IRS: Not enough rich to cover the deficit

[red states rule]

Amzing this article comes from a London newspaper - but I am not surprised given the liberal Obama worshipping media here in the US







Soak the rich, eh?They do not have the money.

A report from the <NOBR>Internal Revenue Service (http://www.debatepolicy.com/#)</NOBR> found that the rich — 8,274 people with incomes of $10 million per year or more — earned a total of $240 billion in 2009.

Even of you confiscated every dime they earned, you would barely have enough money to cover government spending for 24 days.

Of course, about a quarter of that money already goes to the federal government for federal income. So make that 18 days.

Another 227,000 people earned $1 million or more in 2009.

Millionaires averaged taxes of 24.4% of their income — up from 23.1% in 2008.

They, too, did not earn enough money to come anywhere close to covering the annual deficits that are $1.5 trillion a year.

Barack Obama was the first president to sign a budget with a $1 trillion deficit into law.In fact, all the taxpayers — including the ones who get a refund check bigger than the withholding taxes they paid — have the money.

From Reuters (http://www.reuters.com/article/2011/08/04/us-usa-economy-incomes-idUSTRE77302W20110804): “Total adjusted gross income reported on tax returns, measured in 2009 dollars, was $7.626 trillion, down from $8.233 trillion in 2008 and $8.989 trillion in 2007. Total adjusted gross income was up only slightly from the $7.475 trillion reported in 2001, when there were 10 million fewer taxpayers. Adjusted gross income is the amount on the last line of the front page of a <NOBR>Form 1040 (http://www.debatepolicy.com/#)</NOBR> <NOBR>tax return (http://www.debatepolicy.com/#)</NOBR>.”

Individual tax collections totaled $1,175,422,000,000 in 2009 — or 15.4% of all income.

Doubling federal income taxes for everyone would still leave us $400 billion or so shy of balancing the budget.

We must cut. We cannot afford to buy everything we want.


http://blogs.dailymail.com/donsurber/archives/39534

[revelarts]

the horrible thing is that the founders never wanted an "income tax" on wages for ANYONE. rich or poor.
Corporations and Biz fees were suppose to pay taxes. Now some corps pay zero strait taxes. Though they can't get by some taxation , with all of the fees etc.

Corps and Foundations hold Billions (trillions?) that are UNTAXED.

But the bloated budget is the main problem. Heaven forbid we cut Anything. Or find out were the Federal money is leaking out into the sewer as waste.

[fj1200]

Corps and Foundations hold Billions (trillions?) that are UNTAXED.

It was all subject to the tax code. Or perhaps you would prefer we reinstitute FDR's Undistributed Profits Tax? Hello Depression.

[revelarts]

It was all subject to the tax code. Or perhaps you would prefer we reinstitute FDR's Undistributed Profits Tax? Hello Depression.
just as the founders predited the moneyed powers would game the system by putting in laws that would allow them to hide there wealth.

I'm not talking about undistributed profits, but it seems to me the depression hit before FDR showed up FJ. UPT didn't cause cause it.

Guy Kiosoki (sp) puts it simplmy the Rich and corporation have the time and the money to influence and work the system to there benifit when it comes to taxes.

the tax free foundation is one of those (legal) ways corporations shelter Unknown Billions (Trillions) ?

And if it's "legal" then it OK Fj I know. Yeah, Slavery was legal too.

My point is there is corporate money available if we wanted to work with a constitution brand of taxation. but , who wants that anymore? Just "crazy" people like me.

[ConHog]

Unless and until the day comes when tax payers are not able to earn money off of the IRS via EIC or other credits, I don't want to hear another word about the rich need to pay more. The poor (and they aint really poor) need to pay SOMETHING first, then we'll talk.

[fj1200]

just as the founders predited the moneyed powers would game the system by putting in laws that would allow them to hide there wealth.

I'm not talking about undistributed profits, but it seems to me the depression hit before FDR showed up FJ. UPT didn't cause cause it.

Guy Kiosoki (sp) puts it simplmy the Rich and corporation have the time and the money to influence and work the system to there benifit when it comes to taxes.

the tax free foundation is one of those (legal) ways corporations shelter Unknown Billions (Trillions) ?

And if it's "legal" then it OK Fj I know. Yeah, Slavery was legal too.

My point is there is corporate money available if we wanted to work with a constitution brand of taxation. but , who wants that anymore? Just "crazy" people like me.

I don't think the FFs were overly concerned with superior methods of taxation and any system is going to be "gamed" just by the mere fact that Congress as an institution is stupid. Yes, the GD predated FDR but Hoover was a big government Republican who tried to intervene our way to economic recovery, he failed as FDR did after him. The UPT was another instance of intervention that was counterproductive to the goals of recovery as was almost everything that was tried back then. Also, the UPT was instituted for the exact same reasons that you decry above.

Our current troubles are NOT because we haven't found a way to tax something so please don't go down that line of thinking, it only sends more power to the government that you are concerned about in the first place.

BTW, Kiyosaki is an idiot.

[red states rule]

the horrible thing is that the founders never wanted an "income tax" on wages for ANYONE. rich or poor.
Corporations and Biz fees were suppose to pay taxes. Now some corps pay zero strait taxes. Though they can't get by some taxation , with all of the fees etc.

Corps and Foundations hold Billions (trillions?) that are UNTAXED.

But the bloated budget is the main problem. Heaven forbid we cut Anything. Or find out were the Federal money is leaking out into the sewer as waste.

