President Obama’s economic philosophy/class warfare/re-election campaign re-cycles the old “tax the rich” mantra that has been a jewel of the liberal portfolio for decades. It’s the classic “share the wealth” and wealth distribution sloganeering used by liberals/Democrats to divide the country in an attempt to make themselves appear to be benevolent, altruistic and “one of us.” As Falstaff said to Prince Henry in Shakespeare’s Henry IV (Part 1) “There is neither honesty, manhood or good fellowship in thee.”
The President and the pullers of his strings are trying – yet again – to convince the country that the wealthy are raping our nation’s economy and the Republicans are holding it down to help them.
The current U.S. debt is about $14.3 trillion. $39 billion per day. When President Obama took office, it was $10.6 trillion. Not good, but not as bad as it is. Obama has been in office only 30 months and has managed to red-ink the country to the tune of an ADDITIONAL $3.7 trillion or over $123 billion a month or around $4 billion PER DAY.
And it’s all the fault of “corporate jet owners.”
Let’s see how that works. WARNING: ARITHMETIC FOLLOWS!
Forbes has published a list of the 400 wealthiest Americans – wealthy defined as being “worth” $1.3 billion or more.
The cumulative assets of those 400 people – all billionaires – is $1.4905 trillion.
Understand, net worth is based on assets, not cash and not all of those assets are liquid. Most of it is stock or other forms of property. Were one of these moguls to actually sell off or otherwise liquidate their assets, the value of those assets would plummet, taking that persons net worth with them. However, for this exercise, we’ll pretend that the listed net worth is actually cash money.
Were the government to “acquire” the total of these 400 persons worth – $1.4905 trillion – it would accommodate the debt for 53 weeks; a year and a week. But that’s JUST the Obama addition and doesn’t address the bulk of the debt.
But let’s get a little more realistic. Since not all of these 400 persons’ net worth is in liquid or taxable form, let’s say that 50% of it is.
That cuts the
robbery revenue to $745.250 billion. And that’s if they are taxed at 100%.
Obviously, that’s not reasonable, even for Democrats. The current tax rate for these folks is about 39%, but let’s go all Obama on them (damned corporate jet owners!) and tax them at 50%. So the
Politburo government would collect half of their taxable assets.
“Taxing the rich” in this fashion, as outlandish a scheme as it is, would generate $372.625 billion. That’s 2.5% of the total debt and about 9 days of the total $14.3 trillion.
So what do all these mind-numbing figures mean? The “tax the rich” anthem is nothing more than song. The numbers don’t add up. I’m all for everyone paying their fair share (flat tax!) and closing loop-holes.
However, I don’t believe most of the country (and particularly liberals) are.
In an interview on National Public Radio last year, Mr. Roberton Williams, Senior Fellow, Tax Policy Center said:
By our estimate, about 47 percent of Americans will not pay any federal income tax for 2009. The people involved in that tend to be families with children, the elderly, low income households, those who either have too little income to pay taxes or who benefit enough from all the deductions, credits and exemptions in the income tax, so they’re zeroed out on the bottom line of their 1040.
Wait. What? It’s NOT the wealthy that’s getting the tax breaks? Best estimates are that there are about 139 million individual tax returns filed every year. Given the nuances of taxes and filers, let’s say it’s 100 million. According to Mr. Williams, 47 million paid no income taxes. If those 47 million were required an average $500, that alone would generate $23 billion for Obama.
That’s not gonna happen, nor should it. Folks – all of us – need as much personal revenue as possible, not just for individual prosperity, but to motorize the economy. Barack Obama and his cabal of leftists want to strip away personal wealth and empower the government.
How can that be defended?
“What a wretched and peevish fellow is this King.” (William Shakespeare, Henry V)