10% already pay 69% of all total income taxes, while the top 5% pay more than all of the other 95%. ..... Message 27319162

To: combjelly who wrote (620100)	7/19/2011 7:37:25 PM
From: Sdgla	1 Recommendation Read Replies (1) \| Respond to of 1578012

Umm, you mean the net worth of all of the billionaires(in the US, I guess. You weren't specific), is only a few hundred billion? Did you read what I posted ? "You can confiscate all the money from all the billionaires and it wont cover a tenth of the debt Obama has created." Obama has created $3,646,116,554,704.36 {THATS TRILLIONS} in debt in 2 1/2 years. He is already at 100 % of GDP. Obama's Increasing Federal Debt $1,148 Per Month Per Household—Enough to Buy a Car or Pay Tuition at State College Wednesday, April 13, 2011 By Terence P. Jeffrey U.S. President Barack Obama and first lady Michelle Obama toast at the official dinner offered by Chile's President Sebastian Pinera in Santiago, Chile, on Monday March 21, 2011. (AP Photo/Roberto Candia) (CNSNews.com) - Under President Barack Obama, the federal debt has been increasing at a rate of $1,148 per month per American household. Overall, according to the U.S. Treasury, the federal debt increased by $3,646,116,554,704.36 between Jan. 20, 2009, when Obama was inaugurated, and April 13, 2011, when he gave a major speech announcing a plan to deal with the debt. Given that the Census Bureau estimated in March that there are 117,538,000 households in the United States, the $3.6461 trillion increase in the debt under Obama works out to $31,020 per household. Obama has now been in office 27 months. The $31,020 per household increase in the federal debt under his watch thus equals a per-household increase of $1,148 per month. cnsnews.com