Obama would have to take 100% taxes from everyone earning more than $60,000 to maintain his spending levels.
Staggering. Frightening. Real…
Our government used to take tax money from all citizens but the destitute and spend it on national necessities, such as defense, basic research, education, and those roads and bridges we all need for a functioning economy. Taxes were seen as justified and fair because they went to common goods.
No more. Now, according to the New York Times, in 2010, the government spent 66 cents out of every dollar on direct benefits to individuals and families. This is what redistribution means. According to the CBO, in 2009, the top 10% of wage-earners (families with income above $112K) paid 70% of the taxes, most of which the government gives to other people’s families. Obama calls America’s top earners unfair and greedy — he thinks they should pay more.
The Democrat spending spree has created a tax burden that is impossible to pay. There aren’t enough taxpayers left in the whole country to pay for all the things we need as a nation plus support half the nation’s families. Obama would have to take 100% taxes from everyone earning more than $60,000 to maintain his spending levels.
All the taxpayers in America earn only $5.6 trillion of taxable income in total. Obama has been spending $4 trillion a year and wants spending to grow. We have a $14.6-trillion debt. We have a lowball estimate of $25 trillion in unfunded Social Security obligations for those now in the system. In addition to printing money and borrowing from China, we’ve “borrowed” $8 trillion of Social Security money we don’t have. Under Obama’s new norm, the government is spending more than 100% of everybody’s income in the country.
“The Rich” are not Santa Claus or the Tooth Fairy. The money is not there. People really do have to support themselves. It’s reality.
But this is an inconvenient and unwelcome reality to the Democrats, whose entire political raison d’être has become handing out the goodies.