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.
Wednesday, April 20, 2011
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