Quote:
Originally Posted by Jim in CT
If we imposed a 100% tax rate on every filer who makes more than $100,000, it wouldn't even balance the budget for this year. Let alone it doesn't address the $14 trillion debt we have now.
Let that sink in...if we leave spending where it is, and impose a 100% tax rate on everyone making over $100,000, our debt would INCREASE...We would just about break even for FY 2012.
|
The math is much more complicated than your simple examples. When the economy grows, the budget deficit decreases. The Bush tax cuts did not help the economy. Tax revenues decreased, the economy tanked, defense spending exploded. Would you be in favor of a 48% rate like Norway? Maybe on people over 500000? Budgets could be balanced. Balanced budgets help confidence in the economy. The economy grows increasing revenues.
You are missing a huge piece of the economics in your discussion. Those kinds of statements incite people, but they do not represent the realities of our economy.