WHAT IS HE TALKING ABOUT? He’s going to cut the deficit in half by the end of his first term? WHAT THE HELL IS HE SMOKING?
Hi Hildy! I don’t think we really want to know. I don’t think he knows. I think I want a drink now!
Based on 2007 IRS returns: total income taxes paid in the US= $1.4 Trillion. Projected deficit= $1.8 Trillion. To cut the deficit in half, he’d have to raise approximately an additional $900 billion, 87% of which ($783 billion) will be paid by the top 25% of taxpayers under current tax law, which is about to be made even more “progressive”. That group includes all filers making over $67,000, and who currently pay about $900 billion. Do the math.