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    TAX THE RICH? HELL, NO! LET’S CONFISCATE ALL THEIR MONEY INSTEAD

    Joe Biden, the man we’re burdened with as vice president just admitted that he and Obama plan to tax the rich for one trillion dollars.  We’ve heard their litany for years now.

    • Tax the rich
    • The rich should pay their fair share
    • If the rich paid their fair share we could lower our debt
    • If the rich paid their fair share, we could reduce the deficit

    As far as we know, Obama’s budget is projected to be three point eight trillion, a budget the entire Congress rejected, including all Democrats.    And let’s remember, that Obama had the house and senate for two years and did nothing.  No budget was ever presented or passed.

    So much for taking care of business.  Oops!  Just slipped our minds.  This little truth is like that item you stick in a drawer for safe keeping and forget it’s there.   But that’s another story of administration incompetence.

    So, let’s start solving our debt and deficit by taxing that disgustingly rich 1% to pay their fair share, — whatever that is. But why stop at one percent? Let’s take the top eleven percent. And let’s not tax them. Let’s CONFISCATE their income for a year and give it to the government. According to Obama, that would make a big difference.

    A chart  made by Emmanuel Saez of Berkeley was published some months ago in the NY Times.  It shows where the hated 1% fit in the hierarchy of income as of 2008. I’m going beyond the 1$, let’s take the top 5%.  Full disclosure, it was taken from 2008 figures.  I suspect we’re not that far off and, in fact, given the lousy economy the figures might be even lower.  Nevertheless:
    • The first column below indicates the number of families in that row.
    • The second column indicates their starting income. Of course, many have incomes above that starting figure.
    • The third column indicates the the percentage of US income that row of families represents.
    • The fourth column represents the average income of each of the families in that row.
    • The fifth column represents the number of families in that row multiplied by their average income. Let the confiscation begin.

    [wpcol_1fifth id=”” class=”” style=””]Number of families

    14,000
    135,000

    [/wpcol_1fifth] [wpcol_1fifth id=”” class=”” style=””] Starting family income

    $11,000,000
    $  2,000.000

    [/wpcol_1fifth] [wpcol_1fifth id=”” class=”” style=””]Percentage of US Income

    5%
    6%

    [/wpcol_1fifth] [wpcol_1fifth id=”” class=”” style=””]Average family income

    $21,000.000
    $  4,000.000

    [/wpcol_1fifth] [wpcol_1fifth_end id=”” class=”” style=””]#Families x avg. income

    294,000,000,000
    540,000,000,000

    [/wpcol_1fifth_end]

    That adds up to eight hundred and thirty four billion.   From the top eleven percent of earners.   That’s more than those lousy, oligarcical  one percenters.

    Taking ALL the income from that eleven percent of rich, greedy, spoiled wealthy families represents a helluva fair share, wouldn’t you say?  It’s the patriotic thing to do, says Joey Biden.

    Let’s subtract all that confiscated money from the as-yet-unpassed Obama budget of three hundred and eighty trillion, and we get a budget of …..eight trillion.

    What?  What?  Eight Trillion!!!!!  That much?  But … but … I thought taxing the rich would solve our problems.  Here, we’ve taken ALL their money for an entire year and we still have a budget of three trillion.

    What in the Sam Hill?????

    Those are the numbers.  Anybody want to think about what would happen to the economy with all that money squeezed out of it?  Not being spent or used except by the government?

    • First, that greedy, oppressive 11% will have to figure out how to pay their bills for the year — food, mortgage, kids, medical, gas .. you get the idea.
    • Then they’d have to figure out how they’ll pay their employees. They might have to fire their chauffeurs, yacht staff, servants, etc.
    • Those rich bastards with small businesses who’re in the lowest income range will have to figure out whether they can stay open. And if they can, by how much should they reduce their work force?
    • And then we’d have to estimate how much unemployment benefits, food stamps, health care, etc., of fired and/or laid off workers will  the government … uh, I mean, cost US, the taxpayer.

    You’ll say, John, that’s just stupid. No one is talking about confiscating everyone’s income for a year.  Right?  (Who knows, though! France has just imposed a 75% tax on the income of the wealthy.  Do we really know how much Obama plans to tax anybody? )

    Yet if we DON’T take all that money, we can’t pay down the debt. We’re between a rock and a hard place here.

    We create revenue by growing the economic pie, not by re-allocating revenues from the pie we already have.  Obama’s policies do not promote growth. The tax code does not promote growth. Over regulation does not promote growth. So the pie stays the same size while our debt increases.

    And that’s not even talking about the need to fix the entitlements. Social Security and Medicare will be broke in fifteen years if we don’t promote growth and create more taxpayers.

    If taking the all the income from the wealthiest eleven percent doesn’t even approach a trillion, what the eff is he talking about?

    Next, he’ll be coming after you.

    Thank you for listening.

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