1) Corporations never pay taxes. Their customers do. Taxes are figured into the cost of doing business. When their costs increase they either raise prices, find other ways to offset the increased cost (layoffs as an example) or they move to cheaper place to do business

2) Why should companies spend the money they are sitting on? this administration has painted a bullseye on companines, and they are worried about the future. Why invest if they are not sure they can make a return on that investment? Obamacare is a major reason why companies are not hiring

[ConHog]

1) Corporations never pay taxes. Their customers do. Taxes are figured into the cost of doing business. When their costs increase they either raise prices, find other ways to offset the increased cost (layoffs as an example) or they move to cheaper place to do business

2) Why should companies spend the money they are sitting on? this administration has painted a bullseye on companines, and they are worried about the future. Why invest if they are not sure they can make a return on that investment? Obamacare is a major reason why companies are not hiring

See those liberals don't understand the concept of actually saving and planning for shit. Just buy now, pay never. let someone else deal with that. Their beliefs are these companies should be hiring, hiring, hiring, then if later on they need a bailout b/c they over extended well hey big daddy government to the rescue.

[red states rule]

See those liberals don't understand the concept of actually saving and planning for shit. Just buy now, pay never. let someone else deal with that. Their beliefs are these companies should be hiring, hiring, hiring, then if later on they need a bailout b/c they over extended well hey big daddy government to the rescue.

I actually believe some libs think corporations should not be in business to make a profit. No, they are in business to pay the highest tax possible, never ever lay anyone off even if their job is no longer in existance, and of course to provide them a government approved healthcare plan

They are in business to benefit the common good and the collective; and making a profit should never be considered

[revelarts]

I don't think the FFs were overly concerned with superior methods of taxation and any system is going to be "gamed" just by the mere fact that Congress as an institution is stupid. Yes, the GD predated FDR but Hoover was a big government Republican who tried to intervene our way to economic recovery, he failed as FDR did after him. The UPT was another instance of intervention that was counterproductive to the goals of recovery as was almost everything that was tried back then. Also, the UPT was instituted for the exact same reasons that you decry above.

Our current troubles are NOT because we haven't found a way to tax something so please don't go down that line of thinking, it only sends more power to the government that you are concerned about in the first place.

BTW, Kiyosaki is an idiot.

"BTW, Kiyosaki is an idiot."
I wish i had the idiot part of his mind that has made him rich.

But I'm not looking to to gold dig the corporations to get us out the current bs mess created over the pass 40 yrs of budget mismanagement. I'm just saying if we are going to change the sytem we should kill the income tax for the federal gov't and try to use corporate and biz taxes similar to the way the founderers intended. I'm not talking about taxing biz out of the country just strait taxes that create a REAL tax revenue instead of groups like CITIBANK paying ZERO tax at the end of the year. becuase it bought a bunch of offshore municipal sewer lines in Usbekistan.

[red states rule]

"BTW, Kiyosaki is an idiot."
I wish i had the idiot part of his mind that has made him rich.

But I'm not looking to to gold dig the corporations to get us out the current bs mess created over the pass 40 yrs of budget mismanagement. I'm just saying if we are going to change the sytem we should kill the income tax for the federal gov't and try to use corporate and biz taxes similar to the way the founderers intended. I'm not talking about taxing biz out of the country just strait taxes that create a REAL tax revenue instead of groups like CITIBANK paying ZERO tax at the end of the year. becuase it bought a bunch of offshore municipal sewer lines in Usbekistan.

Any tax on corporations is a tax on us Rev. The Feds are taxing and regulating companies out of the country and some out of business

[ConHog]

"BTW, Kiyosaki is an idiot."
I wish i had the idiot part of his mind that has made him rich.

But I'm not looking to to gold dig the corporations to get us out the current bs mess created over the pass 40 yrs of budget mismanagement. I'm just saying if we are going to change the sytem we should kill the income tax for the federal gov't and try to use corporate and biz taxes similar to the way the founderers intended. I'm not talking about taxing biz out of the country just strait taxes that create a REAL tax revenue instead of groups like CITIBANK paying ZERO tax at the end of the year. becuase it bought a bunch of offshore municipal sewer lines in Usbekistan.

All that will do is raise the price of everything.

The best solution IMO is a national sales tax applied at the retail level. You buy something (I'd exclude food) you pay a tax on it.

[red states rule]

All that will do is raise the price of everything.

The best solution IMO is a national sales tax applied at the retail level. You buy something (I'd exclude food) you pay a tax on it.

Good idea ONLY if the current tax code is repealed BEFORE making a national sales tax law

[fj1200]

"BTW, Kiyosaki is an idiot."
I wish i had the idiot part of his mind that has made him rich.

But I'm not looking to to gold dig the corporations to get us out the current bs mess created over the pass 40 yrs of budget mismanagement. I'm just saying if we are going to change the sytem we should kill the income tax for the federal gov't and try to use corporate and biz taxes similar to the way the founderers intended. I'm not talking about taxing biz out of the country just strait taxes that create a REAL tax revenue instead of groups like CITIBANK paying ZERO tax at the end of the year. becuase it bought a bunch of offshore municipal sewer lines in Usbekistan.

I never said idiots couldn't make a lot of money and he has rolled ONE good idea into populist blither that the masses swallow hard.

I don't think the founderers ;) had a good idea there. Either a flat tax or Fairtax but the biggest key is, and I think I've mentioned this before... ELIMINATE THE CORPORATE INCOME TAX!!!

[ConHog]

Good idea ONLY if the current tax code is repealed BEFORE making a national sales tax law

Oh of course. I don't want the sumbitches taxes my income AND my purchases. I don't mind paying my share, but good God.

[red states rule]

Chris Matthews is getting worried about Obama's chances. Now he falls back on the same old worn out liberal talking point - tax the rich

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[red states rule]

http://media.townhall.com/Townhall/Car/b/holb110810_cmyk20110809084216.jpg