Thursday, February 26

Food for taxfilers thoughts

Amazing analysis of the ballooning government spending to the tune of $4 trillion Obama proposes in the WSJ:

This is going to be some trick. Even the most basic inspection of the IRS income tax statistics shows that raising taxes on the salaries, dividends and capital gains of those making more than $250,000 can't possibly raise enough revenue to fund Mr. Obama's new spending ambitions.

A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue. That's less than half the 2006 federal budget of $2.7 trillion and looks tiny compared to the more than $4 trillion Congress will spend in fiscal 2010. Even taking every taxable "dime" of everyone earning more than $75,000 in 2006 would have barely yielded enough to cover that $4 trillion.

Information like this should be enough to make Charlie Rangle and David Obey stop and wonder about trying to cut some of these taxes...Oh wait they they did. Only I wish they would let some of the rest of us do legally what they can get away with illegally.

Time to hold David Obey Accountable.