Raising Taxes on the Rich Wouldn’t Even Cover GM Bailout

Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is a New York writer focusing on radical Islam. He is completing a book on the international challenges America faces in the 21st century.


Obama’s OWS campaign has rambled incessantly about finding more revenue by raising taxes on the rich. And that sounds great if you’re in a Charles Dickens novel. But what would raising taxes on the rich bring in?

42 billion dollars. Now 42 billion dollars might be a lot of money if we had a government that was living within any kind of means. But we don’t.

We have a government that runs trillion dollar deficits and Democratic Senator Harry Reid is already talking about raising the debt limit to 19 trillion dollars.

What will 42 billion dollars means to a trillion dollar deficit? If you owed a thousand dollars, that tax hike on the rich would bring in 42 bucks. Good luck paying down a thousand dollar debt with 42 bucks.

What’s 42 billion? It’s the amount that taxpayers are still on the hook for from Obama’s 50 billion dollar crony bailout of GM.

And what about killing the Bush middle class tax cuts that most voters still want to keep? That will bring in 179 billion dollars. 179 billion dollars was the total Federal budget in 1968. Today that’s around 3.8 trillion. That 179 billion wouldn’t even make up 5 percent of the budget now.

All the revenue hikes in the world won’t fill a hole that big. And that’s the point. Class warfare is a scam. The real wealth is being concentrated in government.

  • Steeloak

    “You may fool all the people some of the time, you can even fool some of the people all of the time, but you cannot fool all of the people all the time.” Abraham Lincoln

    "But I can fool enough of the people, enough of the time" Barack Obama

    • pagegl

      Obama doesn't need to fool anyone, he bought them.

  • Mary Sue

    Obama can't turn 5 loaves and 2 fishes into trillions of dollars, despite what Obama supporters believe.

  • http://whatdirectdemocracymightbe.wordpress.com/ Daryl Davis

    We ought to move away from the income tax altogether — a revenue source that only encourages class consciousness, an entitlement mentality, and money envy. Why should the government be given a cut of every honest transaction anyway? Let them collect on the debts accrued by those who cost society the most:
    http://whatdirectdemocracymightbe.wordpress.com/2