- FrontPage Magazine - http://www.frontpagemag.com -
Raising Taxes on the Rich Wouldn’t Even Cover GM Bailout
Posted By Daniel Greenfield On November 13, 2012 @ 11:51 am In The Point | 4 Comments
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.
Article printed from FrontPage Magazine: http://www.frontpagemag.com
URL to article: http://www.frontpagemag.com/2012/dgreenfield/raising-taxes-on-the-rich-wouldnt-even-cover-gm-bailout/
Copyright © 2009 FrontPage Magazine. All rights reserved.