Wednesday, April 20, 2011

PP 's Yr 2012 Budget

Walther E. Williams, columnist summarized the subject budget of $3.7 T or ~$ 10 B/ day. I jazzed up his statement a tad. The WH believes they can get revenue from taxing those households earning > $250K/ yr. That's a mathamatical impossibility. The IRS stated that ~2.2% of US households make > $250K/ yr. [By the way, PP's household 1040 tax return, by his verbal TV admission, was $1.7M and paid ~0.5K in taxes. A US President make $400 K, the balance of the moneys, $1.2M come from was not disclosed].
-Back to subject: If those households making > $250K including PP, were taxed on all their earnings that would yield $1.4 T, or keep government going for 141 days, leaving 224 day left in the year.
-Next tax the corporation's profit. [except GE who paid zero taxes, but made $3B in profit. GE Capital had a lot of write-offs hmm, but that PP's buddys' company]. OK so the other Fortune 499 earned $300B in profits. Taxing these profits, buy another 40 days of government operations into the year say July.
-Next. So what happens for the rest of the year...you guessed it tax you and me and that's not going to play well in Peoria either. The answer stupid...cut spending.

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