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Wednesday, August 03, 2011

Eliminating All Tax Breaks for the "Wealthy" Wouldn't even Dent the Deficit

After soaking the rich, Obama would have only one place left to turn to pay for his massive spending!

Obama keeps talking about making the rich pay their "fair share" of taxes. Never mind that the top 10% pay 70% of income taxes. Even if we closed all the tax breaks for "millionaires and billionaires" it wouldn't make a dent in the deficit, let alone do anything about reversing the long term trend towards fiscal disaster:


Summary from Lee Presser:

This Fox News Special Report discusses the outcome of raising additional taxes on the rich.
  • Eliminate tax breaks for Corporate Jets --- $3.1 Billion over ten years
  • Eliminate tax breaks for Oil & Gas companies --- $40 Billion over ten years
  • Tax Hedge Fund managers at normal income rates --- $20 Billion over ten years
  • Eliminate the Bush tax cuts --- $800 Billion over ten years
  • Eliminate other tax breaks --- $300 Billion over ten years
All that equals $1.2 Trillion over ten years. That's $120 Billion per year. $120 Billion equals this month's deficit. After raising taxes on the rich, what is Congress going to do about the deficit run up during the other eleven months of the year?
After giving Obama everything he asks for with the tax increases above, resulting in paying off the deficit for one month a year, do you think Obama would agree to cut spending for the remaining 11 months?

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