From Economics Professor Walter Williams of George Mason University :
This year, Congress will spend $3.7 trillion dollars. That turns out to be about $10 billion per day. Can we prey upon the rich to cough up the money? According to IRS statistics, roughly 2 percent of U.S. households have an income of $250,000 and above. By the way, $250,000 per year hardly qualifies one as being rich. It’s not even yacht and Learjet money. All told, households earning $250,000 and above account for 25 percent, or $1.97 trillion, of the nearly $8 trillion of total household income. If Congress imposed a 100 percent tax, taking all earnings above $250,000 per year, it would yield the princely sum of $1.4 trillion. That would keep the government running for 141 days, but there’s a problem because there are 224 more days left in the year.
How about corporate profits to fill the gap? Fortune 500 companies earn nearly $400 billion in profits. Since leftists think profits are little less than theft and greed, Congress might confiscate these ill-gotten gains so that they can be returned to their rightful owners. Taking corporate profits would keep the government running for another 40 days, but that along with confiscating all income above $250,000 would only get us to the end of June. Congress must search elsewhere.
According to Forbes 400, America has 400 billionaires with a combined net worth of $1.3 trillion. Congress could confiscate their stocks and bonds, and force them to sell their businesses, yachts, airplanes, mansions and jewelry. The problem is that after fleecing the rich of their income and net worth, and the Fortune 500 corporations of their profits, it would only get us to mid-August. The fact of the matter is there are not enough rich people to come anywhere close to satisfying Congress’ voracious spending appetite. They’re going to have to go after the non-rich.
100% tax = communism. Even the Kings of old knew not to lean on the serfs too hard, at least the benevolent ones anyways.
Economics is intertwined with life and death. History shows that a free economy brings wealth and life (examples, America before 1930, Hong Kong). A government-commandeered economy brings poverty and death (ALL socialist countries throughout history).
All of that for a WOD conclusion?
Talk about bait and switch!
Oh, great. Here we go. Legalize pot and allllllll our problems will magically disappear.
Give me pot or give me.....uhhhhhhh.....what was I sayin'?......whatever....I'll get back to that......I got the munchies.
Tax rates of 90% should apply to all members of Congress making over $250,000 per year....ditto for Cabinet Secretaries.
I have heard that if the Government maintains its current tax schedule on all taxable income up to $75K/year, and then taxes anything over $75K at 100%, it will yield incremental tax revenue of:
a. $17 billion
b. $35 billion
c. $550 billion
This, of course, assumes people will continue to work at their normal levels and not cut back (HAHAHAHAHA)
Does anyone know of a referencable source that could provide the correct numbers. Something from the IRS or CBo would be best.
Thanks in advance!
That was 100% BS.
I bet it taxed his brain 100% to make the argument. Too bad.