I suppose there is a reason I'm not in the election prediction business, it didn't go so well for me (or the country for that matter) last week. I underestimated how thoroughly the progressivist entitlement cancer, seeded by Presidents Wilson and Roosevelt, had metastasized through the body of the American electorate.
Since his re-election, Dear Leader has said that he will not support any fiscal plans that do not involve the rich paying higher taxes. We've heard it all before, it's time for the rich to start "paying their fair share" in order to dig the country out of the financial hellhole it finds itself in.
Attention Class, please open your Math With The Crew textbooks to page 27. We will start today looking at tax data for 2009, as it is the most recent that is readily available. Let's establish some facts...
- in 2009, the top 1% had a total Adjusted Gross Income (AGI) of 1.324 trillion dollars.
- of that 1.324 trillion dollars, they paid 0.318 trillion dollars in federal income tax.
Let's say for the sake of this exercise, the federal government freezes spending today, and continues to operate indefinitely with the 1 trillion dollar annual deficit it currently has. Given that the national debt is 16 trillion dollars, here is the question...
Q: How long will it take (based on 2009 data) to pay off the national debt if we taxed the top 1% at 100% of their adjusted gross income? Scroll down for the answer.....
A: The answer is a smidge under 267 years. Yep, if we take every penny the top 1% make, and make sure the feds don't spend one more nickel a year than they do now, we'll all be in high cotton in time for the 2279 Christmas shopping season. Well, except for the top 1%, they'll all be broke.
Class, repeat after me.....
The federal government is in this fiscal nightmare because of runaway spending, not because the top 1% are not paying their share.
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