It’s none of his business how much someone makes. For those guilty rich leftists who suffer from affluenza, let me remind you: There’s no limit how much money you pay in taxes to the gobmint. Eliminate all your deductions, file a 1040 EZ, and let Obama take care of it. Otherwise, you’re a hypocrite.
There is a provision whereby the rich can give the government their money freely.
They don’t use it now.
So for all the breast beating and bleating from the millionaires on the NYT and in the government run news media not one of them will voluntarily give it up.
Do away with all those loopholes, foundations, and offshore accounts. Do away with all those special regulations and trusts and deductions to shield the millions and see them scream.
So, does Katy Couric or Brian Williams give his fair share? What about the celebrities? What about Soros and Buffett? What about calling hypocrites for what they are?
I see. And it should be named the “We’re rich and don’t let any of the swine get rich” bill.
Federal revenue never exceeds 20% of GDP. We’re over 18% now. Doesn’t matter who you squeeze how, the feds aren’t getting more than about another 1% GDP - which is about $140B, nowhere near “enough”.
Given that, the next obvious thought is to raise GDP. Start with the fact that GDP fell for the first time in ‘09, then consider that for ~15 years before that it rose at $500B/yr. At this point, just getting back to normal growth would be a remarkable accomplishment - and would net another $100B/yr annual growth in revenue, again nowhere near enough. Outer-limits SWAG is doubling long-term GDP growth, growing revenue by a still-inadequate $200B instead.
So squeezing hard and stimulating fast, while munching skittles falling from rainbows whilst perched on a unicorn’s back, the best we could Hope(TM) for is $340B new revenue. Meh.
That leaves...50% across-the-board spending cuts.
Stock up & hunker down, this ain’t gonna be pretty.