Jeff Neal for C.U.R.E. - Certain Unalienable Rights Endowment

Tax the rich! OK, and then what?

In Opinion on January 2, 2012 at 1:04 pm

“To spend is to tax.”

– Milton Friedman

They’re taxing us to death and we’re sending the bill to a generation that ought to default on the debt we leave them.  It is immoral to consume their wealth, the value of their work before they even enter the workforce.  They’ll work 1/2 their lives paying for today’s consumption.  It’s sinful to confiscate their lives without their consent.  (See previous post.)

To keep up with spending at current levels ($3.65 trillion per year – see chart below from The Wall Street Journal) taxes would have to be increased by $1.5 trillion (this year’s deficit).  Fiscal year 2012 estimates from the Obama White House inform us that $1.145 trillion will be collected from Americans who pay individual income taxes and $329 billion in corporate taxes will be collected.  Do a little math and you’ll see that if we DOUBLE the taxes we’re paying at individual and corporate levels, we almost catch up with the rate at which we’re letting the politicians spend our money.

Anyone taking bets that Harry Reid will suggest doubling everyone’s taxes?

(Note:  Social Security taxes – $925 Billion.  Estate and Gift Taxes – $14 Billion.)

US Gov't spening - 2007-2012

 

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